Blockstream CEO Adam Back pushed back hard on criticism of MicroStrategy’s recent small Bitcoin sale, calling it routine treasury management rather than a sign the company is abandoning its BTC strategy.
In a Bloomberg interview shared on YouTube, Back addressed the fuss over MicroStrategy’s disclosure that it sold 32 BTC between May 26 and May 31 at an average price of $77,135 — a haul of roughly $2.5 million. He framed the move as a pragmatic step to meet preferred-stock dividend obligations while keeping Bitcoin central to the company’s balance sheet. The 32 BTC represented about 0.0038% of MicroStrategy’s holdings at the time, a figure Back said is too small to be treated as a bearish signal.
Back argued the sale shows how Bitcoin can function inside a corporate treasury: companies can hold BTC, raise capital against it, and use limited amounts as cash needs arise. Rather than undermining conviction, the transaction demonstrated that MicroStrategy can satisfy investor payouts and ease pressure on its capital structure without abandoning its long-term accumulation thesis.
The episode plays out against the backdrop of MicroStrategy’s controversial preferred-share model. STRC preferred shares offer yield but create recurring cash obligations, which the company must meet via cash reserves, new equity, or occasional Bitcoin liquidity. STRC has traded below its $100 par value, intensifying scrutiny of how MicroStrategy funds dividend payments. Critics worry repeated obligations could strain the treasury if markets turn, while supporters point to the company’s multiple funding levers.
MicroStrategy co-founder Michael Saylor’s longstanding “never sell” message also amplified attention. Saylor later clarified a distinction between personal advice and corporate treasury operations, reiterating that his admonition to individuals not to sell Bitcoin differs from the limited, practical sales a corporate balance sheet may undertake.
Significantly, the small 32 BTC sale did not signal a retreat. After the disclosure, MicroStrategy bought 1,550 BTC for $101.3 million — roughly 50 times the amount sold — bringing its total holdings to about 845,256 BTC. That big purchase bolsters the argument that the sale was a tactical liquidity move, not a change in strategic direction.
Saylor has also pushed the view that Bitcoin doesn’t need staking or protocol-based yield, positioning BTC as a base layer for credit, money, yield and equity products. For observers, the core question isn’t whether MicroStrategy still wants Bitcoin — it clearly does — but how the company will sustainably fund preferred dividends, retain investor trust and manage balance-sheet risk as corporate Bitcoin finance evolves.
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