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Michael Saylor has defended Strategy’s approach to selling limited amounts of Bitcoin while continuing to expand its BTC treasury, arguing the company should avoid becoming a net seller rather than adopt an absolute “never sell” position.
In comments shared on May 10 and remarks made during his recent appearance at Consensus in Miami, Saylor said any future Bitcoin sales would occur only within a broader accumulation cycle.
“Even if we were to sell one Bitcoin, we'd be buying 10 to 20 more Bitcoin,” he said, addressing concerns that Strategy could eventually reduce its exposure to BTC.
The discussion intensified after Strategy disclosed that its preferred stock products carry roughly $1.5 billion in annual dividend obligations.
Separately, Crypto.news reported that Strategy posted a $12.54 billion net loss during Q1 2026, while holding 818,334 BTC as of May 3, acquired at an average purchase price of $75,537.
Speaking with CoinDesk senior analyst James Van Straten at Consensus, Saylor argued that fears about potential Bitcoin sales are economically insignificant.
He said Strategy could still buy roughly 20 BTC for every one Bitcoin sold if dividends were funded entirely through BTC sales. Saylor also said the scale of any such sales would remain small relative to Bitcoin’s daily market liquidity, which he estimated at between $20 billion and $50 billion.
Saylor described Strategy’s model as a three-part capital system built around Bitcoin reserves: Bitcoin as “digital capital,” STRC as “digital credit,” and MSTR as the leveraged equity layer tied to the company’s BTC treasury.
He said Strategy is “converting digital capital Bitcoin into digital credit (STRC) and digital equity (MSTR).”
STRC, also referred to as “Stretch,” is Strategy’s perpetual preferred stock product designed to maintain a price close to its $100 par value.
According to Saylor’s Bitcoin 2026 presentation and Strategy’s digital credit dashboard, the company adjusts STRC’s monthly dividend rate and uses an at-the-market issuance program to sell new shares when the product trades at or above par.
Cash raised from these sales is then used to purchase additional Bitcoin for the company’s reserve balance.
During the same presentation, Saylor said STRC had grown to roughly $8.5 billion in assets under management within about nine months. He also described the product as targeting the private credit market, which he estimated at $3.5 trillion.
KuCoin’s summary of the Bitcoin 2026 conference said STRC channels Bitcoin-related returns into monthly income products, and described the instrument as structured around an 11% yield assumption tied to Bitcoin’s 38% annualized return and a 5:1 collateral ratio intended to absorb steep BTC price declines.
On the equity side, MSTR continues to function as Strategy’s public-market Bitcoin exposure vehicle.
A recent BitcoinTreasuries profile noted that the company holds more than 800,000 BTC. Yahoo Finance reported that roughly 85% of a recent $2.5 billion Bitcoin purchase by Strategy was financed through STRC issuance.
Saylor also rejected criticism from gold advocate Peter Schiff, who argued that Strategy’s financing structure could face pressure during periods of Bitcoin weakness or rising dividend obligations.
Saylor responded that critics who do not accept Bitcoin as “digital capital” are unlikely to support financial products built around it.
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