After MSTR reported continued net losses, Saylor changed his tune: Bitcoin is no longer "never to sell" and can be used as a payment tool.
Written by: Jai Hamid
Compiled by: AididiaoJP, Foresight News
summary
- Saylor indicated that Strategy might sell some of its Bitcoin if it would benefit the company.
- Strategy reported a net loss of $12.54 billion while holding 818,334 BTC.
- The company has approximately $1.5 billion in dividend and debt-related obligations.
Michael Saylor now categorizes Strategy’s Bitcoin reserves in the same way as other corporate assets: useful, valuable, and sellable when the company needs cash.
This is the real story behind Strategy's (MSTR) third consecutive earnings disappointment, as Saylor himself stated that the company could sell Bitcoin if it would benefit the business.
This comment came during Strategy's first-quarter earnings call on May 5. Saylor stated that he would not rule out the possibility of selling Bitcoin if it were in Strategy's best interest. He also indicated that the company might use a portion of its holdings to pay dividends and would inform the market in advance before doing so.
His exact words were:
"We might sell some Bitcoin to pay dividends, just to get the market used to it and convey the message. Real estate development companies exist to buy land low and sell it high. We're like a Bitcoin development company."
Saylor told investors: Strategy could use Bitcoin sales to cover dividend bills.
Strategy (MSTR) still holds one of the world's largest corporate Bitcoin positions. The company disclosed holding 818,334 BTC, with an average cost of $75,537 per BTC. This is a huge bet, but it also means that every significant drop in Bitcoin's price would severely impact the company's balance sheet.
The company reported a net loss of $12.54 billion for the fourth quarter, while having a dividend obligation of approximately $1.5 billion. This figure includes annual dividends on preferred stock and interest on debt already recognized on the balance sheet.
Based on its dollar reserves, Strategy has approximately 18 months of payment coverage. This is why Saylor's comments are so significant. He didn't describe the potential Bitcoin sale as a panic sell-off, but rather as part of the company's heavy-credit strategy.
He summarized the plan like this: "You buy Bitcoin with credit, let it appreciate in value, and then sell the Bitcoin to pay dividends."
The market reacted swiftly to this comment. Strategy (MSTR) fell more than 4% in after-hours trading. Bitcoin also dropped below $81,000, after holding that level for several hours. For crypto traders, this is where the impact was most rapid: a company built around holding BTC had just told the market that selling was permitted.
The sale of Strategy in 2022 and the accounting shock in 2026 put pressure on Saylor's comments.
The company has already had one actual Bitcoin sale in its history. On December 22, 2022, MicroStrategy sold 704 BTC, raising approximately $11.8 million. This was the company's first sale of any Bitcoin.
That sale came after a difficult year for the market. During the earnings call on May 3, 2022, MicroStrategy CFO Phong Le stated that if Bitcoin fell to near $21,000, the company might face margin calls. If that happened, the company would need to sell Bitcoin or provide additional collateral.
When Bitcoin later fell to around $20,800 in June 2022, MicroStrategy stated that it had not received any margin calls. The company also stated that it had sufficient capital to cope with further price volatility.
The pressure resurfaced in late November 2025. Forbes reported that Strategy (MSTR) shares had fallen 60% from the previous year, with its market capitalization dropping to $49 billion, while Bitcoin holdings were valued at approximately $56 billion during the same period. Market observers linked Strategy CEO Phong Le's comments about a possible sale of Bitcoin to the anticipated drop below $86,000 in early December 2025.
Today, Phong stated:
"We are considering selling Bitcoin in the future—whether for US dollars or to purchase debt when it is beneficial to the value of Bitcoin per share. We will sell Bitcoin when it is beneficial to the company. We will not stand idly by and say, 'We will never sell Bitcoin.' We want to be a net aggregator of Bitcoin—increasing the total supply of Bitcoin, but more importantly, increasing the amount of Bitcoin held per share, because we believe that is the most valuable thing for MSTR in the long run."
Strategy recorded a $2.2 billion valuation write-off due to the anticipated unrealized deferred tax assets related to unrealized losses on Bitcoin in the first quarter. The company purchased 89,599 BTC during the quarter, but its digital assets still decreased by $7.2 billion due to a 23% drop in Bitcoin's value. The report also showed that STRC issuance contributed $2.1 billion to the first quarter's growth.
