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Strategy (NASDAQ: MSTR), the largest publicly traded corporate holder of Bitcoin, said it could sell part of its Bitcoin reserves to meet future dividend obligations. Executive Chairman Michael Saylor discussed the possibility during the company’s Q1 2026 earnings call, indicating a potential shift in how the firm manages liquidity alongside its Bitcoin treasury strategy.
Saylor said the company may liquidate a small portion of its BTC holdings to reassure investors and demonstrate financial flexibility. He described Strategy’s model as acquiring Bitcoin through credit, allowing the asset to appreciate over time, and selectively selling portions when needed to cover expenses, including dividends.
Strategy currently holds 818,334 BTC, acquired at an average purchase price of $75,537 per Bitcoin. The company’s large Bitcoin position keeps it positioned as the world’s largest corporate Bitcoin holder.
Despite the size of its crypto holdings, Strategy reported a net loss of $12.54 billion for Q4 2025, which has raised investor concerns about long-term sustainability and debt management.
The company also disclosed approximately $1.5 billion in outstanding dividend obligations, including preferred stock dividends and interest payments tied to existing debt. Strategy stated it has enough USD reserves to maintain dividend coverage for roughly 18 months without major operational changes.
During the call, Saylor emphasized that any Bitcoin sales would not represent a change away from the company’s long-term bullish stance on BTC. Instead, he framed the potential liquidations as part of a broader financial strategy aimed at maximizing shareholder value while maintaining liquidity.
After the announcement, Strategy shares fell more than 4% in after-hours trading, while Bitcoin briefly dropped below the $81,000 level. Analysts said they will continue to monitor Strategy’s Bitcoin-backed corporate finance model as volatility remains elevated across both crypto and equity markets.
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