Cramer: Saylor ‘murdered Bitcoin’ after Strategy sale

Strategy disclosed a sale of 32 BTC this week, its first Bitcoin sale since 2022. The company reported the sale generated roughly $2.5 million to fund dividends on a variable-rate perpetual preferred stock.

Strategy holds more than 843,000 BTC and described the transaction in a filing as a liquidity action to cover preferred dividends, not a change to its long-term treasury policy.

CNBC host Jim Cramer posted on social media that Michael Saylor had “murdered Bitcoin,” a comment that drew attention across markets and crypto communities. The company’s founder and longtime Bitcoin advocate has framed the sale as a small, targeted step.

Shares of Strategy have pulled back from prior highs, tracking movements in Bitcoin. The firm’s variable-rate perpetual preferred, issued to yield-seeking investors and designed to trade near $100, has fallen below $95, a level market participants view as a sign of stress in the preferred structure.

Bitcoin has fallen more than 20% over several weeks and was trading near its 200-week moving average. MicroStrategy executives pointed to capital rotation into other sectors as a factor in recent Bitcoin weakness and noted significant outflows from Bitcoin exchange-traded funds since mid-May.

On a recent television appearance, Michael Saylor explained the company’s approach and commented on funding. He told viewers, ‘If we sell credit instruments equal to 1.4% of our capital assets, we can pay the dividends funded in #Bitcoin and increase the amount of BTC we have forever.’

Analysts and investors are watching corporate filings, preferred-stock trading and Bitcoin flows for developments. Company leaders reiterated their commitment to accumulating Bitcoin and maintaining their stated treasury plan in public remarks and regulatory disclosures.