This week, tens of thousands tuned in live to Strategy’s earnings call to hear what Michael Saylor had to say following the apparent success and market validation of STRC, which has already brought in billions to buy Bitcoin.
What they got came as a surprise.
Phong Le and Saylor repeatedly emphasized that the company is moving beyond its old “never sell your Bitcoin” philosophy toward a more nuanced capital allocation strategy.
While the objective remains increasing Bitcoin per share, few ideas carry the same memetic weight as “never sell your Bitcoin.”
Other top stories from the week include:
Lummis brings back the laser eyes as the CLARITY Act roars back to life.
Germany’s political class sharpens its knives for Bitcoin.
Morgan Stanley takes aim at Coinbase with rock-bottom Bitcoin trading fees.
Latest News
Adoption
Boltz launches USDC swaps, enabling non-custodial conversions between Bitcoin, Lightning and USDC without accounts or KYC.
Bitcoin Core patches CVE-2024-52911, a memory safety bug affecting versions 0.14.0 through 28.x that could allow miners to crash nodes with invalid blocks.
Bitcoin Policy Institute launches a UK policy education initiative backed by Xapo Bank to help educate regulators and policymakers on Bitcoin and digital asset policy ahead of major 2027 regulatory changes.
Regulation
Campaigners’ efforts to force the Swiss National Bank to hold Bitcoin reserves fail after they gathered only about half of the 100,000 signatures needed to trigger a national referendum.
Polymarket now shows a 74% chance that the Clarity Act will be signed into law in 2026, as Senator Lummis urges passage from the Banking Committee this Thursday, and restores laser eyes to her profile picture.
World Liberty Financial, the Trump-backed firm, sues Justin Sun for defamation, alleging a coordinated smear campaign to tank its token price. Sun called the lawsuit a “meritless PR stunt” and vowed to fight it.
Markets
Basel banking standards assign Bitcoin a 1,250% risk weighting, forcing banks to fully back BTC holdings with reserves, making Bitcoin products and services far more expensive to offer, threatening wider adoption.
Morgan Stanley is rolling out Bitcoin trading to 8.6M E*TRADE users with a 0.50% fee, undercutting Coinbase, Robinhood, and Schwab. The service is currently in pilot mode ahead of a wider launch.
S&P 500 surges over 17% since the March 30 lows, adding more than $10T in market cap, equivalent to roughly 6.25X the entire BTC market cap in just over a month, as consumer sentiment hits all-time lows.
Treasury
Strategy CEO Phong Le defends the company’s new stance on CNBC, saying it may sell Bitcoin when doing so benefits shareholders by increasing Bitcoin per share.
Jeff Walton, Chief Risk Officer at Strive, debates Coffeezilla over perpetual preferred stocks like STRC and SATA issued by Bitcoin treasury companies and came out dominant in the exchange.
UBS Group boosts its stake in MSTR with a $98 million purchase of 551,121 shares, bringing its total holdings to 6.31 million shares worth about $1.12 billion.
Mining
IREN shares jump 16% after the company accelerated its AI pivot, decommissioning Bitcoin miners and selling ASICs as public mining firms increasingly redirect infrastructure capacity toward AI workloads.
GoMining unveils GoBTC, a Bitcoin payments protocol designed for instant layer-one payments using its own mining pool, targeting near-zero user fees and a 0.2% merchant fee.
Solo Satoshi acquires a storefront and warehouse in Conroe, Texas, set to become Texas’s first physical Bitcoin hardware store after opening in late Q3 2026, following over 40,000 shipments to 70 countries.
Politics
Germany’s Left Party introduces a sweeping anti-Bitcoin proposal calling for higher BTC taxes, exit taxes, expanded surveillance, mandatory wallet identification rules, and a potential EU-wide trading ban.
The EU is increasing pressure on VPN providers to implement age verification, raising concerns regulators could push device-level identity checks and broader digital surveillance measures across the internet.
Japanese newspaper warns citizens to prepare for possible hyperinflation as former JPM Japan head Takeshi Fujimaki says rising inflation could become a deliberate tool to erode the massive debt burden.
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Bam’s 2 Sats
Bitcoin Starts To Recover, Strategy Has a Narrative Change.
Bitcoin finally showed signs of life this week, reclaiming $80,000 for the first time since January and snapping back after months of brutal sideways price action.
This level matters because the market becomes psychologically interesting again around here. The average spot ETF cost basis is roughly $82,000, meaning ETF investors are no longer underwater as broader markets continue pushing higher. After months stuck in the $60Ks and $70Ks, the accumulation window may be reopening.
But the loudest story this week came from Strategy’s earnings call.
After years of Michael Saylor repeating “never sell your Bitcoin,” his narrative is becoming less ideological and more practical. Strategy now says it is willing to sell Bitcoin if doing so increases Bitcoin per share for shareholders.
That sounds like a major shift, but it is probably better understood as a sign of maturity.
Strategy is no longer just a company buying and holding Bitcoin. It has evolved into a Bitcoin-focused capital markets machine with preferred shares, dividends, cash obligations, and shareholder expectations.
At that scale, active treasury management becomes part of the strategy. Selling small amounts of Bitcoin to manage dividends, harvest tax losses, buy back stock, or pressure shorts is now part of the thesis.
"The more tools Strategy holds, the fewer angles its adversaries have. A firm with real optionality is hard to game: it might sell, hedge, issue, or buy. A company that has publicly vowed to only ever do one thing has handed a map to short sellers and arbitrageurs."
The real test and potential deal breaker is whether Strategy ever becomes a forced net seller of Bitcoin rather than a long-term net accumulator.
Less pure. More sustainable.
In many ways, this week was about managing expectations. Strategy knows the market could overreact if it ever sells Bitcoin, so the message is shifting from “never sell” to something more practical: never become a forced seller.
So far, so good. Even after announcing no Bitcoin purchases ahead of earnings and acknowledging it may sell some in the future, Bitcoin barely moved and held firm around $80K.
In fact, despite what many think, Strategy has already sold Bitcoin before only to buy back more than it sold. In 2022, MacroStrategy sold 704 BTC for tax-loss harvesting, then repurchased 810 BTC two days later, ending 106 BTC ahead.
The accumulation story still matters more than the selling headline. Strategy is nearing 150,000 BTC accumulated year to date, STRC demand appears intact, and JPMorgan estimates another $30B in Bitcoin purchases this year.
If that happens, Strategy could approach 1M BTC before 2027.
So the takeaway is not that Michael Saylor changed his mind. It is that the company has become too large, too financialised, and too systemically important for simple slogans.
“Never sell” was the meme. “Never become a net seller” may be the actual strategy.
- Bam
