Strategy Executive Chairman Michael Saylor has pushed back on reports characterizing the company's Bitcoin Monetization Program as a new authorization, stating that the framework has been in place since well before its second-quarter earnings report and does not obligate the company to sell any Bitcoin.

Saylor's remarks came after media coverage linked the existing BTC Monetization Program to Strategy's Q2 results, with some reports suggesting the company could sell up to $5 billion worth of Bitcoin under its capital management framework. The clarification carries weight for market participants tracking corporate Bitcoin treasury strategies, as Strategy is the largest publicly traded corporate holder of Bitcoin and its capital decisions are widely viewed as a barometer for institutional digital-asset adoption.

Saylor Addresses "Never Sell" Misconception

In a post on X, Saylor clarified that Strategy has never adopted a formal "never sell" Bitcoin policy. However, he emphasized that the BTC Monetization Program equally does not require the company to sell any of its holdings.

According to Saylor, the framework was announced on June 29 — 31 days before the company released its Q2 earnings. He described reports framing the framework as a new authorization as inaccurate.

Saylor stressed that the program is designed to provide balance-sheet flexibility rather than representing a commitment to reduce Strategy's Bitcoin position. He reiterated that the company expects to remain a net Bitcoin buyer.

Framework Parameters

Company filings outline the specific corporate purposes for which Bitcoin sales are permitted under the monetization framework. These include building cash reserves, funding dividend and interest payments, repurchasing securities, and covering taxes, fees, and transaction costs.

The framework currently leaves Strategy with up to $1.25 billion in remaining reserve-building capacity. Management retains the discretion to modify, suspend, or terminate the program as corporate needs or market conditions evolve.

Any Bitcoin sale conducted outside the approved framework would require separate authorization from Strategy's board of directors. The company has not announced any changes to the existing program.

Purchase Pause Continues

Strategy has now paused its regular Bitcoin acquisitions for five consecutive weeks, a notable shift from the company's historically aggressive accumulation pace, during which it regularly raised capital through at-the-market equity offerings and debt issuances to expand its Bitcoin position. During this period, the company has directed its capital toward increasing U.S. dollar reserves and repurchasing STRC preferred stock.

According to recent disclosures, Strategy holds 843,775 BTC acquired for approximately $63.69 billion, reflecting an average purchase price of $75,476 per Bitcoin.

The company also reported second-quarter revenue of $122 million, falling short of analysts' consensus estimate of $124.48 million. Earnings per share came in at negative $24.45, compared with market expectations of positive $3.07.

Prediction market data cited in recent reports indicated that traders assigned a 21% probability to Strategy announcing another Bitcoin purchase by Monday. Separately, reports showed only a 10% probability assigned to the company holding at least one million Bitcoin by year-end.