During Strategy's Q1 2026 earnings call, Saylor stunned observers by stating the company would "probably sell some Bitcoin to fund a dividend, just to inoculate the market" and demonstrate the robustness of its position. The remarks marked a departure from the company's long-standing "never sell" narrative that helped cement Strategy as the most prominent corporate Bitcoin adopter.

Addressing the 'Never Sell' Mantra

Saylor later elaborated in interviews that his famous slogan was intentionally viral but imprecise for corporate governance. "If I were being more precise, I'd say never be a net seller of Bitcoin," he explained. The company maintains its core strategy of aggressive accumulation, with plans to purchase substantially more Bitcoin than any amounts sold.

"Even if we were to sell one Bitcoin, we'd be buying 10 to 20 more Bitcoin," Saylor noted. "So, you're really talking about a situation where we buy 10 Bitcoin, sell one Bitcoin, buy nine net Bitcoin, and continue to create Bitcoin."

Q1 Results: Record Loss Amid BTC Volatility

Strategy reported a massive $12.5 billion net loss for the first quarter, primarily driven by unrealized losses on its Bitcoin holdings as the cryptocurrency declined sharply from around $87,000 to $68,000 during the period. Despite the accounting hit, the company ended the quarter with substantial cash reserves and continued its buying spree.

The firm has acquired 145,834 BTC year-to-date, representing a remarkable pace equivalent to 2.5 times the output of all Bitcoin miners during the same period. Its holdings now constitute approximately 3.9% of the total Bitcoin supply.

Strategic Purpose Behind Potential Sales

Saylor framed potential Bitcoin sales as a deliberate move to counter narratives from short-sellers and critics. By demonstrating the ability to meet obligations through Bitcoin rather than solely diluting equity, Strategy aims to strengthen market confidence and neutralize bearish bets on its stock.

The company has also innovated with financial instruments like its STRC perpetual preferred stock, offering attractive yields to fund further Bitcoin purchases while creating new liquidity avenues in DeFi protocols.

Response to Critics and Market Context

Saylor directly addressed longstanding critic Peter Schiff, dismissing claims of a Ponzi-like structure and reaffirming Bitcoin's role as digital capital. He compared Strategy's approach to traditional tech giants investing heavily in infrastructure for outsized future returns.

Despite the Q1 downturn, Bitcoin has rebounded above $80,000, and Strategy's shares have shown resilience. The company's model has inspired numerous corporate treasuries, though many smaller players faced steeper challenges during the volatility.

Market Reaction: While initial comments caused brief turbulence, Saylor's clarifications emphasize continuity in Strategy's Bitcoin-maximalist philosophy with added operational flexibility.