Strategy, the company known for amassing the largest corporate Bitcoin position, is signaling a notable shift in how it may use its Bitcoin holdings. On the first-quarter earnings call, executive chairman Michael Saylor said the company would probably sell some Bitcoin to fund dividend payments. That marks a clear change in tone from the company’s longstanding approach of holding Bitcoin indefinitely while raising funds through stock and preferred securities.
The numbers set the context. At the end of the quarter, Strategy held 818,334 Bitcoin, bought at an average of $75,537 per coin. But with roughly $1.5 billion in annual dividend obligations, the company’s fixed payouts now pose a strategic funding question: can it meet its commitment to shareholders in cash without tapping part of its Bitcoin position?
Saylor’s comments suggest the company is willing to consider Bitcoin sales alongside borrowing and capital raising if needed to support those obligations. Executives described a model in which the holdings can support digital credit and digital equity, and potentially selective sales. The company isn’t backing away from its pro-Bitcoin thesis, but it is acknowledging that meeting dividend commitments could involve selling some Bitcoin rather than relying only on external financing.