Strategy Executive Chairman Michael Saylor moved over the weekend to clarify the company’s evolving Bitcoin treasury management, stating that any potential sales would still position Strategy as a significant net buyer. “Even if we were to sell one bitcoin, we’d be buying 10 to 20 more bitcoin,” Saylor told interviewers, likening the approach to a real estate developer divesting appreciated assets to fund portfolio expansion. This marks a notable shift from his long-held "never sell" mantra to "never be a net seller of bitcoin."
The clarification follows Strategy’s record $12.54 billion Q1 loss, which prompted Saylor to first float the possibility of selling Bitcoin to cover dividend obligations. These dividends, owed across the company’s preferred stock classes, now total roughly $1.5 billion annually. CEO Phong Le reinforced the new pragmatism on CNBC, asserting that Strategy would sell Bitcoin if it created more shareholder value than issuing equity, emphasizing a commitment to "math over ideology."
Strategy currently holds 818,334 BTC, valued at approximately $66.2 billion, acquired at an average cost of $75,537 per coin. This position remains up about 7% despite recent market fluctuations. The company’s perpetual preferred stock, STRC, has become a primary capital-raising engine, scaling to an $8.5 billion market cap in just nine months and anchoring a broader credit ecosystem, including STRC-backed yield products on DeFi.
JPMorgan analysts last week projected Strategy’s Bitcoin purchases this year could reach roughly $30 billion if the current pace continues. Saylor’s recent X post, "Back to work. BTC" on Sunday, has historically preceded new purchases in the subsequent week, indicating continued accumulation.
This refined strategy suggests Strategy will maintain its aggressive Bitcoin accumulation while introducing a more flexible, financially driven approach to treasury management. Traders should watch for any future announcements regarding specific capital allocation decisions or significant movements in STRC, as these will offer further insight into the company’s balance between growth and obligation management.
Saylor Reframes BTC Strategy: Net Buyer, Strategic Sales Possible
Strategy's Executive Chairman Michael Saylor clarified the company's Bitcoin strategy, stating they will remain a net buyer, acquiring 10 to 20 BTC for every one sold, even if selling some to cover dividend obligations. This reaffirms their commitment to accumulating Bitcoin, with JPMorgan analysts projecting significant purchases this year.