Saylor hints at first-ever BTC sale to cover $1.5B in dividends — MSTR drops 4% after hours

Michael Saylor told Strategy's Q1 2026 earnings call that the firm may sell a portion of its 818,334-BTC position to fund dividend obligations — the first time the company has signalled any intent to reduce its stack. MSTR fell more than 4% in after-hours trading on the news, and BTC briefly dipped below $81,000 before recovering. Strategy carries roughly $1.5 billion in annual dividend obligations across preferred stock and debt, with about 18 months of USD reserves at current run-rates.

The shift matters because Strategy's entire identity has been built on a buy-and-hold-forever model, funding obligations through fresh debt or equity rather than touching the BTC stack. Saylor framed it as a deliberate signal: 'We will probably sell some bitcoin to pay a dividend just to inoculate the market.' The company posted a $12.54 billion Q1 net loss as mark-to-market accounting reflected…