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Michael Saylor’s Strategy appears ready to resume Bitcoin acquisitions after a brief pause. On May 10, he posted “Back to work, BTC” on X, using the company’s “Orange Dots” visualization that has previously preceded purchase announcements. Based on past timing, an official acquisition update could follow as soon as May 11.
Strategy’s buying hiatus lasted one week and was positioned around the company’s May 5 Q1 2026 earnings announcement. During that call, Saylor said Strategy would “probably sell some Bitcoin to fund a dividend, just to inoculate the market,” marking a notable departure from the firm’s long-standing “never-sell” stance.
Prior to the pause, Strategy’s most recent acquisition was on April 27, when it bought 3,273 BTC for approximately $255 million, at an average price of $77,906 per coin. That purchase increased total holdings to 818,334 BTC.
Strategy’s Bitcoin holdings are currently valued at about $66.15 billion, with an average acquisition cost of $75,537 per BTC, implying roughly a 7.6% gain on the position.
The idea of selling Bitcoin to fund dividends drew mixed reactions within the Bitcoin community.
Critics raised concerns about a potential “doom loop,” in which selling BTC to support dividend payments tied to credit instruments could contribute to downward pressure on Bitcoin’s spot price.
Strategy CEO Phong Le rejected the “doom loop” framing. In comments to CNBC, he said Strategy’s trading activity does not meaningfully affect Bitcoin’s market price, noting that Bitcoin sees more than $60 billion in daily trading activity. Le also said Strategy’s annual dividend commitments related to credit products total about $1.5 billion, which he characterized as a small fraction of daily trading volume.
Le added that any Bitcoin sales would occur only under specific circumstances, including meeting dividend obligations and managing tax deferrals.
Before the earnings-related pause, Strategy raised about $82 million through an at-the-market equity offering tied to MSTR. At prevailing prices, that amount could have funded roughly 1,000 BTC, but the company did not make any purchases during that period.
The April 27 acquisition of 3,273 BTC also reflected a slowdown compared with the $2.54 billion purchase executed on April 20. Observers had reportedly detected the accumulation pace slowing before the formal pause.
Strategy currently holds approximately 4% of Bitcoin’s circulating supply.
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