Strategy Signals Break From “Never Sell” as CEO Phong Le Says It Will Sell Bitcoin

Strategy’s bitcoin treasury firm Strategy signaled a break from its long-standing “never sell” approach during its Q1 2026 earnings call on May 5, with CEO Phong Le saying, “We will sell bitcoin when it’s advantageous to the company.”

“Samson Mow has come out in defense of Strategy potentially selling portions of its bitcoin treasury, framing the move as a matter of strategic optionality rather than a retreat from its core thesis”

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Michael Saylor also framed the change as a way to fund dividends, telling listeners, “We’ll probably sell some Bitcoin to fund a dividend, just to inoculate the market, just to send the message that we did it.”

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The company’s holdings were described as 818,334 BTC, with Strategy’s average cost basis sitting at $75,537 per coin while bitcoin was trading around $79,976 at the time of writing in one account.

CNBC reported that Strategy established a U.S. dollar reserve of $2.25 billion to meet obligations to pay dividends on its preferred stock and interest on its outstanding debt.

The shift is tied to Strategy’s focus on bitcoin-per-share and balance-sheet management rather than passively stockpiling bitcoin, as the earnings call language emphasized selling to buy U.S. dollars or debt if accretive.

Samson Mow, CEO of JAN3 and a well-known Bitcoin advocate, defended the idea of Strategy selling portions of its BTC holdings as “strategic” and tied to flexibility rather than abandoning the thesis.

Mow wrote on social media, “Never selling limits optionality,” and added, “Public markets are war. In war, you need all available tools at your disposal.”

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In the same debate, Mow argued that a company with “real optionality” is “hard to game,” saying it “might sell, hedge, issue, or buy.”

The reporting also tied the discussion to Strategy’s scale, noting it holds 818,334 BTC as of May 3 and that bitcoin was trading around $79,976 in one account.

While some market participants weigh the impact of sales from a large holder, the sources frame the core dispute as whether committing to “never sell” weakens a company’s position in capital markets.

The earnings-call framework described in the sources links potential bitcoin sales to STRC dividends and to Strategy’s ability to meet obligations without selling common stock.

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Saylor said Strategy could fund dividends “forever” if bitcoin appreciates by more than 2.3% annually, and he added that the company could pay dividends “without selling a single share of MSTR stock.”

The Block reported that Strategy’s current position requires bitcoin to appreciate at 2.3% annually for existing holdings to cover STRC dividend obligations indefinitely, and it described STRC as a high-yield perpetual preferred stock.

CNBC reported that Strategy’s U.S. dollar reserve is $2.25 billion and that it was created in December to ensure it can meet obligations to pay dividends on its preferred stock and interest on its outstanding debt.

The sources also place the stakes on capital-market discipline, with one account tying the conversation to Strategy’s ability to sell bitcoin to buy debt or U.S. dollars if accretive to bitcoin per share, and another noting the company posted a $12.5 billion net loss in the first quarter.