Michael Saylor, executive chairman of Strategy (MSTR), has spoken out about the company's plans regarding its bitcoin holdings. In a recent conversation with CoinDesk, Saylor explained that selling bitcoin to fund dividends would have little impact on the company's overall portfolio.
Saylor stated that if they were to sell all their bitcoin over the next year to fund dividends, it would be equivalent to buying 20 BTC for every one sold. He emphasized that this would not significantly affect the market, as the liquidity of bitcoin is approximately $20-$50 billion.
The company's equity swaps have been a subject of criticism from some quarters, with accusations that they 'buy the weekly top' of the market. However, Saylor explained that this criticism misunderstands the mechanics behind their trades. He stated that when the MSTR premium expands, it becomes more profitable for them to swap shares, generating risk-free yield for shareholders.