Michael Saylor, executive chairman of Strategy (MSTR), is downplaying concerns over the company's potential sale of its massive bitcoin holdings. In an interview at Consensus in Miami, Saylor called the plan a 'big nothing burger,' arguing any sales to fund dividends would be minuscule compared to the company's overall bitcoin buying.
Saylor emphasized that Strategy buys 20 bitcoin for every one it might sell, making the market impact 'immeasurable.' He also addressed critics who claim the firm always buys at the weekly top, explaining that the company executes equity swaps when the premium on MSTR stock is highest, generating risk-free profits for shareholders.
The conversation also covered Strategy's innovative preferred stock, called Stretch or STRC. Saylor described it as a perpetual instrument that never matures, designed to be robust under market stress. He noted the recent discount to par is simply a function of the market digesting rapid growth in the instrument's supply.