Michael Saylor built his entire corporate identity around one simple thesis: buy Bitcoin, hold Bitcoin, never sell Bitcoin. That last part just changed.
Strategy, the company formerly known as MicroStrategy, sold 32 BTC in June 2026, marking its first divestment in four years. On its own, 32 coins is a rounding error for a firm sitting on over 640,000 BTC. But the symbolism here is not great.
The sale arrived alongside a far more uncomfortable data point: Strategy’s enterprise value has fallen below the value of its Bitcoin holdings, with its mNAV ratio hitting 0.99. The famous “Saylor premium,” where investors paid above-NAV prices for exposure to Saylor’s leveraged Bitcoin conviction, has effectively evaporated.
How we got here
Strategy began accumulating Bitcoin in 2020, when Saylor pivoted the company from its legacy enterprise software business into what he described as a Bitcoin treasury vehicle. The pitch was straightforward: use the company’s balance sheet, plus debt and equity issuances, to buy as much BTC as possible and hold it indefinitely.
