In a move that would have been unthinkable a year ago, Michael Saylor's Strategy has sold Bitcoin, according to Episode 809 of the podcast DH Unplugged, titled 'He's Selling Bitcoin!' Hosted by John C. Dvorak and Andrew Horowitz, the episode covers the sale of 3,588 Bitcoin for roughly $216 million, even as the company sits on an $8.32 billion paper loss. The hosts express skepticism about the pivot, with Horowitz noting that proceeds are being used for preferred stock dividends and dollar reserves. '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,' Horowitz said. Dvorak pressed on whether the structure is 'Ponzi-ish,' while Horowitz highlighted 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 unpack a soft June jobs print, with 57,000 payrolls versus a 110,000 estimate, and April and May revised down by 74,000. SpaceX's arrival in the NASDAQ 100 is noted, displacing weight from Nvidia, Microsoft, and other megacaps. Oracle's steepest weekly drop since the dot-com bust—a 19% slide—is attributed to $130 billion in debt and $24 billion in negative free cash flow. Tesla's record 480,000 Q2 deliveries are juxtaposed with 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, and cite Goldman Sachs data showing hedge funds dumped tech hardware and semiconductor exposure for a fourth straight week. Larry Ellison's sudden speaking tour is questioned as Oracle's stock cratered. Other topics include 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 is cited, pegging alternative unemployment near 25% and inflation around 9%.
The episode is available at dhunplugged.com and via RSS, Apple Podcasts, Spotify, and Amazon Music.
