Saylor’s Bitcoin Sale Comments Spark Debate Over Strategy’s Treasury Playbook

• Michael Saylor said Strategy could sell some Bitcoin to fund dividends tied to preferred securities such as STRC.
• Supporting coverage said Strategy holds 818,334 BTC and faces about US$1.5 billion in annual dividend obligations.
• Samson Mow defended the option, saying Bitcoin treasury firms need flexibility because “public markets are war.”

Right now, the crypto community seems to be in a strange position, mostly due to Michael Saylor’s current messaging around Strategy’s Bitcoin (BTC) holdings. 

He basically said Strategy could sell Bitcoin to fund dividends, which ignited a debate over the company’s treasury model. Supporters frame the option as flexibility and critics warn that large sales could pressure spot markets.

Strategy’s executive chairman discussed the possibility during the company’s Q1 2026 earnings cycle, describing a model in which the firm buys Bitcoin with credit, lets it appreciate, and sells a portion to pay dividends. 

In his own words, they will “probably sell some Bitcoin” to fund a dividend and “inoculate the market” just to “send a message”. 

That’s the same man who incentivised his followers to never sell Bitcoin, and then posted on X that people should buy more BTC than what they sell.

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“Flexibility”, They Say

Bitcoin advocate Samson Mow defended the logic, arguing that public companies cannot behave as if they have only one funding path. “Public markets are war,” Mow said.

Mow also wrote that if Bitcoin can cover dividends, that implies selling Bitcoin to cover dividends. His point was that preserving the option to sell gives Strategy room to protect shareholders, fund obligations and avoid being boxed in by short sellers or market critics.

That is the message. It is not literally ‘never sell and take it to the grave.’ You should of course sell it (use it) for important things in your life. Never sell is a rule of thumb, not a blood oath.

Samson Mow, CEO of JAN3.

Strategy is currently facing about US$1.5 billion (AU$2.09 billion) in annual dividend obligations tied to preferred securities, including STRC.

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