Saylor maps four Bitcoin camps as MicroStrategy sells 32 BTC

Michael Saylor published a note outlining a four-part framework for the Bitcoin community as MicroStrategy sold 32 BTC between May 26 and May 31 to fund preferred dividends due June 30, according to a securities filing. The sale was MicroStrategy’s first since December 2022. The company reported selling at about $77,135 per coin, slightly above its reported average cost of $75,699. Bitcoin traded near $61,900, leaving the firm’s holdings underwater on a mark-to-market basis.

Saylor divided the community into Maximalists, Capitalists, Technologists and Fundamentalists. He wrote that ‘the base layer should be treated as sacred infrastructure’ and urged rare changes to Bitcoin’s core while supporting disciplined expansion. He described Maximalists as defenders of Bitcoin as a dominant monetary network; Capitalists as proponents of integrating Bitcoin with banks, credit markets and corporate treasuries; Technologists as advocates for careful protocol development; and Fundamentalists as prioritizing self-custody and decentralization.

MicroStrategy’s filing shows the 32 BTC represented about 0.004% of its reported holdings of roughly 843,706 BTC. The company said the sale funded preferred dividends. CEO Phong Le described roughly 80% of the company’s critics as ‘perpetual haters’ who seek attention and said only a small group of detractors merit engagement.

Zach Pandl, head of research at Grayscale, wrote that the sale highlighted pressure on MicroStrategy’s leveraged accumulation model. He noted the company’s STRC preferred shares have moved toward $95 from a $100 par value and that the firm maintains an 11.5% monthly dividend on those shares. Pandl added that weakening preferred-share prices could raise dividend costs and prompt further sales, and he suggested that moving Bitcoin from heavily leveraged holders to more diversified balance sheets might strengthen the market over time.

MicroStrategy’s stock has fallen about 65% over the past year. Market participants have noted that sales by a large corporate holder can affect available supply and investor expectations.

Saylor’s framework, the disclosure of the sale and Grayscale’s warning have focused attention on how corporate treasury practices, preferred-share obligations and leveraged financing interact with price moves and investor sentiment in the digital-asset market.