Michael Saylor posted “Back to work. BTC” on X Sunday, May 10, 2026, alongside an image of Strategy’s bitcoin holdings tracker, signaling the firm is resuming its aggressive accumulation after a one-week pause.
Key Takeaways
Strategy holds 818,334 BTC valued at approximately $66.15 billion, with an average purchase cost near $75,537 per coin and an unrealized gain of 7.02% as of May 10, 2026. The company had paused purchases during its quiet period ahead of the Q1 2026 earnings release on May 5.
Quiet Period and Earnings
One week earlier, on May 3, Saylor posted the inverse message: “No buys this week. Back to work next week. BTC.” That pause marked the second break in Strategy’s near-weekly purchase streak in 2026 and coincided with the company’s quiet period ahead of its Q1 2026 earnings release on May 5. Public companies typically avoid large capital transactions before an earnings call to comply with financial regulations and prevent any appearance of selective disclosure.
Sunday’s post effectively flips the switch back to accumulation mode. Saylor’s phrase “back to work” has become a recognizable signal for markets and followers: the quiet period has ended, and purchase disclosures are expected in the next 24 hours. Typically, Strategy and Saylor announce such matters at 8 a.m. on Monday mornings.
Managing the STRC Dividend
Before the pause, Strategy had been accumulating at a rapid pace, adding tens of thousands of BTC throughout April, funded through its preferred stock instrument STRC. Strategy’s STRC Series A Perpetual Stretch Preferred Stock carries an annual dividend yield of approximately 11.5%. With roughly $8.5 billion in STRC outstanding, the company faces growing cash obligations to preferred holders.
To manage those obligations, Saylor indicated the company may sell small amounts of bitcoin. In a recent video interview, he described the approach plainly: buy 10 Bitcoin, sell one to fund dividends, buy 10 more, sell one more. The net result, he said, is continued growth in both total holdings and bitcoin per share. “Even if we were to sell one bitcoin, we’d be buying 10 to 20 more,” Saylor remarked.
During the earnings call, CEO Phong Le reinforced the point, saying any BTC sales would only occur when doing so is more beneficial to shareholders than issuing additional equity. He called it “math over ideology.” The selling comments triggered a short-term pullback in MSTR shares as some investors interpreted the idea of selling any BTC as a break from Strategy’s longstanding accumulation-only posture. Management framed it differently: Bitcoin functioning as a productive treasury asset capable of servicing debt obligations represents an expansion of its utility, not a retreat.
Saylor followed the earnings call with a separate X post that read: “Buy more bitcoin than you can sell.” The framing aligned with his broader position that any tactical sale is immediately dwarfed by ongoing purchases.
Liquidity and Cash Position
Strategy maintains a $2.25 billion cash reserve to cover obligations and has proposed moving STRC dividend payments to a semi-monthly schedule to improve liquidity management. Sunday’s “back to work” post arrives with bitcoin trading near $80,901 as of May 10, 2026, giving Strategy’s stack a modest but positive unrealized return. With the earnings period closed, capital instruments in place, and Saylor’s latest hint, Strategy’s accumulation disclosure is expected to be revealed tomorrow.