- Michael Saylor says that Strategy might be willing to sell some Bitcoin to fund its dividend obligations while dismissing claims of a BTC model breakdown.
- The company announced $12.5 billion in net losses for the first quarter as MSTR shares dipped 4% following the announcement.
Bitcoin’s biggest bullish force, Strategy, might finally be caving and departing from its ‘never sell’ approach. In an earnings call on Tuesday, the company revealed that it’s weighing selling some of its BTC to fund its dividend obligations as management dismissed allegations of a breakdown in its Bitcoin accumulation model.
In Q1, Strategy recorded an operating loss of $14.47 billion, a 144% rise year-on-year from the $5.92 billion posted in Q1 2025. The net loss sits at $12.54 billion, surging nearly 200% from $4.22 billion in Q1 last year.
Strategy Q1 2026 Results: $12.54 billion Net Loss Amid $14.46 billion Unrealized Bitcoin Loss
Strategy Inc reported a net loss of approximately $12.54 billion for the first quarter of 2026, primarily due to a $14.46 billion unrealized loss on its bitcoin holdings following a… pic.twitter.com/UZAPGq9FHR
— Wu Blockchain (@WuBlockchain) May 5, 2026
Most of the operating loss stems from unrealized loss on Strategy’s digital assets of $14.5 billion. As we have reported, Strategy has been on a buying spree, adding 63,000 BTC this year to hit 818,334 tokens.
Now, CEO Phong Le says it might be time to consider a change in approach and start selling off some of the BTC to cover pressing expenses. He stated:
“Our ability to sell bitcoin either to buy U.S. dollars or sell bitcoin to buy debt if it’s accretive to bitcoin per share is something that we would consider doing going forward.”
He added that Strategy will sell BTC when it’s advantageous to the company. The BTC was purchased at an average price of $75,537 per coin. With BTC now hovering over $81,500, their investment per BTC is currently up by nearly $6,000 per coin.
However, some of the coins accumulated earlier were purchased at a much lower price. Back in 2020, the firm bought 17,000 coins at $10,400, and a few months later, added 21,000 coins at $11,880.
Le doubled down on the possibility of selling the BTC, stating:
“We’re not going to sit back and just say, ‘We’ll never sell the bitcoin.’ We want to be net aggregators of bitcoin, increasing our total bitcoin, but more importantly, increasing our bitcoin per share because we think that is what is going to be most accretive long term for MSTR.”
Is Strategy’s ‘Never Sell’ Phase Over?
The news that Strategy was exploring BTC sales has sparked heated debates across the crypto market, and for good reason. The company has been one of the main driving forces behind BTC accumulation by institutional clients. As we reported, the company accounted for well over 70% of all the BTC bought by public companies in the first quarter of this year.
Founder and chairman Michael Saylor has also been one of the biggest industry bulls, constantly urging investors to accumulate and never sell.
The Rules of Bitcoin
1. Buy Bitcoin
2. Don't Sell the Bitcoin— Michael Saylor (@saylor) February 3, 2026
However, even he now concedes that it might be time to change tactics. In his remarks, he compared Strategy to a real estate company that buys low and sells high, stating:
“If you bought land for $10,000 an acre, and you sold it at $100,000 an acre, and then you bought more land with profit … or if you sold $100,000 an acre to pay some interest expense on debt that you used to buy more land, nobody would say that’s bad for the price of real estate, and no one would say that that proves the business doesn’t work.”
The news of a possible sale by Strategy has not impacted BTC, which has gained slightly for the day to trade at $81.250. Trading volume has, however, dipped nearly 20% to $38.6 billion.
