Michael Saylor: Strategy Plans to Replenish Any Bitcoin Sales

TLDR

• Michael Saylor said Strategy would buy 10 to 20 bitcoin for every one it sells.
• Strategy plans to remain a net accumulator of bitcoin each year.
• The company may sell bitcoin to fund STRC preferred stock dividends.
• Phong Le said the strategy will compare bitcoin sales with equity issuance.
• Strategy currently holds 818,334 BTC worth about $66.2 billion.

Strategy signaled it will remain a net buyer of bitcoin even if it sells some holdings. Executive Chairman Michael Saylor said the company would buy “10 to 20” bitcoin for every one sold. The comments came after earnings, as the firm weighs funding STRC dividends through bitcoin sales.

Strategy affirms net bitcoin accumulation plan

Saylor outlined the approach in interviews released over the weekend. He said Strategy may sell bitcoin at times, yet it will buy more than it sells.

He reinforced that message with a focus on long-term accumulation.

During the recent earnings call, Saylor described funding flexibility. He said Strategy can pause MSTR common stock sales if needed. He also said the firm could fund STRC preferred dividends through bitcoin sales.

He clarified that such sales would not reduce overall holdings over time. Instead, he said the company aims to end each year with more bitcoin. He also noted that replenishing sold bitcoin remains central to the policy.

Strategy currently holds 818,334 BTC. Those holdings are worth about $66.2 billion at recent prices. JPMorgan analysts said last week that purchases could reach $30 billion this year.

Bitcoin sales weighed against equity issuance

Strategy CEO Phong Le addressed the dividend strategy in a CNBC interview. He said the company will compare selling bitcoin with issuing equity. He framed the decision around bitcoin-per-share growth.

“I believe in math over ideology,” Le said. He stated the company would act when selling bitcoin better supports bitcoin-per-share. He added that the choice must benefit common shareholders.

Le explained that Strategy will assess which option proves more accretive. If selling bitcoin outperforms equity issuance, the firm will proceed. He stressed that shareholder value remains the key measure.

Saylor also posted “Back to work. BTC.” on X on Sunday. Similar posts have preceded bitcoin purchases in the past weeks. However, the company has not announced a new acquisition yet.

Strategy’s Nasdaq-listed shares closed up 4.31% at $187.59. The stock has gained 41.7% over the past month. However, shares have remained down 18.9% over the past six months.

Le also highlighted growth beyond bitcoin holdings. He said the first quarter of 2026 marked the strongest software quarter in a decade. Revenue from the software segment rose 12% during the period.

He pointed to the company’s AI data platform, Mosaic. He said Mosaic creates a semantic layer for enterprise data. He also said Strategy plans to automate many internal workflows over the next year.

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