Michael Saylor is back in the Bitcoin game, and it looks like Strategy (MSTR) is ready to resume its purchasing spree. On May 10, Saylor took to X to post, “Back to work, BTC,” complete with the company’s iconic “Orange Dots” chart, a harbinger of upcoming Bitcoin acquisition announcements.
Historically, this type of message from Saylor has preceded significant purchases, with many in the crypto community anticipating an acquisition as early as May 11. This comes after a brief pause in buying that lasted one week, strategically aligned with the company’s Q1 2026 earnings call that took place on May 5.
The earnings call raised eyebrows when Saylor disclosed that the company might start to sell small amounts of its Bitcoin holdings to fund dividends, marking a notable shift from its previous stance of never selling BTC. This revelation has sparked discussions among investors and analysts alike.
Prior to the pause, Strategy had acquired 3,273 BTC on April 27 for around $255 million, translating to an average price of $77,906 per coin. This brought the company’s total Bitcoin holdings to 818,334 BTC, worth approximately $66.15 billion at an average cost basis of $75,537 per BTC — reflecting a rise of about 7.6%.
Community Reaction Was Mixed
Reactions within the Bitcoin community regarding the potential sale of BTC for dividends have been mixed. Some investors, like Adam Livingston, argue that periodic sales could be beneficial for the company’s treasury, providing funds for future BTC purchases. Bitcoin advocate Samson Mow echoed this sentiment, suggesting that having the ability to sell would grant Strategy greater flexibility in the financial markets.
However, some critics have raised concerns about the implications of a selling strategy, fearing it could create a “doom loop” where BTC sales to fund dividends exert downward pressure on Bitcoin’s market price. In response, CEO Phong Le has defended the company’s approach, stating that their buying and selling activities do not significantly impact Bitcoin’s price.
CEO Downplays Market Impact
Le emphasized that Bitcoin enjoys a robust daily trading volume exceeding $60 billion, while Strategy’s annual dividend obligations related to its credit products total around $1.5 billion, a minor fraction of the overall market activity. “I don’t think we’re driving the price up or down,” he asserted.
He clarified that any potential BTC sales would be limited to specific scenarios, such as covering dividend payments or deferring taxes. Notably, Strategy had recently raised about $82 million through an at-the-market stock offering prior to the earnings pause, a sum that could have theoretically covered the acquisition of roughly 1,000 BTC. Yet, the company opted not to pursue a purchase at that time.
The April 27 acquisition represented a significant slowdown from the $2.54 billion purchase made just a week prior, reflecting a broader trend of consistent Bitcoin accumulation throughout April. As it stands, Strategy controls about 4% of the total Bitcoin supply currently in circulation.
As the crypto community eagerly awaits further developments, Saylor’s latest signals suggest that Strategy is not done accumulating Bitcoin just yet, setting the stage for an intriguing continuation of its investment strategy in the coming weeks.
