Michael Saylor: Strategy Could Sell Bitcoin to Fund STRC Dividends

Strategy founder Michael Saylor said in a May 9 interview with Bonnie Blockchain that the company could sell a small amount of Bitcoin to realize capital gains and fund STRC credit dividends. He positioned the move as a treasury operation, not a directional bet against BTC — drawing a real-estate analogy where credit is raised, an asset is bought, and gains are later monetized through a sale or refinancing once the asset has appreciated.

Responding to Peter Schiff's "Ponzi scheme" critique, Saylor said the governing rule is to "never be a net seller of Bitcoin." At current scale, he argued, even if Strategy sold 1 BTC it would be positioned to buy 10 to 20 in parallel. The framing keeps the long-term accumulation thesis intact while introducing — for the first time in plain language — the possibility of disposals as a funding mechanism for the company's preferred-equity dividend program.

Why it matters

Strategy's balance sheet has never sold Bitcoin. Introducing "small disposals to fund dividends" as an explicit option is a tonal shift, even if the volume is framed as trivial. Holders of STRC and related preferred instruments are now being told credit yields can be funded, in part, by capital-gains realizations on the underlying BTC stack — a different cash-flow story than "issue equity, buy BTC, never sell."

Market impact

The interview is bearish in framing because it normalizes BTC sales as a tool in the playbook. The market will read the language, not the model. Watch the next STRC dividend cycle and any treasury disclosure for whether disposals actually appear — small print volumes would validate the framing, while continued zero-selling would let bulls dismiss the comment as rhetorical.