Strategy May Sell Bitcoin to Cover $1.5B Dividend Obligations, Says Michael Saylor

Strategy (NASDAQ: MSTR), the largest publicly traded corporate holder of Bitcoin, has revealed it could sell part of its Bitcoin reserves to meet future dividend obligations. Executive Chairman Michael Saylor shared the possibility during the company’s Q1 2026 earnings call, signaling a new phase in the firm’s Bitcoin treasury strategy.

Saylor explained that the company may liquidate a small portion of its BTC holdings to reassure investors and demonstrate financial flexibility. According to him, Strategy’s approach is based on acquiring Bitcoin through credit, allowing the asset to appreciate over time, and selectively selling portions when necessary to cover expenses such as dividends.

The company currently holds 818,334 BTC, acquired at an average purchase price of $75,537 per Bitcoin, making Strategy the world’s largest corporate Bitcoin holder. Despite the massive crypto position, the firm reported a net loss of $12.54 billion for Q4 2025, raising concerns among investors about long-term sustainability and debt management.

Strategy also disclosed approximately $1.5 billion in outstanding dividend obligations, including preferred stock dividends and interest payments tied to existing debt. The company stated it has enough USD reserves to maintain dividend coverage for roughly 18 months without major operational changes.

During the earnings call, Saylor emphasized that selling Bitcoin would not represent a shift away from the company’s long-term bullish stance on BTC. Instead, he framed it as part of a broader financial strategy designed to maximize shareholder value while maintaining liquidity.

Following the announcement, Strategy stock dropped more than 4% in after-hours trading, while Bitcoin briefly fell below the $81,000 level. Market analysts continue to closely monitor Strategy’s Bitcoin-backed corporate finance model as volatility in both crypto and equity markets remains high.