Michael Saylor, the executive chairman of Strategy, has suggested that the company might sell a portion of its Bitcoin holdings before the end of 2026. In a recent interview on the Coin Stories podcast, Saylor stated that such a sale is “not unlikely,” marking a shift from his previous firm stance that the firm would never part with its Bitcoin. He emphasized that a capital management strategy relying solely on equity, credit, or Bitcoin would be suboptimal, and that a balanced approach involving all three elements is more effective.
Strategy currently holds 818,334 Bitcoin, valued at approximately $65 billion, acquired at an average price of $75,527. The company’s goal is to maximize Bitcoin per share over a seven-year horizon ending in 2033. Saylor noted that any potential sale would be small relative to Bitcoin’s daily market liquidity, which ranges from $20 to $50 billion, and that dividends funded through Bitcoin sales would allow the company to repurchase far more Bitcoin than it sells.
The possibility of selling Bitcoin was first raised during Strategy’s Q1 earnings call, where Saylor argued that doing so would “inoculate the market.” The company reported a net loss of $12.54 billion in Q1. Saylor also confirmed that Strategy does not plan to retire its preferred stock products (STRF, STRD, STRK), viewing them as valuable components of the capital structure, while convertible bonds will be retired over time.
Market participants may view this development as a pragmatic capital allocation decision rather than a loss of conviction in Bitcoin. Saylor stressed that the long-term strategy remains intact, and that any sales would be carefully measured against the company’s broader financial objectives.