Michael Saylor Sells Bitcoin as Strategy Books $8.32B Paper Loss

Episode 809 of DH Unplugged, titled He’s Selling Bitcoin!, hosted by John C. Dvorak and Andrew Horowitz and published July 7, 2026, opens the second half of the year with a wobble across risk assets and a headline that would have been unthinkable a year ago: Michael Saylor’s Strategy has sold Bitcoin. The hosts unpack a soft June jobs print, SpaceX’s arrival in the NASDAQ 100, Oracle’s steepest weekly drop since the dot-com bust, and renewed strikes on Iran, all against a market suddenly questioning the AI trade.

Listeners can expect a wide-ranging tour of the tape and the news cycle. Threads covered include:

• Strategy selling 3,588 Bitcoin for roughly $216 million while sitting on an $8.32 billion paper loss.
• SpaceX joining the NASDAQ 100 and displacing weight from Nvidia, Microsoft and other megacaps.
• A 57,000 payrolls print versus a 110,000 estimate, with April and May revised down by 74,000.
• Oracle’s 19% weekly slide, $130 billion in debt, and $24 billion in negative free cash flow.
• Tesla’s record 480,000 Q2 deliveries alongside an 8% share drop.

The hosts do not hide their skepticism about Strategy’s pivot. Horowitz notes that proceeds from the Bitcoin sale are being used for preferred stock dividends and dollar reserves, then delivers the line of the episode:

Dvorak presses on whether the structure is “Ponzi-ish,” while Horowitz walks through an average purchase price of $75,476 against recent sales between $59,000 and $61,000 per coin.

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 question Larry Ellison’s sudden speaking tour as Oracle’s stock cratered. Elsewhere they cover 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%.

About DH Unplugged

DH Unplugged is a weekly investing and markets podcast hosted by columnist John C. Dvorak and money manager Andrew Horowitz. Casual, unrehearsed and skeptical, the show blends Federal Reserve watching, earnings analysis, commodity moves and offbeat cultural observation for investors who want the story behind the tape. New episodes are available at dhunplugged.com, via RSS, and on Apple Podcasts, Spotify, and Amazon Music. Episode 809 is available now wherever podcasts are heard.

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