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Michael Saylor, executive chairman of Strategy (formerly MicroStrategy), sought to quell speculation that the company could be forced to sell parts of its Bitcoin holdings to meet financial obligations. In his response, Saylor indicated that any potential sales would be paired with purchases that more than offset the amount sold.
Strategy currently holds 818,334 BTC, acquired at an average price of roughly $75,537 per coin. The company reported a net loss of $12.54 billion in Q1 2026, a result that intensified questions about whether it could sustain its approach without liquidating Bitcoin.
Strategy also faces approximately $1.5 billion in annual dividend obligations. Saylor’s position is that the company funds both its operations and additional Bitcoin acquisitions through a mix of equity issuances and debt instruments.
The central concept in Saylor’s messaging is that Strategy is not a “net seller.” While he did not rule out Bitcoin sales in all circumstances, his argument is that any disposal would be strategically paired with acquisitions that dramatically exceed what is sold. He said that for every one Bitcoin sold, Strategy would acquire 10 to 20 more.
Gold bug and crypto skeptic Peter Schiff has argued that Strategy operates like a Ponzi-like structure. The critique is that the company issues stock and debt to buy Bitcoin, and that Bitcoin price gains increase the value of the company’s holdings—enabling further stock and debt issuance to fund additional purchases.
Saylor rejected the characterization, saying Bitcoin is Strategy’s primary treasury asset and that equity and debt issuance are standard corporate finance tools applied to an unconventional asset class. He also pointed to the source of the company’s losses: Strategy is not losing money from operations in the traditional sense, but instead records losses because accounting rules require marking its Bitcoin holdings to market value.
Saylor’s comments are aimed at addressing the key question for Strategy shareholders and potential investors: whether there is any scenario in which the company becomes a forced seller of Bitcoin.
Separately, Senator Bernie Moreno announced the upcoming markup of the Clarity Act, legislation intended to create a more defined regulatory framework for stablecoins. While the bill targets stablecoin yields rather than Bitcoin directly, Saylor’s remarks come as institutional investors monitor how regulatory developments may affect broader crypto markets.
With $1.5 billion in annual dividends and a balance sheet that can move significantly with Bitcoin’s daily price changes, the spread between Strategy’s cost basis of $75,537 per coin and Bitcoin’s market price is presented as a key factor supporting the model’s solvency.
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