Strategy, the software company best known for converting itself into a Bitcoin holding vehicle, is now openly discussing the prospect of selling Bitcoin after reporting a $12.54 billion net loss for the first quarter of 2026.
That loss was driven by a $14.46 billion unrealized decline on its digital assets as Bitcoin prices fell sharply during the quarter. As of May 3, the company held 818,334 Bitcoin with a market value of $64.14 billion.
The shift matters because it breaks from Michael Saylor’s long-standing line that “Bitcoin is the exit strategy,” a stance that came to define Strategy’s never-sell posture. Executives have now said they would consider selling Bitcoin if doing so improved the company’s capital structure or increased “Bitcoin per share,” one of the company’s preferred measures for investors.
That change carries weight because Strategy’s model depends on financing, preferred stock obligations, and market confidence around its balance sheet. Ultimately, the fact that a sale is even on the table marks a real shift toward contingency planning in Strategy’s treasury approach.