Michael Saylor posted his familiar pre-purchase signal on Sunday, writing “Back to work, BTC” on X — a message that has historically preceded a Strategy bitcoin buy by roughly one day.
The post came after the company paused its buying streak for a week ahead of its Q1 2026 earnings call, where Saylor made a surprising admission about potentially selling portions of its treasury.
The earnings call that raised eyebrows
During the Q1 call, Saylor said Strategy may periodically sell some of its bitcoin to fund dividends for holders of its credit instruments.
He stated:
“We’ll probably sell some Bitcoin to fund a dividend, just to inoculate the market, just to send the message that we did it.”
The comment appeared to contradict the company’s long-standing position of never selling BTC, and drew mixed reactions across the Bitcoin community.
Some critics warned the sales could create a “doom loop” suppressing spot prices, while others, including bitcoin advocate Samson Mow, argued the optionality actually strengthens Strategy’s position in financial markets.
CEO pushes back on market impact fears
Strategy CEO Phong Le moved quickly to calm concerns, saying the company would only sell BTC in specific cases — paying dividend yields and deferring taxes — and that neither its sales nor purchases meaningfully move the market.
With bitcoin’s average daily trading volume exceeding $60 billion, Le argued the market could easily absorb Strategy’s $1.5 billion in annual dividend obligations.
“I don’t think we’re driving the price up or down,” Le told CNBC.
He noted the company holds roughly 4% of the total bitcoin supply.
Where Strategy’s holdings stand
Strategy last bought bitcoin on April 27, picking up 3,273 coins for approximately $255 million, bringing its total to 818,334 BTC worth around $61.8 billion.
The company’s average cost per bitcoin sits at about $75,537, putting its position up roughly 7.6% at current prices.
