CoinDesk
Strategy executive chairman Michael Saylor said on the company's Q1 2026 earnings call that the firm may sell part of its 818,334-BTC stash for the first time to help fund roughly $1.5 billion in annual dividend obligations on preferred stock and outstanding debt. MSTR dropped more than 4% in after-hours trading, and Bitcoin briefly slipped below $81,000 before recovering. Saylor framed the move as deliberate, not a break from the playbook: "We will probably sell some bitcoin to pay a dividend just to inoculate the market and send the message that we did it."
Why it matters
Strategy has run a strict buy-and-hold model since 2020, funding obligations through new debt or equity issuance while never touching the BTC stack. The 818,334 coins are held at an average acquisition cost of $75,537 — well below spot, so any sale would be on in-the-money inventory, not a forced liquidation. The shift matters because it changes the marginal seller of bitcoin from bankrupt miners to the largest corporate holder in the world, and because the dividend coverage math has tightened: Strategy posted a $12.54 billion Q1 net loss on mark-to-market accounting as BTC fell from October's $126,000 peak, and the company carries roughly 18 months of USD reserves to cover obligations at current run-rates.
Market impact
Bitcoin itself held up, topping $81,000 as Wall Street hit all-time highs on easing Iran tensions, a stronger AI-trade bid from AMD and Super Micro earnings, and a weaker dollar. Crypto majors were mixed: Solana added 3% to $87.35, Dogecoin jumped 4% to $0.1158 (a 14.5% weekly gain with futures open interest at year-highs), and XRP, BNB and TRX all finished green. Ether lagged, off 0.3% on the day at $2,376 as spot ETH ETF flows turned net-negative last week, ending a three-week inflow streak. The trade to watch is whether Saylor follows through with an actual sale — words moved MSTR 4%, but a real BTC liquidation would be the first stress test the Strategy thesis has ever had to clear.
Frequently asked questions
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Why is Strategy considering selling its Bitcoin for the first time?
Executive chairman Michael Saylor said on the Q1 2026 earnings call that the firm may sell part of its 818,334-BTC stash to help fund roughly $1.5 billion in annual dividend obligations on preferred stock and outstanding debt, framing the move as a deliberate test of the model.
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How much Bitcoin does Strategy hold and at what average cost?
Strategy holds 818,334 BTC acquired at an average cost of $75,537 per coin, well below the recent spot price above $81,000, meaning any sale would be on deeply in-the-money inventory rather than a forced liquidation.
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How did the market react to Saylor's comments about selling BTC?
MSTR shares dropped more than 4% in after-hours trading and Bitcoin briefly slipped below $81,000 before recovering into a broader risk-on rally that also pushed Solana, Dogecoin, XRP, BNB and TRX higher.
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Why was Ether the laggard among major tokens on the move?
Ether fell 0.3% over 24 hours to about $2,376 as spot ETH ETF flows turned net-negative last week, ending a three-week streak of inflows that had been supporting the token.
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What is the dividend coverage situation at Strategy right now?
Strategy posted a $12.54 billion Q1 net loss on mark-to-market accounting as BTC fell from October's $126,000 peak, and the firm carries roughly 18 months of USD reserves to cover its $1.5 billion in annual dividend obligations at current run-rates.
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