In a surprising turn of events, Michael Saylor's Strategy has sold Bitcoin, a move that would have been unthinkable a year ago. The company offloaded 3,588 Bitcoin for roughly $216 million while sitting on an $8.32 billion paper loss, according to the latest episode of DH Unplugged, titled He's Selling Bitcoin!. The hosts, John C. Dvorak and Andrew Horowitz, expressed skepticism about the pivot, noting that proceeds from the sale are being used for preferred stock dividends and dollar reserves.
Horowitz highlighted the contradiction, stating, "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 that the average purchase price was $75,476 per coin, with recent sales between $59,000 and $61,000 per coin. The episode, published July 7, 2026, covers a range of market topics amid a wobble across risk assets.
Outside of Strategy's Bitcoin sale, the hosts unpacked a soft June jobs print, with 57,000 payrolls versus a 110,000 estimate, and April and May revised down by 74,000. SpaceX joined the NASDAQ 100, displacing weight from Nvidia, Microsoft, and other megacaps. Oracle suffered its steepest weekly drop since the dot-com bust, falling 19%, with $130 billion in debt and $24 billion in negative free cash flow. Tesla reported record 480,000 Q2 deliveries alongside an 8% share drop.
The conversation broadened into the AI trade machinery. The hosts flagged reports that Nvidia's Kyber architecture could slip up to 12 months into 2028 and cited Goldman Sachs data showing hedge funds dumped tech hardware and semiconductor exposure for a fourth straight week. They questioned Larry Ellison's sudden speaking tour as Oracle's stock cratered. Other topics included 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%.
