Michael Saylor has signaled that his firm, Strategy, might consider selling a portion of its Bitcoin holdings, marking a notable departure from his long-standing “never sell” mantra. During a podcast appearance, Saylor explained that the company needs to demonstrate that Bitcoin is a functional asset rather than an untouchable reserve. He emphasized that Strategy’s roughly $65 billion Bitcoin hoard could be leveraged to support business operations, including debt repayment or share buybacks, without abandoning its core accumulation strategy.
Saylor stated that any potential sale would be minimal and accompanied by larger purchases, reinforcing the company’s net-buyer status. However, this shift comes amid financial pressure: Strategy reported a $12.54 billion net loss in the first quarter of 2026, though it still holds over 818,000 BTC acquired at an average price of about $75,537. Additionally, the company announced a $1.5 billion buyback of its 2029 convertible notes, with filing documents explicitly mentioning Bitcoin sales as a possible funding source for the $1.38 billion cash repurchase. After the deal, around $1.5 billion of those notes would remain outstanding.
Despite the debate over potential sales, Strategy continues to accumulate Bitcoin. It recently purchased 535 BTC for approximately $43 million between May 4 and May 10, 2026, at an average price of roughly $80,340 per coin, pushing total holdings to 818,869 BTC. Meanwhile, trading activity in Strategy’s preferred stock product, STRC, has reached $1.53 billion in daily liquidity, supporting further Bitcoin acquisitions. Saylor’s nuanced position aims to balance liquidity needs with long-term Bitcoin confidence, but market watchers remain alert to how much the company might actually sell.