Saylor outlines four Bitcoin camps as MicroStrategy sells 32 BTC

Michael Saylor published a framework that divides the Bitcoin community into four camps and urged restraint in tone and action. He described Maximalists as those who treat Bitcoin as the dominant monetary network, Capitalists as advocates for Bitcoin’s use in banks and corporate treasuries, Technologists as proponents of careful protocol changes, and Fundamentalists as defenders of self-custody, decentralization and an unchanged base layer. Saylor warned against ideological extremes and wrote that “the base layer should be treated as sacred infrastructure.”

MicroStrategy disclosed that it sold 32 BTC between May 26 and May 31 to fund preferred dividends due June 30. The sale was the company’s first since December 2022. MicroStrategy reported holdings of 843,706 BTC; the 32-coin sale represented about 0.004% of that total. The company sold at roughly $77,135 per coin, compared with a reported average cost of $75,699 per coin.

MicroStrategy executives responded after the sale. CEO Phong Le characterized about 80% of the company’s critics as “perpetual haters” who seek attention and said only a small group merits engagement. The company has pursued aggressive Bitcoin accumulation through debt and equity markets since its first purchase in August 2020 and has long presented a “never-sell” identity, making the token sale notable to investors and observers.

Grayscale’s head of research, Zach Pandl, wrote that the sale raised concerns about pressure on MicroStrategy’s leveraged accumulation model. He noted that weaker prices for the company’s STRC preferred shares could increase dividend costs and compel further sales. STRC preferred shares have traded near $95, below their $100 par value, while the company has paid an 11.5% monthly dividend. Pandl added that transferring Bitcoin from highly leveraged holders to more diversified balance sheets could strengthen market structure over time, but said new buyers might be needed before a durable bottom forms.

Market data showed Bitcoin trading near $61,900 around the time of the sale, leaving MicroStrategy’s holdings below the company’s reported average cost on paper. MicroStrategy’s common stock has fallen about 65% over the past year. Saylor’s framework, the company filings and executive statements appeared within days of each other and of the sale, and the sequence drew attention from investors and analysts.