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– Saylor suggested that Strategy is capable of realizing some of its bitcoins if it benefits the firm.

Strategy recorded a net loss of $12.54 billion with 818,334 BTC on its balance sheet.

The company has about $1.5 billion in dividend and debt obligations.

Michael Saylor now puts Strategy’s bitcoin reserves in the same class as the organization’s other assets: useful, valuable and potentially realizable in the event of a monetary need.

This is a real-life scenario that unfolded with Strategy (MSTR) after three consecutive earnings reporting misses, as Saylor himself admitted that the company might sell bitcoins to support its business.

The statement came during Strategy’s first quarter earnings conference call on May 5. Saylor noted that he would not rule out selling bitcoin if it is in Strategy’s best interest. He also added that some of the assets may be used to pay dividends, which the firm will notify the market in advance.

His exact wording was as follows:

“We will probably realize a small amount of bitcoin to pay dividends, just to appease the market and demonstrate that we did it”. Development companies are essentially focused on acquiring land at a discounted price and then reselling it at a profit. We’re acting like bitcoin developers.

Strategy (MSTR) still holds one of the largest corporate stakes in bitcoin in the world. The firm declared 818,334 BTC with an average purchase price of $75,537 per unit. This is a significant position, but it also means that any major decline in the bitcoin exchange rate has a tangible impact on the company’s financial results.

the organization announced a net loss of $12.54 billion for the fourth quarter. In addition, it has about $1.5 billion in dividend obligations hanging over it. That figure includes annual payments on preferred stock and interest on loans already on the books.

Based on cash reserves, Strategy has about 18 months to cover those payments. That’s why Saylor’s comment matters. He didn’t characterize the potential bitcoin selloff as a panic measure. He presented it as part of the company’s credit-oriented strategy.

He summarized the plan as follows: You borrow bitcoin, let it grow, and then sell the bitcoin to distribute dividends.

The market did not react to this statement in the best way. Strategy (MSTR) shares slipped more than 4% in over-the-counter trading.

Bitcoin also fell below the $81,000 level after trading above that mark just a few hours ago. For crypto traders, it was a moment that quickly hit their capital. The company, whose business is built on storing BTC, just signaled to the market that selling was acceptable.

There has already been one actual bitcoin sale in the company’s history. On December 22, 2022, then MicroStrategy sold 704 BTC worth about $11.8 million. This was the first sale of any of its digital assets.

This transaction followed a difficult year for the market. During the May 3, 2022 earnings report, MicroStrategy CFO Fong Le stated that the company could face margin coverage if the bitcoin price drops to $21,000. In that case, the firm would have to sell coins or post additional collateral.

When bitcoin dropped to around $20,800 in June 2022, MicroStrategy said it had not received margin calls. The company also claimed that it had sufficient capital to withstand further fluctuations in value.

Tension resumed in late November 2025. According to Forbes, shares of Strategy (MSTR) have fallen 60% in a year. Its market capitalization dropped to $49 billion, while the value of its bitcoin assets at the time was about $56 billion. After Strategy CEO Fong Le talked about a possible sale of bitcoin, market analysts linked these discussions to bitcoin falling below $86,000 in early December 2025.

To date, Fong has said