MicroStrategy executive chairman Michael Saylor told analysts Tuesday the company plans to sell some of its Bitcoin stash to pay dividends, marking a sharp break from its longstanding 'never sell' doctrine. The remarks, made during a Q1 2026 earnings call that also revealed a $12.54 billion net loss, sent shares sliding more than 4% in after-hours trading.
A doctrine reversed
The policy shift is stark. For years, Saylor positioned Bitcoin as a permanent treasury asset. Now he's talking about selling. 'We will probably sell some Bitcoin to pay a dividend just to inoculate the market and send the message that we did it,' Saylor said on the call. CEO Phong Le echoed that: 'We're not going to sit back and just say, We'll never sell the bitcoin.' The strategy, as Saylor described it, involves buying Bitcoin with credit, letting it appreciate, then selling a portion to cover dividends. It's a reversal of the 'HODL forever' mantra that defined MicroStrategy's corporate identity.
The scale of the holdings
MicroStrategy holds 818,334 BTC at an average cost of about $75,537. That makes it the largest publicly traded corporate holder of Bitcoin — by a wide margin. Even a modest sale would be a big event for the market. The firm reported a $12.54 billion net loss for Q1 2026, largely tied to Bitcoin's price swings. Saylor's comments suggest he sees selling a sliver as a way to fund shareholder payouts without abandoning the core Bitcoin strategy entirely.
Market reaction and next steps
MSTR closed up 1.69% at $186.9 on Tuesday, but the after-hours drop shows investors weren't buying the pivot. Polymarket bettors now price a 48% chance that MicroStrategy sells any of its Bitcoin by December 31, 2026. The company hasn't set a specific timeline or amount. Le said the firm would consider selling 'when it's advantageous to the company' and prioritized growth in Bitcoin per share. The next concrete date to watch? MicroStrategy's next earnings call — or a dividend announcement.
