Michael Saylor dropped a bombshell at the Bitcoin 2026 conference in Las Vegas on April 28: Strategy Inc. may sell Bitcoin for the first time.
The shift comes as the company’s Bitcoin-backed preferred stock, STRC, has surged to become the world’s largest and most liquid preferred stock in just eight months. Saylor described it as “digital credit,” offering tax-deferred yields of 11.5% and completing a three-tier financial architecture: Bitcoin as digital capital, MSTR shares as digital equity, and STRC as digital credit.
To service the 11.5% yield, Saylor indicated the firm could liquidate some Bitcoin holdings by end of 2026 to manage cash reserves-a marked departure from the long-held “never sell” mantra. The alternative, issuing more MSTR shares, would dilute existing equity holders. The admission underscores a calculated cash-management reality behind the aggressive financial engineering.
Still, risks remain. If STRC issuances grow faster than cash reserves, Strategy may be forced into a choice between selling Bitcoin or diluting shareholders, especially if Bitcoin’s price falters.