Michael Saylor, executive chairman of Strategy Inc., took to X on Thursday with a straightforward directive: "Buy more bitcoin than you sell."
This came days after Saylor outlined on the company's earnings call how Strategy might periodically sell some of its Bitcoin to cover dividend payments on its preferred stock instrument, STRC. For a firm that built its market premium on never parting with a single satoshi, this marked a notable shift.
Strategy holds 818,334 Bitcoin, valued at roughly $64 billion, accumulated over six years through equity and debt issuances.
Saylor explained that Bitcoin's appreciation can fund the $1.2 billion annual dividend payments on STRC, as long as it grows faster than about 2.3% annually. Above that threshold, selling small slices to cover dividends still results in net accumulation, as new STRC issuances fuel fresh purchases.
"We can fund the dividends with Bitcoin sales," Saylor said. "If Stretch issuance is greater than that BTC breakeven number, we will increase the amount of Bitcoin that we hold forever."
His conservative scenario assumes 10% annual Bitcoin appreciation; his base case is 30%. At a 20% STRC issuance pace, he projects adding 144,000 Bitcoin in a single year without touching equity markets.
Strategy's stock dropped 4% in after-hours trading following the earnings release. Bitcoin held steady at $82,000.
The company reported a net loss of $12.5 billion for Q1 2026, driven largely by $14.4 billion in unrealized losses under new fair-value accounting rules, though these are non-cash events.