Strategy’s 1,550 BTC purchase revives dilution debate after 32-Bitcoin sale test

Strategy’s acquisition of 1,550 Bitcoin between June 1 and June 7 renewed debate over its capital strategy after the company disclosed a separate late-May sale of 32 BTC that CEO Phong Le described as a limited operational move, not a shift away from Bitcoin. In a CNBC interview on June 11, Le said the sale was meant to “let the market adapt,” test internal trading and settlement processes, and create tax-loss opportunities, while Strategy remained a net buyer and continued to present itself as a long-term Bitcoin holder. Critics, including Strike founder and Twenty One Capital CEO Jack Mallers, said the sale challenged the idea that corporate treasuries can sustain a permanent “never sell” stance. Michael Saylor later said at BTC Prague that he had never claimed Strategy could not sell Bitcoin, adding that the company had consistently stated in earnings calls and public filings over the past five years that it would sell Bitcoin if necessary, while his earlier comments were intended to discourage investors from selling their own holdings too readily. Saylor separately defended the related financing and purchase activity by saying it added about $100 million in cash and brought dollar reserves to about $1 billion, even as critics pointed to dilution concerns and a decline in Strategy’s BTC Yield metric from 13.0% on June 1 to 12.8% on June 8 while holdings rose to 845,256 BTC.