Michael Saylor defended Strategy’s ability to sell small amounts of Bitcoin while still continuing to grow its overall BTC holdings.
Speaking during recent comments and appearances at the Consensus 2026 event in Miami, Saylor said the company’s goal is not to “never sell” Bitcoin under all circumstances, but rather to avoid becoming a net seller over time.
He explained that even if Strategy sold a small amount of Bitcoin in the future, the company would still aim to buy much more BTC afterward. According to Saylor, “Even if we were to sell one Bitcoin, we’d be buying 10 to 20 more Bitcoin.”
The discussion comes after concerns grew around Strategy’s financing structure and dividend obligations tied to its preferred stock products. The company currently carries around $1.5 billion in annual dividend commitments connected to those financial products.
Strategy recently reported a $12.54 billion net loss during the first quarter of 2026 while holding about 818,334 BTC as of May 3. The company purchased those holdings at an average price of roughly $75,537 per Bitcoin.
Saylor argued that fears about possible Bitcoin sales are exaggerated because any sales would remain small compared with Bitcoin’s daily trading liquidity, which he estimated at between $20 billion and $50 billion per day.
He also described Strategy’s financial structure as a three-layer Bitcoin-backed system. In his framework, Bitcoin acts as “digital capital,” STRC functions as “digital credit,” and MSTR represents the company’s leveraged equity exposure tied to its Bitcoin treasury.
The STRC product, also known as “Stretch,” is a preferred stock structure designed to maintain a value near its $100 par price while generating monthly income for investors. Strategy uses money raised from issuing these shares to purchase additional Bitcoin for its reserves.
According to Saylor, STRC has already grown to around $8.5 billion in assets under management within roughly nine months.
Meanwhile, MSTR continues serving as Strategy’s main public-market vehicle for Bitcoin exposure, with much of the company’s recent Bitcoin purchases reportedly financed through STRC-related fundraising.
Saylor also pushed back against criticism from gold supporter Peter Schiff, who warned that Strategy’s financing model could face pressure during Bitcoin downturns or periods of rising dividend costs.
In response, Saylor said critics who do not view Bitcoin as “digital capital” are unlikely to support financial systems built around Bitcoin-backed products.
