Michael Saylor Says Strategy Will Likely Sell Some Bitcoin This Year

Michael Saylor has put Strategy’s old “never sell” Bitcoin image into a new phase after saying the company will likely sell some BTC to fund dividends. During Strategy’s first-quarter earnings call, Saylor said, “We will probably sell some Bitcoin to fund a dividend,” framing the move as a way to prove that Strategy can use its Bitcoin stack without damaging the company or the broader BTC market.

The comment is a shift in tone, not a signal that Strategy is exiting Bitcoin. Saylor’s wider message remains centered on net accumulation, Bitcoin-backed credit and capital-market tools that let the company raise money, pay obligations and keep increasing BTC per share over time. He has also pushed the simpler line that Strategy can sell Bitcoin and still buy far more BTC if any sale remains small compared with the company’s broader accumulation machine.

Chief executive Phong Le also left room for selective BTC sales during the same call. Strategy can sell high-cost-basis Bitcoin when doing so creates tax value, reduces pressure on common-share issuance or supports preferred-stock obligations. The company placed the estimated unrealized tax benefit near $2.2 billion, giving management another reason to treat BTC as an active treasury asset rather than an untouched reserve.

STRC Dividend Math Drives The Debate

The sale discussion now runs through STRC, Strategy’s perpetual preferred stock. The product pays a cash dividend and has become a major funding channel for the company’s Bitcoin purchases. Strategy’s first-quarter results showed 818,334 BTC held as of May 3, $11.68 billion raised year to date and $5.58 billion raised through STRC.

The company’s latest securities filing then showed another large BTC purchase after the earnings call. Strategy bought 24,869 BTC for about $2.01 billion between May 11 and May 17, lifting total holdings to 843,738 BTC at an average purchase price of $75,700. The filing also showed 19.5 million STRC shares sold for roughly $1.95 billion in net proceeds during the same period.

That keeps the market debate focused on scale. A limited BTC sale for dividends would break the symbolic “never sell” line, but it would not automatically make Strategy a net seller. The relevant numbers are the amount sold, the amount bought in the same period, Bitcoin per share, STRC demand, cash reserves and whether the sale improves or weakens the capital stack.

BTC is trading near $77,200, while MSTR is around $165 after a volatile week for Bitcoin treasury stocks. Strategy’s preferred-stock model remains under scrutiny because STRC dividend costs, Bitcoin price action and investor appetite for new issuance now feed directly into the company’s ability to keep buying BTC.

Strategy has already turned the issue into a capital-allocation test. If STRC demand stays strong, a small Bitcoin sale could fund dividends while new preferred-share proceeds continue to buy more BTC. If STRC demand weakens, any sale would draw more attention because investors would question whether the funding model is shifting from accumulation to balance-sheet management.

The first actual BTC sale would now carry more symbolic weight than financial weight. Strategy holds more than 843,000 BTC, so a small dividend-funded sale would not change its status as the largest public corporate Bitcoin holder. The market will judge the move by the follow-on filing: how many coins left the balance sheet, how many were bought back, and whether Bitcoin per share kept rising after the transaction.

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