Strategy (MSTR) executive chairman Michael Saylor sat down with CoinDesk at Consensus in Miami to address investor concerns about the company potentially selling its bitcoin stash to fund dividend payments. He called the worry a "big nothing burger" and backed it up with hard numbers.
Annual Bitcoin Sales of Just $3 Million
Saylor explained that if Strategy were to fund all its dividends by selling bitcoin over the next year, the total amount would be roughly $3 million. In contrast, bitcoin's daily market liquidity ranges between $20 billion and $50 billion. "It's immeasurable," he said. Meanwhile, the company would be buying 20 bitcoin for every one it sold, making the net effect essentially neutral — "buying 20 bitcoin and selling none."
Two Metrics Guide Capital Decisions
When asked how Strategy chooses between buying bitcoin, retiring debt, or repurchasing its own stock, Saylor outlined two key metrics. The first is BTC yield: whether the action benefits common equity shareholders (positive yield = accretive, negative yield = dilutive). The second is credit impact: does it increase balance sheet risk? He gave an example: using all cash to buy back stock would be equity-positive but credit-negative. The team adjusts capital market activity day to day based on changing bitcoin prices, credit instrument values, and bond prices.
Market Reaction: Skepticism Lingers, But Logic Intact
While Saylor's remarks may not fully calm short-term investor jitters — given Strategy's evolving role from a pure bitcoin treasury to a full-spectrum capital markets operation — the hard numbers show minimal selling pressure. With a bitcoin stash worth roughly $50 billion, an annual dividend obligation of $3 million is trivial. The company continues to accumulate bitcoin through convertible note issuances and other instruments. The fundamental thesis remains unchanged.