Strategy CEO Phong Le has said the company’s recent sale of 32 Bitcoin was mainly intended to test its internal selling process and reduce the risk of market concern around any future Bitcoin disposals, while founder and chairman Michael Saylor continued to signal that the firm remains focused on long-term Bitcoin accumulation. Le made the remarks during a June 11 CNBC interview, explaining that the sale was not designed to fund dividends. He said Strategy still has other financing channels available for dividend obligations but added that selling Bitcoin could remain an option when management believes it benefits common shareholders. The company sold 32 BTC between May 26 and May 31 at an average price of $77,135, raising about $2.5 million. The sale drew attention because Strategy has long positioned Bitcoin as its main treasury reserve asset, although the amount represented a small part of its holdings. Phong Le Says BTC Sale Tested Internal Process Le said Strategy sold the 32 BTC mainly to “inoculate the market” and test its own selling process. The phrase referred to preparing investors for the possibility that Bitcoin treasury companies may occasionally sell small amounts of Bitcoin without changing their broader accumulation strategy. The sale also generated tax losses that can be used to offset related tax liabilities, according to the company’s explanation. Le said the transaction should not be interpreted as a signal that Strategy needed Bitcoin proceeds to cover preferred stock dividends. His comments came during a period of increased investor focus on Strategy’s capital structure, preferred share obligations, and use of equity issuance. The company later raised about $181 million through MSTR share sales and purchased 1,550 BTC for approximately $101.3 million, showing that the firm remained a net buyer after the small sale. Strategy’s Bitcoin holdings rose to 845,256 BTC following the latest acquisition. The company also increased cash reserves to about $1 billion, giving management additional flexibility as it handles debt, dividends, and future Bitcoin purchases. Michael Saylor Explains Bitcoin Per Share Metrics Saylor followed with a set of posts on X explaining how investors should evaluate Bitcoin treasury companies. He separated Bitcoin Per Share, or BPS, from Common Equity Bitcoin Exposure BPS, also known as CEBE BPS. According to Saylor, BPS measures Bitcoin per common share before senior claims, while CEBE BPS measures Bitcoin per common share after senior claims. He described CEBE as a conservative risk metric and BPS as a common equity growth metric. Saylor also said BTC Yield measures BPS execution, meaning it tracks how effectively Strategy increases Bitcoin exposure per share through its accumulation strategy. He added that no single measure can provide a full financial view of a Bitcoin treasury company. The distinction matters because Strategy uses preferred stock, debt, and equity issuance as part of its Bitcoin strategy. Senior claims can affect the amount of Bitcoin exposure left for common shareholders, making liability duration and cost of capital central to investor analysis. Strategy Still Signals More Bitcoin Accumulation Saylor’s separate “Still adding dots” post was interpreted by market observers as another hint that Strategy may continue buying Bitcoin. The phrase has been used by Saylor in connection with Strategy’s Bitcoin purchase tracker, which often appears before new acquisition announcements. Source: X Saylor also discussed amplification, which he defined as the gap between BPS and CEBE BPS. He said a company without debt or preferred stock would have matching BPS and CEBE BPS, making it closer to a Bitcoin exchange-traded fund in exposure terms. He said liabilities can increase potential common shareholder returns when Bitcoin rises faster than the cost of capital, but they can also increase risk when claims are short-term or expensive. In his words, “not all liabilities are equal,” placing funding terms at the center of the Bitcoin treasury model. At Bitcoin Corporate Day on June 12, Saylor also said Bitcoin’s market dominance, excluding stablecoins, had risen from about 41% in 2021 to nearly 70%. He argued that investor confidence in Ethereum had weakened as Ethereum, Solana, BNB, and other networks compete for monetary premium.