Michael Saylor has clarified Strategy’s stance after recent comments prompted fresh questions about whether the company could sell part of its Bitcoin holdings. He said his familiar “never sell your Bitcoin” line was not the most precise way to describe the firm’s actual policy. The better formulation, he said, is that Strategy should never become a net seller of Bitcoin.
That distinction matters because the market has been watching the company’s funding model closely. Saylor said a Bitcoin sale, if it happens, would not mean Strategy is backing away from its treasury plan. In his view, a limited disposal could support a larger accumulation strategy later.
Selling a small amount does not mean abandoning the treasury plan
Saylor framed the idea in direct terms: “Even if we were to sell one Bitcoin, we’d be buying 10 to 20 more Bitcoin.” The implication is straightforward. Strategy could sell a small number of coins at some point and still increase its total holdings over time.
As of May 3, Strategy held 818,334 BTC, according to the report. The company acquired that Bitcoin at an average price of $75,537. It also reported a $12.54 billion net loss in Q1 2026, a figure that has kept attention on the balance between its Bitcoin exposure, capital structure, and cash obligations.
Dividend obligations and renewed criticism remain in focus
The same report said Strategy’s preferred stock products carry about $1.5 billion in annual dividend obligations. That has fueled debate over whether the company might need to sell some Bitcoin to help cover those payouts.
Peter Schiff has renewed his criticism of Strategy’s Bitcoin-linked model, arguing that the structure could face pressure if Bitcoin weakens or if dividend burdens increase. Saylor pushed back, saying critics who do not view Bitcoin as “digital capital” are unlikely to accept financial products built around it.
His latest comments leave Strategy’s core message intact. Bitcoin remains the company’s primary treasury asset, and any limited sales, if used at all, would sit inside a broader approach centered on staying a net buyer rather than shifting into net distribution.