[Digital Today reporter Yoonseo Lee] As Strategy mentioned the possibility of selling part of its Bitcoin holdings to secure funds for dividends, Bitcoin supporter Samson Mow (샘슨 모우) said the remarks were intended to give the company an "option".

According to blockchain media outlet Cointelegraph on May 7 (local time), the controversy began during Strategy's first-quarter earnings release. Michael Saylor (마이클 세일러), chairman of Strategy, hinted at the possibility that the company could sell some Bitcoin in the future. The remarks were seen as differing from Saylor's previously firm stance of holding Bitcoin.

Saylor also explained the dividend structure. He said if the price of Bitcoin rises by more than 2.3 percent a year, the company can permanently afford dividends and can pay dividends without selling a single share of common stock. He added, "We can stop selling MSTR common stock right now," and "We can fund dividends by selling Bitcoin."

The key point is that Strategy has begun to consider Bitcoin not only as a long-term holding asset but also as a tool for managing funds. Saylor said the company can issue more STRC preferred shares, and if Bitcoin stays above the break-even point, it can continue paying dividends while increasing its Bitcoin holdings.

Mow said, "A hardline attitude of never selling actually limits options," and "Public markets are war, and in war you need every tool you can use." He argued that a listed company like Strategy needs to secure flexible tools to fit the capital market environment.

Markets are paying attention less to whether a sale will actually happen than to the fact that such an option has been opened. Strategy is the listed company with the largest Bitcoin holdings, according to Bitcoin Treasuries. It currently holds 818,334 BTC. Concerns have also been raised that even a partial sale by a company of this size could weigh on spot prices.

Strategy's purchasing structure is also back in focus. The company has bought Bitcoin by combining corporate debt and equity-linked products. The approach has previously raised concerns about dilution of existing shareholder value and increased leverage. With the company also mentioning a plan to fund dividends through Bitcoin sales, assessments have emerged that Strategy's funding and asset-management methods have broadened further.

The price condition is also a variable. Based on the company website, Strategy's average purchase price for Bitcoin is $75,537. The current Bitcoin price is about $79,976, above the average purchase price. Saylor's plan to secure dividend funds is also tied to the premise that Bitcoin remains above the average purchase price.

The focus going forward is whether Strategy will actually carry out a sale and its scale. Attention is on whether Strategy will adjust its strategy to continue accumulating Bitcoin while cashing out some if needed, or whether the remarks will remain at the level of testing market reaction. In particular, if the symbolism of never selling Bitcoin weakens, views of Strategy's financial strategy and market influence could also change.

Strategy selling Bitcoin isn't a bad thing. There are differing schools of thought on this topic, but I actually think Bitcoin Treasury Companies should sell Bitcoin when it is warranted. The goal shouldn't be to never sell Bitcoin, but to benefit and protect shareholders. 1⃣…