Michael Saylor has raised the possibility of selling part of the BTC reserves to meet $1.5 billion in annual obligations, following a net loss of $12.54 billion in Q1 2026.
Strategy (MSTR), the world’s largest publicly traded corporate holder of Bitcoin, has opened the door to selling a portion of its BTC reserves to cover dividend-related obligations. The announcement came during the Q1 2026 earnings conference call, held on May 6, when Executive Chairman Michael Saylor stated: “We will probably sell some Bitcoin to pay a dividend.”
The company recorded a net loss of $12.54 billion in the first quarter of 2026, amid a declining Bitcoin price. Despite this, Strategy maintains a total position of 818,334 BTC, acquired at an average cost of $75,537 per coin. This represents the largest Bitcoin reserve held by any publicly listed company.
The company’s financial obligations include dividends on preferred shares and interest on outstanding debt, totaling approximately $1.5 billion per year. According to the company’s own estimates, available dollar reserves would cover roughly 18 months of such obligations. Saylor described the operational model as a mechanism that leverages credit to purchase Bitcoin, allows it to appreciate, and then selectively sells a portion to honor commitments: “You buy Bitcoin with credit, you let it appreciate, and then you sell Bitcoin to pay the dividend.”
The announcement had an immediate market impact. The MSTR stock fell more than 4% in after-hours trading, while Bitcoin slipped below $81,000.
