Saylor: Strategy Will Buy 10–20 Bitcoin for Each Sale
Michael Saylor said Strategy (formerly MicroStrategy) will not become a net seller of Bitcoin. In a podcast interview, Saylor clarified that even if Strategy sells 1 Bitcoin, it will buy 10 to 20 more Bitcoin, framing the move as tactical accumulation.
CEO Phong Le added on CNBC that Strategy would sell Bitcoin only if it increases shareholder value versus issuing equity (“math over ideology”). The remarks follow Strategy’s record Q1 loss of $12.54 billion and a dividend-linked funding discussion that runs about $1.5 billion annually across preferred stock classes.
Strategy currently holds 818,334 BTC (about $66.2 billion) with an average cost of about $75,537 per coin, leaving the position up roughly 7%. STRC, Strategy’s main capital-raising engine tied to its preferred stock, has grown to an $8.5 billion market cap in nine months and supports broader credit/DeFi-linked yield products.
JPMorgan analysts estimate Strategy’s Bitcoin purchases this year could reach around $30 billion if the current pace holds. Saylor also posted “Back to work. BTC” on X, which has historically preceded follow-on buying.
Bullish
Bullish. The core message is that Strategy remains a large, consistent buyer of Bitcoin even if it occasionally sells, implying persistent spot demand. In past cycles, announcements that big treasury holders will “accumulate rather than distribute” typically supported BTC dips by reinforcing the narrative of continued net inflows.
Short term, the 10–20x buy-back framing can reduce market anxiety around the earlier “sell to fund dividends” headline. Traders may see it as a catalyst for dip-buying and steadier BTC sentiment, especially if STRC/credit issuance continues to fund purchases.
Long term, sustained treasury buying—potentially up to ~$30B this year per JPMorgan—can strengthen the scarcity/flow argument for Bitcoin, while the STRC-linked credit/DeFi yield ecosystem may keep liquidity flowing into Strategy’s capital formation.
Key risk: if equity markets tighten or credit costs rise, the ability to maintain the “never net seller” stance could be tested. But as framed, the market-facing takeaway is continued Bitcoin demand, which is net supportive.