Michael Saylor, co-founder of Strategy, has signaled that the Bitcoin treasury company will resume its BTC purchases this week, following a first-quarter 2026 earnings call in which he suggested the company may periodically sell portions of its holdings to fund dividends.
“Back to work, BTC,” Saylor posted on X on Sunday, a message that has historically preceded a Bitcoin purchase announcement, typically made the following day.
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Strategy’s BTC holdings and purchase history
Strategy last purchased Bitcoin on April 27, acquiring 3,273 coins for approximately $255 million. That transaction brought the company’s total holdings to 818,334 BTC, worth about $61.8 billion at the time of publication, according to data from Strategy’s website.
The company’s average cost per Bitcoin stands at roughly $75,537, and its BTC investment is up about 7.6% as of this writing.
Strategy paused its weekly buying streak for one week ahead of the Q1 earnings call, which took place on Tuesday.
Earnings call reveals potential shift in treasury strategy
During the earnings call, Saylor said the company could sell portions of its Bitcoin holdings periodically to pay dividends to holders of its credit instruments. The announcement marked a departure from Strategy’s long-standing position of never selling BTC, and drew mixed reactions from the Bitcoin community.
“We’ll probably sell some Bitcoin to fund a dividend, just to inoculate the market, just to send the message that we did it,” Saylor said during the call.
Some investors and analysts expressed concern that the sales could introduce new selling pressure on Bitcoin’s spot market price. Critics described the potential for a “doom loop” in which Strategy’s credit instruments and periodic sales suppress BTC’s price.
Market impact and counterarguments
Strategy CEO Phong Le addressed these concerns during an interview with CNBC, arguing that neither the company’s purchases nor its sales should materially affect Bitcoin’s market price. He noted that Bitcoin’s average daily trading volume exceeds $60 billion, which could easily absorb the roughly $1.5 billion in annual dividend payments owed to holders of Strategy’s corporate credit products.
“I don’t think we’re driving the price up or down,” Le said, adding that Strategy owns approximately 4% of the total Bitcoin supply.
Bitcoin advocate Samson Mow argued that the ability to sell BTC gives Strategy greater optionality and flexibility in financial markets. Strategy investor Adam Livingston described the periodic sales as potentially accretive for the company’s treasury, allowing it to finance future BTC purchases.
Why this matters for Bitcoin investors
The development represents a significant strategic pivot for Strategy, which has historically positioned itself as a permanent holder of Bitcoin. If the company proceeds with periodic sales, it could influence how other corporate treasuries view Bitcoin as a reserve asset.
The debate also highlights a broader tension in the Bitcoin ecosystem: whether large corporate holders should treat BTC as a never-sell asset or as a liquid treasury tool that can be deployed for financial engineering.
Strategy’s next move — a resumed BTC purchase or an eventual sale — will be closely watched by both supporters and skeptics of the company’s Bitcoin-centric strategy.
Conclusion
Michael Saylor’s latest signal suggests Strategy will resume its Bitcoin buying streak, but the company’s newly acknowledged willingness to sell BTC for dividends introduces a layer of complexity that the market is still processing. Whether this shift strengthens or weakens Strategy’s position as the largest corporate Bitcoin holder remains an open question.
FAQs
Q1: Why did Michael Saylor signal a new Bitcoin purchase?
A: Saylor posted “Back to work, BTC” on X, a message that has historically preceded a BTC purchase announcement by Strategy. The company paused purchases for one week ahead of its Q1 earnings call.
Q2: Did Strategy say it will sell Bitcoin?
A: During the Q1 2026 earnings call, Saylor said the company may periodically sell BTC to fund dividends for holders of its credit instruments. This represents a shift from Strategy’s previous stance of never selling.
Q3: How much Bitcoin does Strategy currently hold?
A: As of the latest purchase on April 27, Strategy holds 818,334 BTC, worth approximately $61.8 billion. The company’s average cost per Bitcoin is about $75,537.
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