Michael Saylor DUMPED MORE Bitcoin - But does it even affect the price? | EP 1567

**Nico Moran** (0:02)
Yesterday, Michael Saylor dumped another stash of Bitcoin, bringing his total cash reserves to over $4 billion.
And in the last three weeks, it feels like we've been barraged with bad news stories, and yet the price of Bitcoin refuses to crack. So what is happening? Are we finally seeing the capitulation we need before the meltup? Or maybe just strategy buying and selling Bitcoin doesn't affect the price of Bitcoin at all. So before I get into the new story for today, let's take a listen to what strategy CEO, Fong Lee believes.

**Fong Lee** (0:44)
Right, I'll get to this one second. When we sold $2 million worth of Bitcoin, which is 1% of 1% of the Bitcoin that we held, the week in which we sold it, Bitcoin went down 4%. The week after we sold it, Bitcoin went down 11%.
And so someone might say, oh, those guys caused a 15% drawdown in Bitcoin by selling $2 million of Bitcoin. One month later, we sold $216 million of Bitcoin. And that week where we sold it, Bitcoin went up 6%. And the following week after we announced it, it went down 1%. And that was 0.1% of the Bitcoin.
I don't think it matters, right? That's two data points that tell you the exact opposite thing. I don't think it matters. And this slide that you're showing now is more proof of that, which is at the point where this was in November, December of 2024 after the election, we were at points in time where we bought $1.5 billion of Bitcoin in a week. And in that particular week, like where the average purchase was $363 million, even then that was only 1.5% of the total liquidity of Bitcoin, $26 billion.

**Nico Moran** (2:01)
So I think as we've prolonged and gone farther into this bear market, obviously there is two camps going on. One is I think the more prevailing narrative that we saw, not only on Twitter, but also on the corporate press and all of the media headlines, essentially saying, well, now the largest buyer of Last Resort, AKA Strategy, has turned into a seller. What does this mean for Bitcoin? Now, obviously, in the context of how much the total daily liquidity we see, and even weekly liquidity, hold on guys. Sorry, I just, Sophie was feeding me some ribs. I think I had the sauce stuck in my throat here. Great pause.
Anyways, in the context of the total daily liquidity and weekly liquidity, monthly liquidity, however you wanna zoom out, what Strategy does is like Fang Li was saying. It's only a small, it's a single digit percentage of the total amount of Bitcoin traded, buying and sold. And so when you look at the numbers, it obviously isn't as big of a factual effect on the price. In the sense that, look, yes, Saylor has been buying, or sorry, Strategy, I always do that, you guys know. When I say Saylor, I mean Strategy. When I talk about Strategy, we all kind of mean Saylor. Yes, Strategy has bought a lot of Bitcoin. Obviously, they're getting pretty close to a million coins. Depending on how long the price stays down, they might be able to get to a million coins, at least once they start buying Bitcoin again. Right now, it seems like everything they're doing is to build these cash reserves so that they can strengthen the stretch product and get their S&P 500 credit rating up so that they can potentially enter the S&P 500
But in the context of how much Bitcoin is actually traded, and in the context of Strategy being just one buyer in a global economy, a global race to get Bitcoin, they're not the biggest impact on the market. And even though we see this, and even though we all kind of have this general narrative that, oh, hey, Saylor's the one that's holding up the Bitcoin price, though it did seem like that. I know I've said that on the show. When you look at the numbers, that's more of a narrative rhetorical tool than what the math is showing us.
And again, we saw, as Fong Ling was saying, we've seen Saylor sell 2 million Bitcoin. And at the time, he basically was saying, hey, we're just testing this. We just got to show the market that, hey, we can sell Bitcoin, that we're not just gonna buy and hold Bitcoin, the market tank. And even though we can all point and be like, oh, look, Saylor made the price of Bitcoin crash, what causation does not equal correlation, that news story when they sold 2 million, it did seem like to be one of the reasons. But again, when you look at the math, it's like 2 million sold on the market. Even if it was on the market, isn't enough to drop the Bitcoin price 15%, let alone talking about how they do their sales, which is over the counter OTC. So it's really not affecting the market price of Bitcoin. But here we are, fast forward a month later, we seen Saylor sell, I believe, if I'm not mistaken, Bitcoin about three weeks in a row. And yet the Bitcoin price is still roughly around, I think it came down right now to 63.5 or something as the time of the show. So strategy selling and buying doesn't really have the effect that most of us perceive it has. And I think that's a good thing. And I'm gonna make the general arc here. As I was saying yesterday, I'm starting to get like bottom of the bear market vibes. So just keep that in the back of your mind while I cover the news here. So here is the announcement. And I will break down the filing for you guys. What strategy increased its USD reserves by $650 million and repurchased $109 million of stretch. This increased its USD duration by 143 days to 2.7 years and tightened stretch BTC credit by 10 bips. As of 8-9-26, so that would be what, Sunday? We hold 840,447 Bitcoin in their reserves. 4.65 billion in our USD reserves. So here's the filing. We can look at the data here. It looks like they sold another 6.5 million shares of the MSTR common stock. And then you scroll down a little more and we'll see the numbers. They sold about 1,690 Bitcoin for an aggregate sale price of $108 million. So I think in the past, what, three weeks, they've sold maybe right around half a bill, you know, around 500 million, maybe a little less. I don't really recall how many Bitcoin they've sold in the last three weeks. I think last week it was like this clip, kind of what Fongley was saying is like 260 million. We get another 100 million this time. I think before they sold about 100 million as well. It's a little under 500 million of Bitcoin that they sold.