Michael Saylor made headlines today. During Strategy’s Q1 2026 earnings call, he hinted that the company may sell a portion of its BTC holdings to fund dividends, something that directly challenges its long-standing “never sell” stance.
He stated, “We will probably sell some bitcoin to pay a dividend just to inoculate the market and send the message that we did it. Real estate development companies literally exist to buy land cheap and sell it expensively. We’re like a bitcoin development company.”
Saylor said the move isn’t forced but strategic, aimed at “inoculating the market” by showing Bitcoin can be used as a treasury asset, not just a store of value.
Heavy Losses, Bigger Strategy
MicroStrategy (now Strategy) reported a massive $12.54 billion net loss, even while holding 818,334 BTC at an average price of $75,537. Alongside this, the firm faces about $1.5 billion in annual dividend and debt obligations, with roughly 18 months of coverage in reserves.
The quarter also saw a $2.2 billion valuation allowance tied to unrealized Bitcoin losses and a $7.2 billion drop in digital asset value as BTC fell 23%. Despite this, the company still bought 89,599 BTC, doubling down on its long-term conviction.
Market Reaction and Past Signals
Markets reacted quickly. Strategy stock dropped over 4% after hours, while Bitcoin briefly slipped below $81,000. The reaction reflects a deeper tension; any hint of selling shakes the core narrative that built Strategy’s identity.
History shows this isn’t entirely new. The firm sold 704 BTC in December 2022 during market stress, and similar fears surfaced in 2025 when discussions around selling coincided with price weakness.
A New Playbook Emerges
Strategy’s CEO Phong Le reinforced the shift, saying: “Our ability to sell bitcoin either to buy U.S. dollars or sell bitcoin to buy debt if it’s accretive to bitcoin per share is something that we would consider doing going forward. We will sell bitcoin when it’s advantageous to the company. We’re not going to sit back and just say, ‘We’ll never sell the bitcoin.’
MARA Holdings, Core Scientific, and Cipher Mining are all moving toward active treasury strategies, selling BTC to fund AI and infrastructure growth. Even Druk Holding and Investments has reduced holdings for national spending.
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