Strategy resumed Bitcoin buying with a $43M purchase after a brief pause tied to dividend-related sell discussions.
Bitcoin News
Strategy has resumed its Bitcoin (BTC) purchases after a one-week pause, acquiring 535 BTC for approximately $43 million at an average price of $80,340 per coin. Chairman Michael Saylor announced the buy on May 11, bringing the company's total holdings to 818,869 BTC.
The purchases were funded with $42.9 million raised via sales of the company's common stock, according to a May 11 SEC filing. Strategy has now spent a cumulative $61.86 billion on its BTC holdings, at an average cost of $75,540 per coin. With Bitcoin trading above $81,000, the company's holdings are currently in profit.
Saylor Clarifies the “Never Sell” Position
The resumption followed a weekend podcast in which Saylor addressed comments from the company's first-quarter earnings call, where Strategy disclosed it could sell BTC to cover dividend obligations on its STRC preferred stock. "I'm very famous for saying never sell your Bitcoin," Saylor said. "But if I was being more precise: never be a net seller of Bitcoin." He acknowledged that the more precise version would not have generated the same viral reaction.
STRC is Strategy's perpetual preferred stock, paying a quarterly cash dividend with an effective annual yield of around 11.5%. In April 2026, Strategy sold $3.2 billion in STRC and deployed those proceeds into BTC purchases. The quarterly dividend on that issuance runs approximately $80 million to $90 million, implying a buy-to-sell ratio of roughly 30-to-1 in any month where the company raises cash for dividends.
Saylor set the firm's break-even issuance rate at 2.3% of holdings annually, the point at which it remains a net buyer even while selling BTC to service dividends. With current issuance running between 15% and 20%, the math consistently favors accumulation, he said. JPMorgan analysts estimate Strategy's BTC purchases could total $30 billion in 2026 at the current pace.
Market Reaction and Analyst Views
Strategy CEO Phong Le framed the question as "math over ideology," saying the company would sell BTC rather than equity to pay a dividend if doing so proved more accretive on a Bitcoin-per-share basis. Andrew Webley, founder and CEO of UK Bitcoin treasury firm Smarter Web Company, said the approach could strengthen institutional confidence in treasury structures. "It demonstrates that Bitcoin treasury companies are evolving into durable financial structures rather than ideological vehicles," Webley told Decrypt.
Georgii Verbitskii, derivatives trader and founder of TYMIO, said individual statements from Saylor are unlikely to move BTC's price on their own. "If Strategy were to sell some Bitcoin, the initial reaction would probably be negative from a psychological standpoint," Verbitskii told Decrypt. "But unless the scale of selling is very large, I don't think it would structurally change the market." He said macro liquidity, ETF flows, and risk sentiment remain the primary price drivers. MSTR shares rose more than 1% in pre-market trading on May 11.
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