MicroStrategy shares declined after Executive Chairman Michael Saylor suggested that the company could sell a portion of its Bitcoin holdings to help fund dividend payments.
Saylor explained that one possible strategy would involve using credit to acquire Bitcoin, allowing the asset to increase in value over time, and then selling a portion of those holdings when needed to support dividend obligations.
The comments mark a noticeable shift from the company’s long-standing “never sell” approach to Bitcoin. They came during Strategy’s first-quarter 2026 earnings call, where the company reported a net loss of $12.54 billion.
MicroStrategy’s CEO Phong Le also said the company may consider selling Bitcoin if doing so creates value for the business. He explained that Strategy remains focused on being a net Bitcoin accumulator, while prioritizing growth in Bitcoin per share as a key long-term value driver for MSTR shareholders.
Le added that selling Bitcoin for U.S. dollars, or using Bitcoin sales to manage debt, could be considered in the future if it improves Bitcoin per share. He made it clear that the company does not intend to follow a rigid position of never selling under any circumstances.
According to market data, MSTR closed Tuesday up 1.69% at $186.90, but the stock later reversed sharply in after-hours trading, falling more than 4%.
Strategy currently holds 818,334 BTC at an average cost of about $75,537 per Bitcoin, making it the largest publicly traded corporate holder of the asset.
Market sentiment has also started to reflect the possibility of a sale. Traders on prediction markets are now pricing in a significant chance that Strategy may sell at least part of its Bitcoin holdings before the end of 2026.
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