May. 6 at 2:39 PM
$MSTR has abandoned its long-standing 'never sell' Bitcoin policy
Chairman Michael Saylor & CEO Phong Le announcing during the 1Q26 earnings call that the company will consider selling portions of its 818,334 BTC holdings if doing so improves its capital structure or boosts 'Bitcoin per share.'
Stratedgy faces
$1.5B in annual dividend & interest obligations.
Saylor framed the shift as an evolution toward active treasury management, likening Strategy to a real estate developer that buys & sells assets strategically
The pivot comes as Strategy reported a staggering
$12.54B in 1Q26 or
$38.25 per diluted share (driven almost entirely by a
$14.46 B unrealized impairment on its digital assets)
Saylor: “You buy back Bitcoin w/ credit, you let it appreciate & then you sell Bitcoin to pay the dividend. As long as you are issuing credit in excess of the breakeven point, then this business works & grows forever.”
CEO: “Our ability to sell Bitcoin either to buy US dollars or sell Bitcoin to buy debt if it’s accretive to Bitcoin per share is something that we would consider going forward. We are not going to sit back and just say we will never sell the Bitcoin.”
As of March 31, Strategy held 818,334 Bitcoin acquired at an avg cost of roughly
$75,500/coin, representing nearly 4% of the total Bitcoin supply.
Stratedgy has built a
$2.25B USD reserve, which could cover ~18 months of preferred stock dividends & interest payments.
S&P Global Ratings assigned Strategy a junk-level credit rating in Oct2025, citing its narrow business focus & the risk that convertible debt maturities could coincide w/ Bitcoin downturns, forcing liquidations at “depressed prices.”
On the prediction market Myriad, the probability of Strategy selling Bitcoin in 2026 surged from 12% before the earnings report to over 40% afterward, the highest level since the market launched.
$BTC.X
$IBIT $BITO $BT_F
