After continuous net losses in MSTR's financial report, Saylor changed his stance: Bitcoin is no longer "never to be sold," but can be used as a payment tool.

Written by: Jai Hamid

Translated by: AididiaoJP, Foresight News

Summary

• Saylor stated that if it helps the company, Strategy may sell some Bitcoin.
• Strategy reported a net loss of $12.54 billion while holding 818,334 BTC.
• The company has about $1.5 billion in dividend and debt-related obligations.

Michael Saylor has now categorized Strategy's Bitcoin reserves alongside other company assets: useful, valuable, and sellable when the company needs cash.

This is the real story after Strategy (MSTR) had its third consecutive financial report failure, as Saylor personally indicated that the company could sell Bitcoin if it helps the business.

This comment came during the May 5th Strategy's first-quarter earnings call. Saylor indicated that he would not rule out the possibility of selling Bitcoin if it aligns with Strategy's interests. He also mentioned that the company might use part of its holdings to pay dividends and would inform the market beforehand when doing so.

His exact words were:

"We may sell some Bitcoin to pay dividends, just to let the market adapt and convey this message. The purpose of a real estate development company is to buy land at low prices and sell high. We are like a Bitcoin development company."

Saylor tells investors: Strategy can use Bitcoin sales to meet dividend bills

Strategy (MSTR) still holds one of the largest corporate Bitcoin positions in the world. The company disclosed it holds 818,334 BTC, with an average cost of $75,537 per coin. This is a huge bet, but it also means that every significant drop in Bitcoin's price will severely impact the company's balance sheet.

The company reported a net loss of $12.54 billion in the fourth quarter, along with about $1.5 billion in dividend obligations. This figure includes annual dividends on preferred shares and interest on debt recorded on the balance sheet.

Based on its dollar reserves, Strategy has about 18 months of payment coverage. This is why Saylor's comments are so significant. He did not describe the potential Bitcoin sales as a panic sell-off but viewed them as part of the company's heavy credit strategy.

He summarized the plan this way: "You buy Bitcoin with credit, let it appreciate, and then sell Bitcoin to pay dividends."

The market reacted to this comment with unease. Strategy (MSTR) fell more than 4% in after-hours trading. Bitcoin also dropped below $81,000, after being above that level just hours before. For crypto traders, this is where the impact rapidly manifested. A company built around holding BTC just informed the market: sales are permissible.

Strategy's 2022 sales and the 2026 accounting impact pressure Saylor's comments

The company has a history of a real Bitcoin sale. On December 22, 2022, then-MicroStrategy sold 704 BTC for about $11.8 million. This was the company's first sale of any Bitcoin.

That sale took place after a difficult year in the market. During the May 3, 2022 earnings call, MicroStrategy's CFO Phong Le stated that if Bitcoin were to drop to around $21,000, the company might face margin calls. If that happened, the company would need to sell Bitcoin or post more collateral.

When Bitcoin later fell to about $20,800 in June 2022, MicroStrategy stated it did not receive a margin call notification. The company also claimed it had sufficient capital to withstand further price fluctuations.

Pressure re-emerged at the end of November 2025. Forbes reported that Strategy (MSTR) share prices had dropped 60% from the previous year. Its market value fell to $49 billion, while its Bitcoin holdings were valued at around $56 billion during the same period. After Strategy CEO Phong Le discussed the possibility of selling Bitcoin, market observers linked his remarks to Bitcoin's drop below $86,000 in early December 2025.

Today, Phong stated:

"We are considering future sales of Bitcoin—either exchanging it for dollars or selling Bitcoin to pay off debt when it is favorable to Bitcoin's per-share value. We will sell Bitcoin when it benefits the company. We won't just say, 'We will never sell Bitcoin.' We want to be net accumulators of Bitcoin—increasing the total amount of Bitcoin, but more importantly, increasing the per-share holding of Bitcoin, as we believe this is the most valuable thing for MSTR in the long run."

Strategy recorded a $2.2 billion valuation reserve, as the deferred tax assets related to unrealized losses in Bitcoin expected to be unrecognized in the first quarter. The company purchased 89,599 BTC that quarter, but its digital assets had decreased by $7.2 billion due to Bitcoin's 23% drop. The report also indicated that STRC's issuance brought in $2.1 billion in the first quarter.