Strategy Resumes Massive Bitcoin Buying with 535 BTC Purchase After Sales Controversy

Strategy (MSTR),the leading corporate Bitcoin treasury holder, has resumed its aggressive accumulation strategy, purchasing an additional 535 Bitcoin for roughly $43 million. The announcement, shared by Executive Chairman Michael Saylor on May 11, marks a swift return to buying following a brief pause and market speculation triggered by comments on potential limited sales.

Resuming the Spree

According to Saylor’s update, the latest acquisition brings Strategy’s total Bitcoin holdings to 818,869 BTC as of May 10. The company has invested approximately $61.86 billion in its Bitcoin treasury at an average purchase price of $75,540 per BTC. With Bitcoin trading near $81,000, the position now shows substantial unrealized gains and has achieved a 9.4% BTC Yield year-to-date in 2026.

This purchase follows the company’s previous acquisition of 3,273 BTC on April 27 and comes shortly after its Q1 2026 earnings report, which revealed a $12.54 billion net loss primarily attributed to accounting impacts from Bitcoin’s price movements during the quarter.

Addressing the Sales Speculation

Recent controversy arose after Saylor and CEO Phong Le indicated during the earnings call that Strategy might periodically sell small portions of its Bitcoin holdings. Saylor stated the company could “sell some Bitcoin to fund a dividend, just to inoculate the market” and demonstrate stability to shareholders and skeptics.

Le elaborated that sales would only occur under specific conditions related to the company’s Series A Perpetual Stretch Preferred Stock (STRC),which carries dividend obligations. Potential triggers include situations where selling BTC proves more accretive to shareholders than issuing additional equity, particularly when MSTR trades below book value or certain NAV metrics are met. Tax optimization was also cited as a possible rationale.

Both executives emphasized that any sales would be limited and strategic. Saylor clarified that Strategy remains a net buyer, stating that even if it sells one Bitcoin, it intends to purchase 10 to 20 more. The comments were partly framed as a tactical response to short-sellers and critics, aiming to showcase financial flexibility rather than a shift away from Bitcoin maximalism.

Market Reaction and Broader Context

The initial comments caused a temporary dip in MSTR shares, but the swift resumption of buying appears to have reinforced investor confidence in Strategy’s long-term Bitcoin thesis. Analysts note that the company’s substantial cash reserves from equity and preferred stock offerings, combined with Bitcoin’s robust daily liquidity exceeding $60 billion, minimize any potential market impact from measured sales.

Strategy continues to pioneer corporate Bitcoin treasury management. Its holdings represent nearly 4% of Bitcoin’s total supply, making it one of the most significant institutional players in the ecosystem. The introduction of innovative instruments like STRC has further expanded its ability to fund acquisitions while providing yield to investors.

Phong Le has downplayed concerns about leverage and market influence, noting the company’s metrics align with investment-grade standards and that Bitcoin’s liquidity easily absorbs Strategy’s activity.

Outlook

As Bitcoin consolidates near the $80,000–$82,000 range, Strategy’s actions underscore its commitment to Bitcoin as a primary treasury asset. While the company has introduced pragmatic flexibility around limited sales to meet obligations, its core strategy of long-term accumulation remains firmly intact.

Industry observers will continue monitoring how this balanced approach influences both MSTR’s performance and broader corporate adoption of Bitcoin treasuries.