Saylor Says Strategy Will Buy 10 to 20 Bitcoin for Every One It Sells

Strategy Executive Chairman Michael Saylor moved over the weekend to reframe his remarks from last week’s earnings call, telling interviewers that any sales of the company’s bitcoin treasury would still leave Strategy a net buyer by a wide margin.

“Even if we were to sell one bitcoin, we’d be buying 10 to 20 more bitcoin,” Saylor said in a podcast interview. He compared the approach to a real estate developer selling appreciated property to fund the expansion of a portfolio. CEO Phong Le added on CNBC that Strategy will sell bitcoin if doing so creates more shareholder value than issuing equity, saying the company believes in “math over ideology.”

This story is an excerpt from the Unchained Daily newsletter.

The clarification follows Strategy’s record $12.54 billion Q1 loss, after which Saylor first floated the possibility of selling bitcoin to cover dividend obligations. Those dividends, owed across the company’s preferred stock classes, now run roughly $1.5 billion annually. Saylor’s longtime “never sell” mantra has shifted to what he now calls “never be a net seller of bitcoin.”

Strategy holds 818,334 BTC worth roughly $66.2 billion, purchased at an average cost of $75,537 per coin, leaving the position up about 7%. STRC, the perpetual preferred stock that has become Strategy’s primary capital-raising engine, has scaled to an $8.5 billion market cap in nine months and now anchors a broader credit ecosystem, including STRC-backed yield products on DeFi.

JPMorgan analysts said last week that Strategy’s bitcoin purchases this year could reach roughly $30 billion if the current pace continues. Saylor posted “Back to work. BTC” on X Sunday, a message that has historically preceded new purchases the following week.