Michael Saylor's 'Never Sell Bitcoin' strategy has faced challenges due to documents recently submitted to the U.S. Securities and Exchange Commission (SEC). According to the 8-K form disclosed on April 7th, his company Strategy (formerly MicroStrategy) indicated the possibility of selling Bitcoin (BTC) depending on market conditions and funding variables. The document submitted to the SEC warns that Strategy, which holds most of its assets in Bitcoin, may sell its holdings under certain circumstances.
The report specifies that "if Bitcoin price is not maintained and external funding is unfavorable, a certain quantity or entire holdings may be sold, accepting potential losses." This contradicts Saylor's consistent 'HODL (long-term holding)' statements, causing shock and confusion among investors. However, it was subsequently explained that this announcement is a *conventional disclosure* for legal risk mitigation and does not represent an actual sales plan.
Nevertheless, the prevailing interpretation is that Saylor's long-standing aggressive Bitcoin long-term holding stance has been put to the test. Previously, Saylor had stated that "Bitcoin is digital gold and I will never sell," converting most of the company's reserves to BTC and even shifting to a Bitcoin-centric strategy. On March 31st, Strategy recently added 22,048 BTC, increasing its total holdings to 582,185 BTC (approximately 46.5 trillion won). This purchase was made through a preferred stock issuance worth about 920 billion won.
The issue is the increasing volatility of Bitcoin prices. Recently, with trade tariff conflict concerns between the U.S. and China, Bitcoin prices temporarily dropped from $82,650 to $74,700. Although it rebounded, the market's overall uncertainty means Strategy's large BTC holdings inevitably carry market-linked risks.
With concerns growing that Saylor's Bitcoin strategy might crack after the SEC filing, market reactions are mixed. Some argue it's "just repeated language from past disclosures" and caution against excessive anxiety, while others warn that "there are no sacred cows during market expansion phases".
Currently, Strategy has not officially announced any plans to additionally purchase or sell BTC, and the market is closely watching how long Saylor's unique optimistic attitude will be maintained. The focus is on whether the promise of 'absolutely no selling' will hold up between Bitcoin's current price pressures and the company's debt repayment conditions.
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