Michael Saylor, recognized as a leading advocate for Bitcoin, has recently stirred the cryptocurrency community with his surprising shift in strategy concerning the digital asset. Previously adamant that “you do not sell your Bitcoin,” Saylor, during a recent earnings call, indicated that his company, Strategy, which has amassed an impressive total of $65 billion in Bitcoin since 2020, might sell some of its holdings to fund dividends. This unexpected pivot aims to counteract market skepticism, particularly from short sellers and critics of the company.
In a conversation with Fortune, Saylor elaborated on his change in stance, framing it as a tactical move to address misconceptions propagated by detractors. He emphasized that the company is not merely liquidating Bitcoin but is considering the sale of a Bitcoin derivative. His intent is to demonstrate to the market that Strategy can, when necessary, trade Bitcoin into liquidity to meet its liabilities.
Saylor articulated that the prevailing narrative among short sellers and critics—that Strategy would choose to sell stock over Bitcoin in the face of financial obligations—could potentially undermine the company’s stock price. “If you want to defeat that, you have to basically show that you’ll trade the Bitcoin back for the stock, or trade the Bitcoin to meet the liabilities,” he explained.
This shift in Saylor’s approach comes at a time when the cryptocurrency market is experiencing significant turbulence, particularly affecting the digital asset treasury model that he has championed. Since 2025, numerous smaller public companies have sought to replicate Strategy’s success, amassing cryptocurrencies with the hope of boosting their stock prices. However, the volatility of the market has led to a downturn, prompting some of these companies—like Nakamoto, Empery Digital, and Sequans—to liquidate portions of their Bitcoin holdings, resulting in substantial declines in their stock prices. Nakamoto, for instance, saw a staggering drop of over 99% after raising $710 million last year.
Despite these challenges, Saylor remains optimistic about the future of these companies. He suggested that they could benefit from adopting more complex, yield-bearing financial instruments, akin to those provided by Strategy, such as the STRC stock class which offers an 11.5% annual dividend to its holders. “In my experience, no great business was ever created in less than four or five years of difficult work,” he remarked, expressing patience for these companies’ potential to succeed in the long term.
The evolving narrative in the cryptocurrency market and Saylor’s willingness to adapt his strategies has left many analysts and followers pondering the implications for both Strategy and the broader crypto landscape.
