In recent developments, Strategy, a prominent Bitcoin treasury firm, has resumed its Bitcoin purchases after a brief pause last week. The firm’s chairman, Michael Saylor, addressed concerns over the potential sale of Bitcoin to fund dividends, clarifying that the company aims to remain a net buyer. “I’m very famous for saying ‘never sell your Bitcoin,’” Saylor stated in a podcast interview. “But if I was being more precise: never be a net seller of Bitcoin.” His comments followed the company’s earnings call, during which it was revealed that Strategy possesses the flexibility to forgo selling its MSTR common stock and instead cover dividend obligations through Bitcoin sales.
Following Saylor’s remarks, Strategy announced it acquired 535 BTC for approximately $43 million at an average price of $80,340 each. This acquisition marks an increase in the firm’s total holdings to 818,869 BTC, valued at around $61.9 billion. Notably, Saylor indicated that the firm has achieved a Bitcoin yield of 9.4% Year-To-Date (YTD) 2026.
Saylor elaborated on the idea that the firm’s break-even issuance rate stands at 2.3%. This rate signifies the point at which Strategy remains a net Bitcoin buyer despite potentially selling BTC to meet dividend commitments. Currently, the company’s issuance rate is between 15% and 20%, leading Saylor to conclude that this financial strategy continuously favors BTC accumulation.
CEO Phong Le reiterated this point, suggesting that the decision to sell Bitcoin, rather than equity, will be based on which option provides a better outcome for the company’s Bitcoin-per-share metric. “At the point where selling Bitcoin versus selling equity to pay a dividend is better for our bitcoin-per-share, we will do it,” he stated.
Critics, including gold advocate Peter Schiff, expressed skepticism about Strategy’s approach. Schiff labeled the arrangement as necessary to maintain what he termed a Ponzi scheme, a claim Saylor countered by emphasizing his commitment to Bitcoin.
Market experts, however, suggested that a potential sale of Bitcoin by Strategy is unlikely to disrupt market stability significantly. Andrew Webley, CEO of the UK-based Bitcoin treasury firm Smarter Web Company, argued that prudent treasury management could foster greater institutional confidence in Bitcoin. “It demonstrates that Bitcoin treasury companies are evolving into durable financial structures rather than ideological vehicles,” he remarked.
Another perspective from Georgii Verbitskii, a derivatives trader, suggested that while an initial negative reaction might occur if Strategy sells Bitcoin, it would not lead to structural changes in the market unless the sale is substantial.
As for Bitcoin’s current performance, it is trading around $81,200, slightly down from a recent high of $82,496. Despite the minor pullback, users on prediction market Myriad maintain an optimistic outlook, assigning an 88% probability that Bitcoin’s next significant move will be a rally to $84,000.
