Michael Saylor has signaled that his company, now operating as Strategy Inc., may sell part of its bitcoin holdings, softening a “never sell” stance that has defined its strategy since 2020.
Speaking on the firm’s latest earnings call, Saylor said the idea of selling some bitcoin had been raised as a way to protect the company’s long‑term position and maintain financial flexibility. He warned that an absolute refusal to sell could hurt both the company and the perceived value of its core asset.
Concern over credit treatment and asset status
Saylor said the company currently holds about $65 billion worth of bitcoin, representing nearly 98% of its business. He argued that if credit rating agencies concluded the firm would never sell, they might stop classifying bitcoin as an asset on its balance sheet.
He estimated there is between $20 billion and $100 billion of available liquidity in the bitcoin market and said ignoring that liquidity could impair the asset that dominates the company’s value.
The immediate pressure point appears to be the need to meet substantial dividend obligations on the company’s perpetual preferred shares, which carry an 11.25% dividend rate. Access to bitcoin liquidity is being framed as a tool for managing these commitments and broader debt exposure.
Shift from strict “never sell” to conditional sales
The comments extend a shift first hinted at during the first‑quarter earnings call, when Saylor said the company might use bitcoin sales to “inoculate” the market or stabilize its own financial position. That framing marked a departure from its public “never sell” messaging that has been in place since the firm began accumulating bitcoin in August 2020.
Saylor has now suggested that any sales would be small relative to ongoing accumulation, describing a scenario where for every one bitcoin sold to cover obligations, the company would aim to buy roughly twenty more. He has also adjusted his public rhetoric this month from urging people to hold bitcoin indefinitely to saying it may be better to buy more than one sells.
Size of holdings and ongoing accumulation
Strategy Inc. has assembled one of the largest corporate bitcoin positions globally. According to figures on its website, the company holds 818,869 BTC, equal to about 3.9% of the circulating supply, at an average cost of $75,540 per coin.
Between May 4 and May 10, it added another 535 BTC for $43 million, paying an average of $80,340 per coin. Despite the talk of possible sales, the firm has continued to grow its stack in recent weeks.
Market and community reaction
Reaction across digital asset circles has been mixed.
Bitcoin advocate Simon Dixon, head of BnkToTheFuture, argued on social media that the firm could eventually be forced to sell part of its holdings under certain financial conditions, including servicing debt and preferred dividends.
Prediction markets have moved quickly, with some platforms now assigning more than a 90% probability that the company will sell bitcoin before the end of 2026. Market watchers are split on the implications: some warn that sales from such a large holder could add downward pressure and volatility, while others frame the move as a sign of increasing institutional discipline and balance sheet realism.
One analyst described Saylor’s comments less as an ideological shift and more as a necessary disclosure for regulators, including the SEC, tied to existing and potential investment products. From this perspective, the messaging is seen as aligning with regulatory expectations rather than signaling a bearish turn on bitcoin.
Broader market backdrop
Saylor’s remarks come as on‑chain data shows more bitcoin moving off exchanges and into long‑term custody, including spot exchange‑traded funds, which now hold around 1.3 million BTC. That trend suggests growing demand from other institutional players, offering some offset to potential selling by any single corporate holder.
For traders, the focus is now on whether Strategy Inc. turns its stated flexibility into meaningful sales, or whether bitcoin disposals remain limited to covering specific obligations at the margins. Near‑term attention is likely to center on the company’s debt management, preferred share dividends, and any future disclosures about its treasury policy.
Curious how macro shifts affect BTC’s path? Explore our outlook in Toobit’s crypto predictions for 2025 today.
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