Michael Saylor Backtracks From Sell a Kidney Stance to Selling Bitcoin
Michael Saylor walked again his most absolute Bitcoin (BTC) maximalist rhetoric this week, telling buyers Strategy will in all probability promote a portion of its 818,334 BTC holdings to fund dividend funds after a $12.54 billion first-quarter loss.
The pivot arrives roughly a yr after Saylor informed X followers to “promote a kidney should you should, however preserve the Bitcoin” and posted his personal decree that the one guidelines of Bitcoin have been to purchase and by no means promote.
From Maximalist Tweets to Earnings Call Reversal
In early 2025, Saylor flooded his timeline with absolutist messaging. On Feb. 2 he wrote “Never promote your Bitcoin.” On Feb. 3 he listed the “Rules of Bitcoin” as shopping for and refusing to promote. By March 4 he taunted shorts with “We should purchase extra Bitcoin than they will promote.”
The Q1 2026 earnings name delivered a totally different message. Saylor told analysts the agency would probably transfer BTC out the door to preserve its most popular shareholders paid.
“We’ll in all probability promote some Bitcoin to fund a dividend simply to inoculate the market, simply to ship the message that we did it.”
$12.5 Billion Loss Forces Pragmatic Pivot
Strategy booked a $14.46 billion unrealized markdown after Bitcoin fell from roughly $87,000 to $68,000 throughout the quarter. The agency now holds 818,334 BTC at a median price of $75,537 per coin.
Bitcoin posted its worst opening quarter since 2018, dropping greater than 23% as ETF outflows, tariff nervousness, and a hawkish Federal Reserve drained threat urge for food.
CFO Phong Le mentioned any sale would proceed provided that it lifted Bitcoin per share. Saylor argued BTC wants to admire simply 2.3% yearly for the Strategy to cowl its STRC dividends indefinitely by way of small disposals. The firm carries $1.5 billion in yearly dividend obligations and roughly 18 months of money protection. The MSTR stock dropped after the decision.
Critics Watch Saylor’s Bitcoin Pivot
Long-time skeptics pounced on the contradiction. Economist Peter Schiff has repeatedly labeled the agency’s Bitcoin-funded construction a Ponzi and questioned whether or not the dividend math holds with out steady BTC appreciation. He has additionally branded the fairness itself a scam, intensifying scrutiny over how lengthy the construction can maintain.
The shift forces Saylor to reconcile two voices: the absolutist who informed retail to mortgage every little thing, and the manager now promoting to make payroll. The subsequent earnings cycle will reveal whether or not that reconciliation comes quietly or by way of public correction.
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