Strategy May Sell Bitcoin Before Year-End, Says Michael Saylor

Table of Contents Strategy may sell some Bitcoin before the end of the year, according to Executive Chairman Michael Saylor. He said the company evaluates multiple funding options, including equity, credit, and Bitcoin sales. Strategy aims to increase Bitcoin per share and overall enterprise value over time. Michael Saylor said Strategy may sell Bitcoin as part of a broader capital management plan. He explained that decisions depend on market conditions and financial obligations. “I think it’s not unlikely that we’ll sell some Bitcoin,” Saylor said during a retail investor Q&A. He added that the company has not finalized the amount. Strategy reviews funding options using a data-driven approach. It evaluates whether liabilities should be covered by cash, equity, credit, or Bitcoin. Saylor said models relying on one funding method tend to underperform. He stated that a mixed approach often produces better outcomes. The company holds Bitcoin with cost bases ranging from $10,000 to $125,000. Saylor said Strategy could sell higher-cost coins if needed. He also noted that Bitcoin sales would not necessarily affect dividend tax treatment. Strategy expects return-of-capital treatment for preferred dividends. Executives said decisions can be made quickly when conditions change. However, they emphasized a long-term focus on Bitcoin per share growth. Strategy addressed investor questions about STRC, its flagship credit product. Saylor said the firm may adjust dividends to support trading near the $100 target. The company plans to shift STRC dividends from monthly to semimonthly payments. This change remains subject to shareholder approval. Saylor said Strategy is not legally required to defend the $100 price. However, he described it as a central business objective. The company has taken steps to strengthen STRC performance. These include raising dividends and building a U.S. dollar reserve. Strategy also repurchased senior debt to improve its balance sheet. Executives said STRC stability remains a key performance measure. CEO Phong Le said the firm considered changes for other preferred products. However, Strategy chose to focus on STRC first. Saylor confirmed the company will not retire other preferred securities. These include STRF, STRD, and STRK. He added that convertible bonds remain senior liabilities. Strategy plans to retire them over time. In a separate CNBC interview, Saylor said Bitcoin could reach $1 million eventually. He linked this outlook to institutional demand and digital credit products. Strategy executives said their long-term focus remains on Bitcoin yield and digital credit growth. They continue to educate investors on the company’s model.