“Never. No. We’re not sellers. We’re only acquiring and holding Bitcoin. That’s our strategy.” — Michael Saylor, Bloomberg, January 2022
Four and a half years later, Strategy’s (NASDAQ:) founder Michael Saylor’s never-sell doctrine is dead.
Between May 26 and May 31, Strategy sold 32 for roughly $2.5 million. The transaction is so small in dollar terms that it barely registers relative to Strategy’s $61 billion in Bitcoin holdings. But size is not the point. The point is that Saylor went back on his word, which he had repeated emphatically for years.
As recently as February 2026, when pressed by CNBC’s Andrew Ross Sorkin on what Strategy would do if Bitcoin fell and stayed down, Saylor said: “We’re not going to be selling, we’re going to be buying.” He doubled down, saying that Strategy would buy “every quarter forever” and that his company would refinance debt before selling Bitcoin.
The story has changed. On Strategy’s Q1 2026 earnings call, after reporting a $12.5 billion net loss, Saylor said the company would “probably sell some Bitcoin to fund a dividend just to inoculate the market.” Strategy CEO Phong Le went a step further, stating: “We will sell Bitcoin when it’s advantageous to the company.“
Strategy’s real product was never Bitcoin. The hope was that investors would be willing to own Bitcoin via Strategy at a premium to Bitcoin’s price. While the recent Bitcoin sale itself is trivial, the signal is not. When the world’s loudest Bitcoin maximalist goes back on his word, the cult of conviction he spent four years building may be eroding.
Job Openings Surge, But Beneath The Surface, The Labor Market Remains Murky
Per the labor report, job openings jumped to 7.6 million in April, up from a revised 6.9 million in March. Furthermore, as we share below, there are more job openings than job seekers for the first time in nearly a year. On the surface, the job openings data report was great news, but beneath the surface lies a more cautious story.
For instance, the number of hires fell, and the hiring rate remains historically weak at 3.2%. Quits dropped despite the jump in job openings to 3.0 million. The quits rate is telling as workers tend to leave jobs when they are confident that they can find better-paying jobs. When the number of job quits declines, it signals that workers are hunkering down rather than upgrading.
The divergence between the gap in higher job openings and falling hires and quits is worth considering. Job openings measure employer intent to hire, but the jobs have not yet been filled. Hires measure actual execution. When that gap widens, it often reflects employer hesitancy rather than true demand.
Adding to the cautious tone heading into Friday’s BLS employment report, the report came in higher than expected at 48.6, and the was slightly below expectations at 47.9. Both indexes sitting below 50.0 signal contraction in the labor market.
For Friday’s BLS report, the JOLTS data argues for tempered expectations. The consensus estimate sits around 110,000 jobs. While the job openings data were strong, other leading indicators, such as declining hires, falling quits, and contracting ISM employment indices, suggest the number is likely to be in line with expectations. If so, it remains meaningfully below the longer-term average of 175k-200k jobs per month.
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