MicroStrategy will consider selling Bitcoin to fund dividends and retire debt

Strategy may sell Bitcoin to lift BTC per share

Strategy signaled a break from “never sell.” Management may sell Bitcoin to fund dividends or retire debt if it increases Bitcoin per share.

CEO Phong Le said this on the Q1 2026 call. He framed sales as acceptable when accretive to BTC/share. CNBC

Michael Saylor echoed the stance. He said they may sell Bitcoin to pay dividends “just to send the message,” aiming at short sellers of MSTR. Twitter

They have not sold under the new framework yet.

• Holdings at Q1 2026: 818,334 BTC, total cost $61.81B, average $75,500 per coin, near 4% of supply. Strategy
• Dollar reserve: $2.25B as of Dec 2025 for preferred dividends and debt service. Reported ~9% BTC yield YTD, measured in Bitcoin per share. Strategy
• Q1 2026 net loss: $12.5B from Bitcoin’s price decline; absorbed without forced sales. Strategy
• Financing model: at-the-market equity and convertible notes; works while MSTR trades above NAV, enabling dilution that is accretive in BTC/share terms. CNBC
• Smaller peers show stress: Genius Group fully liquidated BTC under debt pressure; Nakamoto Holdings sold ~$20M BTC at ~40% realized loss. Coinspeaker

The shift is board-level. The target is no longer “accumulate forever,” but maximize Bitcoin per share. This reframes corporate BTC treasury strategy across operators that followed Saylor’s playbook. CNBC