Michael Saylor has hinted that Strategy might sell some Bitcoin to fund a dividend — a departure from his longstanding 'never sell' stance. The comment came during the company's earnings call Wednesday, sending MSTR shares down 4.33% in after-hours trading to $178.80.
What Saylor said
On the call, Saylor didn't commit to a sale but acknowledged the possibility of using Bitcoin to support dividend payments. That's a notable shift for a CEO who previously said Strategy would 'buy Bitcoin every quarter forever' and claimed the company could withstand a drop to $8,000 without forced sales. The market reacted immediately: MSTR fell more than 4% after hours.
The financial picture
Strategy holds 818,334 Bitcoin, valued at roughly $66.7 billion. But the firm posted a $12.5 billion net loss in Q1 2025, driven largely by unrealized losses from Bitcoin's price decline. That kind of red ink makes the idea of selling some BTC to generate cash flow a lot more plausible — even for a true believer like Saylor.
The 11% dividend machine
The dividend in question comes from Strategy's preferred stock offering called 'Stretch' (ticker STRC), which carries an 11% monthly dividend. Stretch helped finance 145,834 Bitcoin acquired this year. DeFi protocols Pendle and Saturn have already tokenized Stretch's dividends for trading, letting investors bet on the yield stream. Saylor wants to make Stretch the largest credit instrument in the world — a goal that would require steady, predictable payouts.
A new Bitcoin credit landscape
If Strategy does sell Bitcoin to fund dividends, it wouldn't be happening in a vacuum. Saylor also said he expects Bitcoin-backed digital yield accounts through neobanks could offer returns up to 8%. Roughly three dozen Bitcoin credit initiatives have emerged in the past two to three months, suggesting the market is already building infrastructure for this kind of yield. The question now is whether Saylor's hint becomes a concrete plan — and how that would reshape the narrative around Bitcoin as a 'hold forever' asset.
