- Michael Saylor said concerns over Strategy selling Bitcoin for dividend payments have been exaggerated, arguing any sales would be minor relative to the company’s ongoing accumulation strategy.
- Strategy continues defending its debt and equity funding model as it expands beyond a Bitcoin treasury company into a broader financial markets operation.
- Saylor also pushed back against criticism of the company’s trading practices and highlighted the structure behind its STRC preferred stock product.
Michael Saylor has downplayed concerns that Strategy may need to sell Bitcoin to meet dividend obligations, describing the prospect as “really inconsequential” during an interview with CoinDesk at Consensus Miami.
The comments followed investor unease after the company revealed during its recent earnings call that Bitcoin sales could be used to fund dividend payments. Saylor argued that even if Strategy funded all dividends through Bitcoin sales over the next year, the company would still acquire significantly more Bitcoin than it sold. He also said the scale of any potential sales would be negligible relative to overall Bitcoin market liquidity.
Strategy currently holds 818,334 BTC acquired at an average purchase price of US$75,537 (AU$105,752) per coin. The company reported a US$12.54 billion (AU$17.56 billion) net loss in Q1 2026 while carrying around US$1.5 billion (AU$2.1 billion) in annual dividend obligations.
Related: Saylor’s Bitcoin Sale Comments Spark Debate Over Strategy’s Treasury Playbook
Inside Strategy’s Capital Markets Approach
Saylor defended the company’s broader financing approach, explaining that Strategy evaluates transactions based on their impact on Bitcoin per share and overall balance sheet risk. He said the company adjusts its capital markets activity continuously in response to changing market conditions.
Addressing criticism surrounding the firm’s Bitcoin acquisition strategy, Saylor rejected claims that Strategy routinely buys at market highs without consideration for shareholders. He said the company executes equity swaps when premiums are strongest, arguing the process generates larger gains for investors.
Saylor also promoted Strategy’s preferred stock product STRC, describing it as a perpetual instrument designed to withstand market stress without redemption pressure.
Related: Morgan Stanley’s Bitcoin ETF Defies Market Slump With Zero Outflow Streak
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