Key Highlights
- Michael Saylor said any Bitcoin sale by Strategy would support buying even more BTC, not reducing long-term holdings.
- Strategy defended its dividend model, saying selective Bitcoin sales can improve shareholder value and treasury growth.
- Despite criticism, Strategy still holds over 818,000 BTC and could buy nearly $30 billion more this year.
Michael Saylor moved to ease investor concerns after Strategy signaled last week that it could sell Bitcoin to fund dividend payments tied to its STRC program. The comments sparked debate across crypto markets because many investors viewed the company’s Bitcoin reserves as untouchable. However, Saylor clarified that Strategy still plans to increase its Bitcoin holdings over time rather than reduce them.
During a recent podcast interview, the Strategy co-founder said the market misunderstood the company’s financing strategy. He explained that occasional Bitcoin sales would support broader accumulation efforts instead of replacing them.
“Even if we were to sell one Bitcoin, we’d be buying 10 to 20 more Bitcoin,” Saylor said. He stressed that Strategy remains focused on long-term Bitcoin accumulation despite growing scrutiny around its dividend model.
Strategy defends treasury model
The debate intensified after Strategy disclosed that it could sell Bitcoin to meet STRC dividend obligations when market conditions favor that approach. Previously, many investors believed the company would never use its Bitcoin reserves for operational funding. However, Saylor argued that investors misunderstood the difference between protecting long-term holdings and managing capital efficiently.
Saylor explained that Strategy raises money through preferred shares and credit instruments before purchasing additional Bitcoin. The company then uses part of Bitcoin’s gains to support dividend payments when necessary. Moreover, he compared the strategy to a real estate developer selling appreciated property assets to generate income while continuing to expand its portfolio.
Bitcoin sales would still increase holdings
Saylor continued defending Strategy’s long-term Bitcoin approach as investors questioned the company’s willingness to sell part of its holdings. He said the famous “never sell your Bitcoin” slogan oversimplified the company’s actual strategy. Instead, Saylor argued that companies and investors should focus on avoiding net Bitcoin reductions over time.
Strategy CEO Phong Le echoed that position during a CNBC interview. He said the company would only sell Bitcoin when the move improved Bitcoin-per-share value for shareholders. “I believe in math over ideology,” Le said while defending the firm’s flexible treasury strategy.
The company currently holds 818,334 BTC valued at roughly $66.2 billion. Additionally, JPMorgan analysts estimate Strategy’s Bitcoin purchases could approach $30 billion this year if the current pace continues.
Meanwhile, Strategy continues expanding beyond its Bitcoin treasury operations. Le said the company’s software and AI division delivered its strongest quarterly performance in more than a decade. Revenue increased 12% during the first quarter of 2026. Moreover, the company continues developing its AI-focused Mosaic platform while automating internal operations through multiple AI systems.
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