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Strategy co-founder Michael Saylor clarified recent remarks about possible Bitcoin sales, saying any sales by the company would be tactical and would still leave it in a net Bitcoin accumulation position.
The comments came after market reaction to Strategy’s first-quarter earnings call, where Saylor said the company could sell a portion of its Bitcoin holdings to help fund dividend payments tied to STRC, its Series A Perpetual Stretch Preferred Stock.
Saylor, long associated with the phrase “never sell your Bitcoin,” said the more precise position is that Strategy should “never be a net seller of Bitcoin.” He added that the company’s accumulation plan remains unchanged, and that selling a small amount of BTC could support financing activity that enables Strategy to buy more Bitcoin later.
“If we were to sell one Bitcoin, we’d be buying 10 to 20 more,” Saylor said, describing a model where limited BTC sales help support larger future purchases.
Saylor framed the approach as capital management rather than a reversal of Strategy’s Bitcoin policy, comparing it to a technology company spending on infrastructure to grow future revenue.
Strategy has built its corporate identity around Bitcoin accumulation. JP Morgan has forecast that Strategy’s Bitcoin buys could reach $30 billion. The company currently holds 818,334 BTC, valued at about $66.15 billion based on prices cited in recent reports. Its average purchase cost is about $75,537 per coin, leaving the position with an unrealized gain of about 7.02%.
Strategy paused Bitcoin purchases for one week before its first-quarter earnings release. On May 3, Saylor posted that there were “no buys this week” and said the company would be “back to work” the following week. On May 10, he posted “Back to work. BTC” on X alongside a chart of Strategy’s Bitcoin holdings, which market watchers interpreted as a sign that accumulation may resume after the earnings-related pause.
Strategy often announces purchase updates early on Mondays, making Saylor’s post a closely watched signal among investors and Bitcoin traders.
Discussion of potential Bitcoin sales is tied partly to STRC. The Series A Perpetual Stretch Preferred Stock carries an annual dividend yield of about 11.5%. With roughly $8.5 billion in STRC outstanding, Strategy faces recurring cash obligations to preferred shareholders.
Saylor said small BTC sales could be used to support those payments while the company continues expanding its total holdings. During the earnings call, Chief Executive Phong Le said Bitcoin sales would be considered only when they are more beneficial to shareholders than issuing additional equity, describing the approach as based on financial calculations rather than ideology.
Strategy also maintains a $2.25 billion cash reserve to help cover obligations. The company has proposed moving STRC dividend payments to a semi-monthly schedule to improve liquidity management.
Some shareholders expressed concern about any Bitcoin sales because Strategy has historically promoted an accumulation-only posture. Management has argued that limited sales for dividend coverage do not change the company’s long-term objective of growing Bitcoin per share.
Economist Peter Schiff, a long-time Bitcoin opponent, has renewed criticism of Strategy’s structure. Schiff has described the preferred stock setup as similar to a Ponzi model and argued the company could face pressure between paying STRC dividends and protecting its Bitcoin holdings.
Saylor rejected the criticism, saying Schiff does not view Bitcoin as a legitimate asset. He said that if Bitcoin itself is not accepted as digital capital, then financial instruments built on top of it will also be rejected by critics.
Saylor has described Strategy as a digital treasury company that sells equity and credit instruments to acquire Bitcoin. In that framework, Bitcoin acts as digital capital, STRC serves as a digital credit product, and MSTR represents the equity layer linked to Bitcoin upside and volatility.
Strategy’s next purchase disclosure is expected to be closely monitored after Saylor’s “Back to work” post. Investors will also watch whether the company uses cash reserves, equity issuance, STRC-related actions, or limited BTC sales to support dividend obligations and future Bitcoin purchases.
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