Strategy's Stock Plunges as It Hints at Bitcoin Sale, Despite 'Never Sell' Stance

▲ Michael Saylor, Bitcoin (BTC), Strategy/ChatGPT generated image

Strategy's stock plummeted in after-hours trading after the company mentioned the possibility of selling some of its Bitcoin (BTC) to pay dividends.

BeInCrypto reported on May 6 (local time) that MSTR stock fell more than 4% in after-hours trading after Michael Saylor, Chairman of Strategy's Board of Directors, hinted that some Bitcoin could be sold to fund dividend payments. Saylor stated that there is a possibility of selling some Bitcoin for dividend payment purposes to send a message to the market.

These remarks were interpreted as a shift from Strategy's long-held stance of 'never selling Bitcoin.' Saylor explained a structure where Bitcoin is accumulated using credit, and then, if the asset value increases, a portion is sold to pay dividends. BeInCrypto reported that these remarks came at a time when Strategy reported a net loss of $12.54 billion in its Q1 2026 earnings announcement.

Phong Le, CEO of Strategy, also left open the possibility of selling Bitcoin. He stated that the company might consider selling Bitcoin if it is advantageous, maintaining the direction that the company will remain a net accumulator of Bitcoin in the future, but prioritizing an increase in Bitcoin per share and enhancing long-term enterprise value. CEO Le explained that if selling Bitcoin to secure dollars or buy back debt would benefit the value of Bitcoin per share, it could be considered.

The stock price reacted immediately. BeInCrypto, citing Google Finance data, reported that MSTR closed up 1.69% at $186.9 in regular trading on Tuesday, but the sentiment changed rapidly after market close, leading to a more than 4% drop in after-hours trading.

Strategy currently holds 818,334 BTC, with an average acquisition price of approximately $75,537. BeInCrypto reported that Strategy holds the most Bitcoin among publicly listed companies. The prediction market Polymarket reflects a 48% probability that Strategy will sell at least some Bitcoin by December 31, 2026.

This controversy shows that Strategy's Bitcoin strategy could shift from a simple 'buy-only' approach to one that considers capital efficiency and securing funds for dividends. While the company still emphasizes its net Bitcoin accumulation stance, the symbolic message of 'never selling' is wavering, leading investors to closely watch for actual sales in the future and the sustainability of the Bitcoin-per-share growth strategy.

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