Strategy, which said it could sell some bitcoin to fund dividends for its preferred shares, reaffirmed its position that it will keep increasing its overall holdings.

The Block Crypto, a blockchain outlet, reported on May 11 that Strategy Chairman Michael Saylor (마이클 세일러) said in several interviews released over the weekend that the company could sell some bitcoin but that new purchases would far exceed any sales.

In a podcast interview, Saylor said, "Even if we sell 1 bitcoin, we will buy 10 to 20 more," stressing that Strategy should be a net accumulator of bitcoin. He said the company should not be a net seller because bitcoin is capital, and argued that its holdings at the end of each year should be higher than at the start of the year.

The remarks were a follow-up explanation after last week’s earnings announcement. At the time, Strategy said it had flexibility to cover dividends for its STRC perpetual preferred stock program even if it stops selling its MSTR common stock. In the process, it also suggested it could use some of its bitcoin holdings as a financial tool. That means it could use bitcoin reserves it has effectively left untouched for fund management.

It also set out criteria for any decision to sell. Phong Le (퐁 레), Strategy’s chief executive officer, said in a CNBC interview that the company would consider selling bitcoin to pay dividends if that would be more favorable for shareholder value. He has said he refers to a bitcoin-per-share measure and believes in math over ideology. He added that if selling bitcoin to fund dividends is more favorable than issuing stock for bitcoin per share and for common shareholders, that is what it would do.

The market is interpreting the remarks as a signal that Strategy is stepping back from its previous image of holding bitcoin unconditionally and broadening its approach into an operating strategy that considers its overall capital structure. The company has repeatedly stressed, however, that it has not changed its stance of being a net buyer. Saylor also posted on X, formerly Twitter, "Back to work. BTC". Similar posts have appeared in the past ahead of announcements of additional purchases.

Strategy currently holds 818,334 BTC, valued at about $66.2 billion. JP Morgan last week said that if the current pace of purchases continues, Strategy’s bitcoin purchases this year could reach about $30 billion.

Strategy also highlighted its existing business beyond bitcoin. CEO Le said the company’s performance cannot be explained only by the amount of bitcoin it holds on its balance sheet, and highlighted growth in its software and artificial intelligence businesses. He said its software business and bitcoin treasury strategy are creating strong and distinctive synergy.

Strategy said its software business revenue rose 12 percent in the first quarter of 2026, marking its strongest quarter in the past 10 years. The company said it has built an AI-based semantic layer for enterprise data called Mosaic, and is also rebuilding its internal processes and systems across the board using multiple AI models. Le said he expects that over the next year it will automate a significant share of core workflows and replace many parts of its internal enterprise software.

Market attention is now focused on whether Strategy will actually move to sell some bitcoin and whether it can maintain both goals during that process: expanding bitcoin per share and increasing its total holdings.