In a move that would have been unthinkable a year ago, Michael Saylor's Strategy has sold Bitcoin. The company sold 3,588 Bitcoin for roughly $216 million while sitting on an $8.32 billion paper loss, according to Episode 809 of DH Unplugged, a weekly investing and markets podcast hosted by John C. Dvorak and money manager Andrew Horowitz.
The hosts unpacked the sale, noting that proceeds are being used for preferred stock dividends and dollar reserves. Horowitz delivered a pointed critique: "This is the guy that said never sell Bitcoin. He was a Treasury poster child, is now selling to serve as the capital structure. Oops." Dvorak pressed on whether the structure is "Ponzi-ish," while Horowitz walked through an average purchase price of $75,476 against recent sales between $59,000 and $61,000 per coin.
The episode, titled "He's Selling Bitcoin!", aired July 7, 2026, and opened the second half of the year with a wobble across risk assets. Beyond the Bitcoin sale, the hosts covered a soft June jobs print—57,000 payrolls versus a 110,000 estimate, with April and May revised down by 74,000—and SpaceX's arrival in the NASDAQ 100, displacing weight from Nvidia, Microsoft and other megacaps.
The conversation broadened into the machinery behind the AI trade. The hosts flagged reports that Nvidia's Kyber architecture could slip up to 12 months into 2028, noted Goldman Sachs data showing hedge funds dumped tech hardware and semiconductor exposure for a fourth straight week, and questioned Larry Ellison's sudden speaking tour as Oracle's stock cratered. Oracle experienced a 19% weekly slide, with $130 billion in debt and $24 billion in negative free cash flow.
Elsewhere, the episode covered Microsoft's latest round of roughly 4,800 layoffs pinned on AI, OPEC+ adding 188,000 barrels per day in August, the Strategic Petroleum Reserve falling to 319 million barrels (its lowest since 1983), and a China court handing a death sentence to former Nanjing official Yang Yulin over $325 million in bribes. John Williams's Shadow Stats was cited pegging alternative unemployment near 25% and inflation around 9%.
The hosts did not hide their skepticism about Strategy's pivot, and the implications extend beyond one company. The sale challenges the foundational premise of corporate bitcoin treasuries—that bitcoin is a long-term hold never to be sold. If other companies follow suit, it could undermine confidence in bitcoin as a corporate reserve asset and trigger broader selling pressure.
