Strategy signaled a notable shift during its Q1 2026 earnings call. Michael Saylor said the company may sell part of its Bitcoin holdings to pay dividends, a remark that cuts against the firm’s long-standing “never sell” message. He said the move would be intended to “inoculate” the market and show that Bitcoin can function as a treasury asset, not only as a store of value.
Saylor framed the idea as a strategic choice rather than a forced step. He compared Strategy to a Bitcoin development company, saying real estate developers buy land cheaply and sell it at higher prices, and suggested the company could manage Bitcoin in a similar way. That wording mattered. It challenged one of the core ideas that has defined Strategy in public markets for years.
Net loss reaches $12.54 billion while Bitcoin holdings keep growing
The company reported a $12.54 billion net loss for the quarter. At the same time, it held 818,334 BTC with an average purchase price of $75,537. Strategy also faces about $1.5 billion in annual dividend and debt obligations, with reserves covering roughly 18 months.
Quarterly results included a $2.2 billion valuation allowance tied to unrealized Bitcoin losses and a $7.2 billion decline in digital asset value after BTC fell 23%. Even with those figures, the company kept buying. Strategy added 89,599 BTC during the quarter, showing that its long-term accumulation plan is still in place.
After-hours decline hits the stock, Bitcoin slips below $81,000
Markets reacted quickly after the comments. Strategy shares fell more than 4% in after-hours trading, while Bitcoin briefly dropped below $81,000. The response pointed to a deeper issue than a single quarter’s numbers. Any sign that Strategy might sell Bitcoin forces investors to reassess the narrative that has supported the company’s identity and valuation.
This is not without precedent. Strategy sold 704 BTC in December 2022 during a period of market stress. The report also said similar concerns resurfaced in 2025, when discussion around possible Bitcoin sales coincided with price weakness.
Management says Bitcoin sales will be considered if they benefit the company
CEO Phong Le reinforced the change in tone. He said Strategy would consider selling Bitcoin either to obtain U.S. dollars or to address debt if doing so is accretive to Bitcoin per share. His message was direct: the company will sell Bitcoin when that is advantageous, and it will not simply hold to a blanket promise that it will never sell.
The source also noted that MARA Holdings, Core Scientific, and Cipher Mining have been moving toward more active treasury strategies, selling BTC to fund AI and infrastructure expansion. Druk Holding and Investments has also reduced holdings for national spending. In Strategy’s case, the key development is clear already: management has opened the door to a more flexible Bitcoin treasury model.