In a move that would have been unthinkable a year ago, Michael Saylor's Strategy has sold Bitcoin. The company offloaded 3,588 Bitcoin for roughly $216 million while sitting on an $8.32 billion paper loss, according to Episode 809 of the podcast DH Unplugged, titled "He's Selling Bitcoin!"
The hosts, John C. Dvorak and Andrew Horowitz, unpack the implications of this 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 detailed an average purchase price of $75,476 against recent sales between $59,000 and $61,000 per coin.
The episode, published July 7, 2026, opens the second half of the year with a wobble across risk assets. Beyond the Bitcoin sale, the hosts cover 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.
Oracle's steepest weekly drop since the dot-com bust is also in focus, with a 19% slide, $130 billion in debt, and $24 billion in negative free cash flow. The hosts question Larry Ellison's sudden speaking tour as the stock cratered. Elsewhere, Tesla reported record 480,000 Q2 deliveries alongside an 8% share drop.
The conversation broadens into the machinery behind the AI trade. The hosts flag reports that Nvidia's Kyber architecture could slip up to 12 months into 2028, note Goldman Sachs data showing hedge funds dumped tech hardware and semiconductor exposure for a fourth straight week, and cover Microsoft's latest round of roughly 4,800 layoffs pinned on AI.
Other threads include 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 is cited pegging alternative unemployment near 25% and inflation around 9%.
The hosts do not hide their skepticism about Strategy's pivot. Dvorak and Horowitz question the sustainability of the company's capital structure and the broader implications for the crypto market. The episode is available at dhunplugged.com and on major podcast platforms.
