Summary
- Michael Saylor said that even if Strategy sells some Bitcoin, it will buy back more and end the year with a larger Bitcoin position than it had at the start.
- Strategy said it will use Bitcoin as a capital management tool, including as a funding source for preferred-share dividends, while maintaining a strategy of increasing its overall Bitcoin holdings.
- JPMorgan said Strategy's Bitcoin purchases this year could reach about $30 billion if the current buying pace continues.
Forecast Trend Report by Period
Michael Saylor, chairman of Strategy, said the company would buy far more Bitcoin even if it sold part of its holdings. The remarks have fueled views that Strategy is beginning to use Bitcoin not just as a treasury asset, but as a capital management tool.
The Block reported on May 11 that Saylor said in a recently released podcast interview, "Even if we sold one Bitcoin, we would buy 10 to 20 more."
Saylor said his longstanding refrain to never sell Bitcoin means replenishing holdings even when some of it is used. Bitcoin is capital, he said, so the company should never be a net seller.
He added that Strategy should end each year with more Bitcoin than it held at the start of the year.
The remarks came after Strategy recently indicated in its earnings report that it may use part of its Bitcoin holdings to fund dividends on preferred shares.
Saylor had previously said the company could sell some Bitcoin, if necessary, to pay dividends on Strategy's perpetual preferred stock, STRC. At the same time, he said the company would maintain its strategy of increasing total holdings.
Chief Executive Officer Phong Le also told CNBC that Strategy would sell Bitcoin if doing so were more beneficial to shareholders on a Bitcoin-per-share basis.
"We believe in math over ideology," Le said. If selling Bitcoin would create more shareholder value than issuing stock to pay dividends, the company could choose that route.
Strategy currently holds about 818,334 Bitcoin, worth roughly $66.2 billion. JPMorgan said in a recent report that, if the current pace of purchases continues, Strategy's Bitcoin buying this year could reach about $30 billion.
Separately, Strategy is also moving to expand its software and artificial intelligence business.
Le wrote on X that Bitcoin is not the company's only competitive strength. He said Strategy's software business and Bitcoin strategy create strong synergies.
Referring to Strategy's AI data platform, Mosaic, Le said the company is building a semantic layer with AI agents as the ultimate users.
He added that within the next year, Strategy expects to automate a large share of core workflows and replace much of its internal enterprise software.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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