Bitcoin sales can be consistent with a long-term investment philosophy when they improve outcomes. The “never sell” idea reflects low time preference, but selling can still make sense in situations where value creation is clearer. Individuals may sell to buy a house, travel, pay for education, or cover severe medical bills. Companies exist to improve shareholder value, so selling can be justified when it funds activities expected to outperform holding bitcoin. Miners sold 25,376 BTC in Q1 2026 to fund AI pivots, based on management’s belief that AI capex would deliver better risk-adjusted gains. Treasury strategies focused on accumulating bitcoin also consider selling when it supports growth in bitcoin per share.
"The quip of "never sell" is an articulation of a long-term investment philosophy founded upon the extreme low time preference that is common in bitcoin discourse. But even within this discourse, there are frequently cases where almost everyone agrees it makes sense to sell, despite the ubiquity of the HODL meme."
"For a company, the reason to do anything (and indeed the reason for a company's existence) is to improve shareholder value. Consider another group of bitcoin companies that have been selling. Our Q1 Report highlights that Bitcoin miners have sold 25,376 BTC in Q1 2026 to fund AI pivots."
"The value creation math is simple. Management believes that their AI capex will yield better risk-adjusted gains than the bitcoin they sold. Under these assumptions, it makes sense that they sold bitcoin to fund AI. In fact, this is reason 0: if there is a better investment than bitcoin, then selling bitcoin for that makes complete sense."
"The simplest reasons involve improving one's quality of life: buying a house to raise a family, paying for a trip to a place you've wanted to go, sending your kids to college, unexpected and severe medical bills. The list is very long. HODLing often isn't as long."
Read at Bitcoin Magazine
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