Vowed Never to Sell... Strategy's Stock Plunges on Potential Bitcoin Sale

▲ Michael Saylor, Bitcoin (BTC), Strategy / ChatGPT generated image

Strategy's stock plummeted in after-hours trading after the company mentioned the possibility of selling some Bitcoin (BTC) to pay dividends.

BeInCrypto reported on May 6 (local time) that MSTR's stock fell by more than 4% in after-hours trading after Michael Saylor, Chairman of Strategy's Board of Directors, hinted at the possibility of selling some Bitcoin to fund dividend payments. Saylor stated that he might sell some Bitcoin for dividend payments to send a message to the market.

These remarks were interpreted as a departure from Strategy's long-held stance of 'not selling Bitcoin.' Saylor explained a structure where the company accumulates Bitcoin using credit, and then, if the asset's value increases, sells a portion to pay dividends. BeInCrypto reported that these comments came at a time when Strategy announced a net loss of $12.54 billion in its Q1 2026 earnings report.

Phong Le, Strategy's CEO, also left open the possibility of selling Bitcoin. He stated that the company might consider selling Bitcoin if it is advantageous, maintaining the direction of being a net accumulator of Bitcoin while prioritizing an increase in Bitcoin per share and enhancing long-term enterprise value. CEO Le explained that selling Bitcoin to secure dollars or buy back debt could be considered if it benefits the value of Bitcoin per share.

The stock price reacted immediately. BeInCrypto, citing Google Finance data, reported that MSTR closed at $186.9 on Tuesday's regular session, up 1.69%, but the sentiment changed rapidly after market close, leading to a drop of over 4% in after-hours trading.

Strategy currently holds 818,334 BTC, with an average purchase price of approximately $75,537. BeInCrypto reported that Strategy is the publicly listed company with the largest Bitcoin holdings. The prediction market Polymarket reflects a 48% probability that Strategy will sell at least some Bitcoin by December 31, 2026.

This controversy demonstrates that Strategy's Bitcoin strategy may be shifting from a simple buy-only approach to one that considers capital efficiency and securing funds for dividends. While the company still emphasizes its net accumulation of Bitcoin, the symbolic message of 'never selling' is wavering, causing investors to closely watch for actual future sales and the sustainability of the Bitcoin per share growth strategy.

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