Overview
- Michael Saylor told investors on Tuesday’s earnings call that the company would probably sell some Bitcoin to fund dividends, then on Thursday posted “buy more bitcoin than you sell” to stress a net-accumulation goal.
- Strategy reported a $12.54 billion Q1 net loss driven by a $14.46 billion unrealized markdown on its Bitcoin after prices fell about 24% during the quarter.
- The company holds 818,334 BTC—about 3.9% of supply—at an average cost of $75,537 per coin and says roughly $2.25 billion in cash covers about 18 months of its ~$1.5 billion in annual dividend and debt payments.
- Executives said any BTC sales would be selective and accretive to Bitcoin per share, describing a model that buys with credit, lets it appreciate, and sells small amounts to pay dividends, with STRC preferred shares (about 11.5% a year) supplying ongoing capital.
- Markets moved after the call as MSTR fell more than 4% after hours and Bitcoin dipped below $81,000, with analysts noting the signal matters for confidence even if actual sales are limited.