Overview
- CEO Phong Le, who unveiled a six‑point Bitcoin‑per‑share framework Thursday, said the company will only sell Bitcoin when it increases Bitcoin per common share and to fund preferred dividends or optimize taxes.
- Bitcoin per share is the new yardstick for every move, measuring how much Bitcoin each share represents and shifting decisions from ideology to arithmetic.
- Michael Saylor told investors on Tuesday’s earnings call the firm would probably sell some Bitcoin to fund a dividend to “inoculate the market,” then emphasized the goal is to buy more than it sells.
- Strategy reported a $12.54 billion first‑quarter net loss driven by a $14.46 billion unrealized markdown, holds 818,334 BTC, and has roughly $2.2 billion in cash to help meet preferred payouts now running at about 11.5% and over $1.5 billion a year.
- Markets are recalibrating as Myriad traders raised the odds of a 2026 sale to 82%, while institutions added exposure with Deutsche Bank disclosing 784,919 shares and UBS buying 551,121 more, and JPMorgan estimated the firm could purchase about $30 billion of Bitcoin this year if its pace holds.