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Strategy (Nasdaq: MSTR) reported first-quarter 2026 results that have renewed debate over whether the company could ever sell bitcoin. In a May 8 report, NYDIG said Strategy’s management acknowledged the possibility after the company posted a roughly $12.5 billion net loss, driven mainly by bitcoin’s quarterly decline.
Strategy holds 818,869 BTC, which NYDIG estimated at about $67 billion following the company’s latest acquisition disclosure.
Bitcoin accumulation has been Strategy’s central corporate strategy since adopting the bitcoin standard in August 2020. NYDIG said management’s openness to selling BTC to fund dividends should be viewed as broader capital optimization rather than a shift away from the long-term bitcoin approach.
NYDIG also highlighted the growing role of preferred issuance programs, including STRC, within Strategy’s financing structure. Strategy CEO Phong Le said:
“We will probably sell some bitcoin to fund a dividend just to inoculate the market.”
Le previously described selling bitcoin as a remote scenario tied to a severe and prolonged downturn. In a February interview, he said Strategy might revisit the question only if bitcoin fell to $8,000 for five years, while describing GAAP losses as noncash mark-to-market impacts.
Investors are now focused on how Strategy balances BTC holdings with dividends, liquidity, and preferred obligations. The company’s dashboard showed 818,869 BTC, a $67.1 billion BTC reserve, a $2.25 billion USD reserve, and $1.49 billion in annual dividends. It also listed 18.1 months of USD dividend coverage and 45.1 years of BTC dividend coverage.
NYDIG said preferred securities are becoming a larger part of Strategy’s capital structure. That shift increases the importance of liquidity management, dividend coverage, and market access for investors, broadening the evaluation beyond BTC holdings alone.
Another metric drawing attention is mNAV. NYDIG reported that management indicated MSTR equity issuance becomes accretive to bitcoin per share only above about 1.22 times mNAV, rather than at parity. NYDIG tied that threshold to the size of the preferred equity stack and different dilution assumptions, adding:
“The key issue is less about which methodology is used and more about ensuring consistency across reported metrics and capital allocation frameworks.”
NYDIG said future signals include whether Strategy sells BTC, how its USD Reserve changes, preferred dividend coverage, and the pace of new issuance. Together, these indicators could help determine whether Strategy remains primarily a bitcoin accumulator or moves toward a more active bitcoin-backed capital markets structure.
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