In a first, Michael Saylor’s Strategy is mulling selling some of its Bitcoin (BTC) holdings to ‘inoculate the markets,’ the CEO said in a recent earnings call. This marks the first instance that the flagship cryptocurrency’s biggest corporate holder is considering selling it.
Strategy may actually sell Bitcoin, Saylor hints
Speaking at Strategy’s Q1 2026 investor call, Saylor signaled the company’s departure from its long-held ‘never sell’ approach toward Bitcoin. He said that the company won’t shy away from selling some BTC when it is advantageous to the organization.
This is a critical development in the industry, as Saylor had earned a name for himself for being the top BTC permabull, showing no signs of ever selling the cryptocurrency despite its volatile price action.
To recall, Strategy started accumulating BTC back in August 2020, and currently holds 818,334 coins – worth around $66.8 billion – according to current market prices. The company’s total BTC holdings represent about 3.9 percent of the cryptocurrency’s total supply.
During the call, Saylor said that Strategy may “probably sell some Bitcoin to fund a dividend, just to inoculate the market.” This statement comes after Strategy reported a $12.5 billion net loss, driven primarily by unrealized losses on its BTC holdings.
A major reversal from previous stance
Earlier this year, in February, Saylor put to rest the rumors about Strategy ever parting ways with its BTC stack, firmly stating that he expects the firm to continue buying BTC every quarter, forever.
In addition, he remarked that Strategy could weather a severe drawdown in BTC’s price, even if it crashes to as low as $8,000. However, his statement yesterday stands in stark contrast to his previous bullish stance toward BTC.
CNBC presenter Ran Neuner shared his take on the development on X. Neuner attributed Saylor’s change in stance to the unanticipated success of Strategy’s STRC preferred stock, which pays a healthy annualized yield of 11.5 percent.
Neuner stated that eventually, Strategy was bound to sell a portion of its BTC holdings to finance the yield on STRC. He added that the endgame is to make Strategy completely debt-free.
The final target structure for the firm will comprise common equity, STRC, and a massive BTC stack. In addition, Strategy may use some of its capital gains to cover its dividend obligations, moving it a step closer to S&P inclusion, Neuner concluded.