Key Takeaways
- On May 10, Michael Saylor shared “Back to work, BTC” on X, indicating an upcoming Bitcoin acquisition
- The company suspended purchases for a week surrounding its May 5 Q1 2026 earnings announcement
- During the earnings call, Saylor revealed Strategy might occasionally liquidate modest BTC amounts for dividend funding — departing from its historic hold-forever approach
- The firm owns 818,334 BTC with an average purchase price of $75,537, valued at roughly $66.15 billion currently
- CEO Phong Le emphasized any BTC liquidations would be minimal and unable to influence market dynamics, given Bitcoin’s daily trading volume exceeds $60 billion
Michael Saylor of Strategy seems poised to resume Bitcoin accumulation. On Sunday, May 10, he shared “Back to work, BTC” on X, accompanied by the firm’s recognizable “Orange Dots” visualization — a message that has consistently foreshadowed acquisition announcements.
Following historical trends, an official purchase disclosure might arrive as soon as Monday, May 11.
The acquisition hiatus spanned one week, strategically positioned around Strategy’s Q1 2026 earnings presentation on May 5. That particular earnings discussion generated considerable attention.
Saylor stated during the call that Strategy would “probably sell some Bitcoin to fund a dividend, just to inoculate the market.” This represented a significant shift from the organization’s established never-sell policy regarding BTC reserves.
The company’s final acquisition before this intermission occurred on April 27, purchasing 3,273 BTC for approximately $255 million at an average rate of $77,906 per unit. This transaction elevated total holdings to 818,334 BTC.
Currently, Strategy’s Bitcoin portfolio stands at approximately $66.15 billion in value, based on an average acquisition cost of $75,537 per BTC — representing an unrealized gain of roughly 7.6%.
Divided Perspectives on Dividend Strategy
The Bitcoin community displayed varied reactions to the announced dividend-sale approach. Strategy shareholder Adam Livingston contended that strategic periodic sales would ultimately strengthen the treasury operation, providing capital for additional BTC acquisitions.
Bitcoin proponent Samson Mow noted that maintaining selling flexibility grants Strategy enhanced maneuverability within financial markets.
Conversely, critics voiced stronger concerns. Several social media participants warned the strategy might trigger a “doom loop,” whereby BTC liquidations for credit instrument dividend payments could exert downward momentum on Bitcoin spot prices.
CEO Phong Le challenged this interpretation. He informed CNBC that Strategy’s trading activity lacks sufficient scale to materially affect Bitcoin’s valuation.
Executive Dismisses Price Impact Concerns
Le highlighted that Bitcoin experiences over $60 billion in daily transaction volume. Strategy’s yearly dividend commitments associated with credit instruments amount to approximately $1.5 billion — representing only a small fraction of daily market activity.
“I don’t think we’re driving the price up or down,” Le stated.
He further specified that BTC liquidations would exclusively occur under particular circumstances: satisfying dividend obligations and deferring tax liabilities.
Strategy generated approximately $82 million through an MSTR at-the-market equity offering preceding the earnings pause. During that period, this amount could have secured roughly 1,000 BTC, yet the organization refrained from executing any purchase.
The latest acquisition — the April 27 purchase of 3,273 BTC — itself marked a substantial deceleration from the $2.54 billion transaction executed on April 20. Strategy maintained consistent Bitcoin accumulation throughout April, and market observers had already detected the slowing momentum before the official pause.
Strategy presently controls approximately 4% of Bitcoin’s total circulating supply.
