Strategy co-founder Michael Saylor has clarified his recent comments about possible Bitcoin sales, saying any sale by the company would be tactical and would still result in net Bitcoin accumulation. The remarks followed 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 has long been associated with the phrase “never sell your Bitcoin,” making the latest comments notable for investors who follow Strategy’s treasury policy. In a later interview, he said the more precise position would be to “never be a net seller of Bitcoin.” He explained that Strategy’s accumulation plan remains unchanged and that selling a small amount of BTC could support financing activity that allows the company 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. Michael Saylor Explains Bitcoin Sales Strategy Saylor said the company’s approach should be understood as capital management rather than a reversal of its Bitcoin policy. He compared the process to a technology company spending money on infrastructure in order to grow future revenue. Strategy has built its corporate identity around Bitcoin accumulation, with JP Morgan forecasting Bitcoin buys to hit $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%. The company 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 added that the company would be “back to work” the following week. Source: X On May 10, Saylor posted “Back to work. BTC” on X alongside a chart of Strategy’s Bitcoin holdings. The message was interpreted by market watchers as a sign that the company may resume accumulation 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. STRC Dividends Remain in Focus The discussion around possible Bitcoin sales is tied partly to STRC, Strategy’s preferred stock instrument. 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. Chief Executive Phong Le also addressed the issue during the earnings call. He said Bitcoin sales would be considered only when they are more beneficial to shareholders than issuing additional equity. He described 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. The idea of selling any Bitcoin triggered concern among some shareholders 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. Schiff Criticism and Market Reaction Saylor’s comments have often drawn renewed criticism from economist Peter Schiff, a long-time Bitcoin opponent. Schiff has described Strategy’s preferred stock structure as similar to a Ponzi model and argued that the company may eventually 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 his 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. The company’s next purchase disclosure will be watched closely after the latest “Back to work” post. Investors will also monitor whether Strategy uses cash reserves, equity issuance, STRC sales or limited BTC sales to support its dividend obligations and future Bitcoin purchases.
