Strategy sold 32 BTC for roughly $2.5 million in late May, its first standalone Bitcoin sale since 2022.
- Arthur Hayes said Michael Saylor was pulling "Jedi mind tricks" on whether Strategy would sell more Bitcoin after a recent test sale.
- Hayes pushed back on the narrative that Strategy is driving Bitcoin's weakness, blaming the AI bubble for pulling liquidity out of crypto.
- Hayes also called new Fed Chair Kevin Warsh a dove in disguise, dismissing his five task forces as a stalling tactic.
Arthur Hayes said on Friday that Michael Saylor was pulling "Jedi mind tricks" on whether Strategy (MSTR) would sell more Bitcoin (BTC), saying the company's chairman has stopped short of clearly committing either way after a recent test sale.
On CoinDesk’s Markets Outlook podcast, the co-founder of BitMEX said investors were “very scared” about what could happen if Strategy was forced to sell Bitcoin to meet dividend or bond payments on the decline. Hayes said there have been "salacious hot takes" of Saylor talking with "Jedi mind tricks." Saylor recently sold 32 BTC to “inoculate the market” against the possibility of greater sales, Hayes said, but it had just raised additional suspicions about the company’s intentions.
Strategy sold 32 BTC at around $2.5 million from May 26-31, its first standalone Bitcoin sale since 2022. The deal came after Saylor told investors during the company’s Q1 results call that it would probably sell some Bitcoin to help pay dividends, in part as a way to inoculate investors against the risk of bigger sales.
Earlier this month, Saylor said that his long-standing “never sell” motto only extended to retail holders, not to Strategy itself, contradicting the February 2026 announcement that the firm would refinance debt before selling Bitcoin. “When I said never sell your Bitcoin, that was for individual investors. We have never said our company would never sell Bitcoin.”
Hayes Blames AI Bubble, Not Strategy
Despite the criticism, he pushed back against the larger narrative that Strategy was behind Bitcoin’s recent slump, stating that the loss was being caused by liquidity migrating into AI trading and out of crypto. Strategy fears were "another pain point for investors" but not the underlying driver, he said.
Hayes said the broader AI bubble would bust in “zero to two years,” but he would never short AI even if some businesses are “completely Fugazi.”
MSTR’s price closed down over 3% on Friday. On Stocktwits, retail sentiment around MSTR remained in the ‘bullish’ zone, while chatter dropped to ‘normal’ from ‘high’ levels over the past day.
Hayes Says The Fed Hasn't Really Changed Under Kevin Warsh
He also voiced uncertainty about new Federal Reserve Chair Kevin Warsh, saying his aggressive attitude belies a dovish reality. Warsh, who left the Fed Board around 2010 in protest of quantitative easing and has spent years criticizing the central bank's activities, announced five task teams at his first FOMC meeting, on June 17, rather than acting on his expressed views. Hayes took the action as an attempt to stall.
"What does a task force mean? In six to 12 months, we might get a report... and by the time they consider the report, we'll have forgotten about it, and they can continue printing money," he said. He argued Warsh wants to maintain this illusion that he is hawkish on monetary policy, but look at what he does." Asked whether anything had really changed, Hayes said, "Correct, money printer go brrr."
Read also: Bitcoin Long-Term Holders Are 'Keeping A Cool Head' Through Correction, Analyst Says
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