Key Takeaways
Strategy Executive Chairman Michael Saylor stated the firm may sell portions of its Bitcoin holdings to fund the purchase of 10 to 20 times more Bitcoin, a move that comes as the company refines its treasury strategy. The company, the largest corporate holder of Bitcoin, has acquired 145,834 BTC in 2026, bringing its total holdings to 818,334 BTC.
"I believe in math over ideology, and at the point where selling Bitcoin versus selling equity to pay a dividend is better for our Bitcoin per share, and for our common shareholders, we will do it," Phong Le, CEO of Strategy, said in a recent interview. Le clarified that any sales would be to pay dividends on its Series A Perpetual Stretch Preferred Stock (STRC) or to defer taxes, and would only be done if they were "accretive" to shareholders by increasing the Bitcoin per share metric.
The company's STRC preferred stock carries an 11.5% dividend, creating an annual payment obligation of over $1 billion. Le noted that Bitcoin's daily trading volume of approximately $60 billion is more than sufficient to absorb any potential sales from Strategy without significantly impacting the market price. Saylor himself has stated that if Bitcoin appreciates by more than 2.3% annually, the dividend payments could be funded "forever" without selling company stock.
This potential for strategic sales introduces a new key metric for investors: "Bitcoin per share." Saylor has crowned this as the new yardstick for the company, shifting focus to how the firm's actions grow the amount of Bitcoin attributable to each common share. The strategy suggests a willingness to use small, tactical sales to facilitate much larger acquisitions or to manage liabilities in a way that ultimately increases long-term Bitcoin exposure for its shareholders. Observers will be watching for specific announcements on the timing and volume of any sales or subsequent purchases.
This article is for informational purposes only and does not constitute investment advice.
