Strategy will resume buying bitcoin this week, co-founder Michael Saylor said, ending a short pause in its accumulation program ahead of its first-quarter earnings release.
The move comes days after the company signaled it may, for the first time, sell portions of its bitcoin treasury to fund dividends and tax obligations, marking a shift from its previous strict “buy-and-hold” stance.
Large holdings, modest unrealized gain
Strategy holds 818,334 BTC, worth about $61.8 billion at current prices. The firm’s average purchase price is approximately $75,537 per bitcoin, leaving it with an unrealized gain of about 7.6%.
The most recent acquisition was on April 27, when Strategy bought 3,273 BTC for around $255 million. Purchases were temporarily paused ahead of Tuesday’s earnings call.
Conditional sales to fund dividends and taxes
On the earnings call, Saylor said Strategy could sell some bitcoin to fund dividends for holders of its credit instruments. He argued that such transactions would be designed to “normalize market expectations,” not to alter overall market liquidity.
Chief executive Phong Le later specified that any bitcoin sales would be limited to two purposes: paying dividends and covering deferred tax liabilities.
Le said bitcoin’s average daily trading volume, which he put above $60 billion, should be sufficient to absorb about $1.5 billion a year in potential dividend funding “without major price disruption.”
4% of supply, but not aiming to move the market
Le said Strategy controls about 4% of bitcoin’s circulating supply, underscoring the firm’s outsized presence in the market.
He stressed that the company’s buying and selling are not intended to move prices, and framed any future sales as part of disciplined capital management rather than active trading.
Market reaction has been mixed. Some see the prospect of sales as a possible source of downward price pressure. Others view the flexibility as a positive step in managing a large corporate treasury.
Data from independent trackers show that bitcoin per share, measured in satoshis, has been trending higher since 2020.
From pure accumulation to dynamic capital allocation
The company’s latest guidance marks a clear evolution in its treasury doctrine. For years, Saylor’s message centered on never selling a single satoshi. That absolute stance has now been replaced with defined, financially driven conditions under which bitcoin could be sold.
This introduces a new variable for bitcoin price discovery: the largest public corporate holder now has explicit triggers for adding supply back to the market.
Le added that any liquidation would need to be “accretive to bitcoin per share.” In practice, that means a sale would only occur if the economic benefit — for example, avoiding issuing new shares to pay dividends — more than offsets the value of the bitcoin sold, thereby increasing each common shareholder’s effective bitcoin exposure.
Such decisions would likely depend on scenarios where Strategy’s stock trades below its net asset value, or where tax optimization makes sales attractive.
Market impact and key levels to watch
Given Strategy’s 818,334 BTC position, questions remain about potential market impact. Le’s argument on market depth aligns with recent trading data, which show spot and derivatives volumes typically above $60 billion a day, suggesting capacity to handle the firm’s projected $1.5 billion annual dividend requirement without severe dislocations.
Analysts are expected to watch not only Strategy’s future purchases, but also the financial metrics that could trigger sales. The firm’s average acquisition price around $75,537 per coin may become an important reference point. Prolonged trading below that level could increase scrutiny of Strategy’s balance sheet, which showed a net loss in the most recent quarter.
Saylor reframes mission as “bitcoin development company”
Saylor has sought to reassure the market that accumulation remains the core objective. He suggested that selling one bitcoin under the right conditions could ultimately support the purchase of ten more, framing selective sales as a tool to expand long-term holdings rather than unwind them.
He compared Strategy’s evolving model to that of a “bitcoin development company,” focused on buying and building value rather than passively holding forever.
For market participants, the message is that Strategy’s activity will likely become more nuanced: both buying and selling may be used tactically, with the stated goal of increasing shareholder exposure to bitcoin over time.
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