Strategy Considers Bitcoin Sale Amid $12.7 Billion Quarterly Loss

Strategy may sell bitcoin to pay dividends, says Michael Saylor.

Strategy may sell a portion of its bitcoin holdings to pay dividends on perpetual preferred shares of STRC, according to the firm’s founder, Michael Saylor. 

Tune into @Strategy‘s Q1 Earnings Call live now on X. We’ll cover:
-Q1 financial results
-Digital Credit $STRC
-Digital Equity $MSTR

Followed by a live Q&A!https://t.co/j4rKKAvU0A

— Strategy (@Strategy) May 5, 2026

STRC is a component of Strategy’s “digital credit” strategy. The company issues high-yield securities, attracting capital from income-focused investors, and then uses the funds to purchase bitcoin.

Since its inception, the instrument has generated approximately $8.5 billion for the firm.

Dividends on such securities are a regular obligation. Strategy has primarily financed bitcoin purchases through the issuance of shares and debt instruments, but now the company has more flexibility, its management emphasized during the first-quarter earnings call. 

Top executives noted that if necessary, dividends could be covered not by selling MSTR shares, but by a small portion of bitcoin reserves.

“We will likely take this step to finance dividends, […] to make it clear that we have done so. Everyone will understand that the organization is fine, bitcoin is fine, the industry is fine, the world has not collapsed,” Saylor noted.

He added that with the current treasury volume, the asset needs to appreciate by about 2.3% annually for Strategy to cover STRC dividend obligations from its reserves without selling common shares.

Shift in Position and Financial Results 

Previously, Saylor had repeatedly emphasized that the company did not intend to sell bitcoins and was building a strategy around the long-term accumulation of the first cryptocurrency.

The firm’s CEO, Phong Le, clarified that Strategy would sell coins if it benefits the business. The goal, he said, remains the same: to increase reserves, boost the number of bitcoins per share, and remain a net accumulator of digital gold.

Currently, Strategy holds 818,334 BTC (approximately $66.6 billion). In the first quarter, the company acquired 89,599 BTC, and at the beginning of the second quarter, an additional 56,235 BTC.

The firm reported a net loss of $12.77 billion for the first three months of 2026. The main reason was “paper” losses from the revaluation of bitcoin reserves amid a decline in the asset’s price.  

MSTR shares closed the latest session at $186.9, gaining 1.7% for the day. Over the past month, the shares have risen by 46%, but remain down 26.7% over six months.

Back in December 2025, Strategy created a $1.44 billion reserve for dividend payments. At that time, the company confirmed for the first time its readiness to sell part of its bitcoins.