Michael Saylor said Strategy would “likely sell some bitcoin” to pay the dividend, marking the first public reversal of the company’s longstanding stance of never selling.
summary
- Chief Strategy Officer Michael Saylor brought up selling Bitcoin to fund dividend obligations during the company’s Q1 2026 earnings call on May 5.
- The strategy holds 818,334 BTC and faces approximately $1.5 billion in annual dividend obligations across its preferred equity vehicles.
- MSTR stock fell more than 4% in after-hours trading following the call, while Bitcoin briefly fell below $81,000.
Strategy, the largest publicly traded bitcoin company, may sell part of its holdings to cover dividend payments, CEO Michael Saylor said. He said During the company’s Q1 2026 earnings call on May 5. The statement marks the first time the company has publicly backed away from the never-sell stance that Saylor has repeatedly emphasized over several years.
“We will probably sell some bitcoin to pay a dividend just to hedge the market and send a message that we did it,” Saylor said on the call. He framed this approach as deliberate: “You buy Bitcoin on credit, let it rise, and then sell Bitcoin to pay the dividend.”
First quarter results and market reaction
The strategy reported a net loss of $12.54 billion for the first quarter of 2026. The company owns 818,334 Bitcoin, acquired at an average cost of $75,537 per coin. Its preferred equity instruments carry combined annual dividend obligations of approximately $1.5 billion, including the 11.5% STRC product, which yielded Sizing To $8.5 billion in outstanding market capitalization.
MSTR stock fell more than 4% in after-hours trading following the call. Bitcoin fell below $81,000. Despite the backlash, Saylor pushed back on his short-selling thesis during the call: “If you’re a short-seller and your thesis is that the company has to sell stock in order to fund the dividend, I’d like nothing better than to rip your wings off.”
The strategy has previously She stated that she would not sell Bitcoin under any circumstances, and Saylor described it as a permanent and valued reserve.
The company has He grew up $11.68 billion so far in 2026 through equity and preferred stock offerings to fund Bitcoin purchases. The new indication that direct Bitcoin sales are now on the table represents a meaningful shift in the company’s capital allocation strategy.
