According to its first-quarter 2026 earnings call, Strategy said it may sell bitcoin to fund dividend payments tied to STRC, its high-yield perpetual preferred stock, marking a departure from its long-standing “never sell” stance. Chairman Michael Saylor stated the company would use bitcoin sales as a funding mechanism alongside capital issuance. “We’ll probably sell some bitcoin to fund the dividend, just to inoculate the market,” Saylor said. Strategy currently holds 818,334 bitcoin, representing approximately 3.9% of total supply.
The shift reflects growing pressure as STRC has raised $8.5 billion since launch and annual dividend obligations have reached approximately $1.5 billion, with current reserves covering roughly 18 months. Strategy reported a net loss of $12.5 billion in Q1 2026, largely from mark-to-market adjustments. Despite this, the company increased its bitcoin-per-share metric by approximately 18% year-over-year.
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