Strategy’s Saylor: We’d Buy 10 to 20 Bitcoin for Every One We Sell

TLDR:

• Strategy Chairman Michael Saylor confirmed the firm would buy 10 to 20 BTC for every bitcoin it sells. 
• CEO Phong Le said bitcoin sales would only fund STRC dividends when more accretive than equity sales. 
• Strategy holds 818,334 BTC worth roughly $66.2 billion, with JPMorgan projecting $30B in buys this year. 
• Strategy’s software segment posted its strongest quarter in a decade, with Q1 2026 revenue rising 12%.

Strategy Chairman Michael Saylor has reaffirmed the company’s commitment to accumulating bitcoin, even as the prospect of occasional sales was raised.

In multiple interviews over the weekend, Saylor said any bitcoin sold would be replaced by far larger purchases. The remarks followed Strategy’s earnings call last week, during which he acknowledged the firm could tap its bitcoin reserves to fund dividends.

The company’s STRC perpetual preferred stock program was cited as the likely reason for any such move.

Saylor Sets the Record Straight on Net Accumulation

Saylor addressed the concern directly during a weekend podcast interview, pushing back against any notion of the company becoming a net seller.

When asked about the possibility of liquidating holdings, he was unambiguous. “In these periods, even if we were to sell one bitcoin, we’d be buying 10 to 20 more bitcoin,” he said, reinforcing that purchases would always outpace sales by a wide margin.

He also took the opportunity to clarify his well-known stance on holding bitcoin long term. Saylor explained that spending bitcoin is acceptable, as long as the position is promptly replenished.

Elaborating on that point, he added, “You don’t want to be a net seller of bitcoin because bitcoin is capital. You want to end every year with more bitcoin than you started the year.”

On Sunday, Saylor turned to X to send a brief but familiar message to followers. His post read: “Back to work. BTC.” In the past, similar weekend posts have consistently preceded new bitcoin purchases announced the following week. Analysts and investors continue to track those posts as early signals of upcoming transactions.

Strategy currently holds 818,334 BTC, worth roughly $66.2 billion. JPMorgan analysts noted last week that the firm’s buying pace could approach $30 billion this year if sustained. That trajectory places Strategy among the most active institutional bitcoin accumulators in the market.

CEO and Software Business Add Broader Context

Strategy CEO Phong Le offered his own perspective on bitcoin sales during a CNBC interview on Friday, framing the decision around shareholder value rather than principle.

Asked whether ideology would prevent the company from selling, Le was direct. “I believe in math over ideology,” he said, adding that selling bitcoin to fund STRC dividends would only happen when it is “more accretive to our shareholders” on a bitcoin-per-share basis.

Le explained that the deciding factor is bitcoin-per-share accretion. If selling bitcoin improves that metric more than an equity sale would, Strategy will take that route. The approach reflects a disciplined, data-driven method of capital management.

Beyond bitcoin, Le also took to X on Sunday to address the company’s broader business identity, writing that Strategy’s success is rooted in “more than bitcoin” on its balance sheet.

He pointed to the company’s software and AI business as a growing source of value. The first quarter of 2026 marked the segment’s strongest performance in the past decade, with revenue rising 12%.

Le also revealed an AI data foundation called “Mosaic,” designed to provide an AI-driven semantic layer for enterprise data. Expanding on the company’s internal transformation, he wrote:

“Over the next year, I expect we will automate many core workflows and replace much of our internal enterprise software.” Strategy’s Nasdaq-listed shares recently closed up 4.31% at $187.59, gaining 41.7% over the past month.

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