Strategy may sell bitcoin to pay dividends from $STRC.

• Strategy may sell bitcoin to pay dividends.
• STRC expands strategy with bitcoin reserves.
• Company seeks to continuously increase bitcoin through its actions.

Strategy, the largest cryptocurrency-focused treasury firm, has signaled that it may sell some of its bitcoin holdings to fund dividend payments linked to its high-yield perpetual preferred stock, STRC.

During earnings conference call In the first quarter of 2026, executives highlighted the accelerated performance of the instrument and the increasing flexibility in balance sheet management. Among the alternatives considered is the direct use of bitcoin to meet financial obligations, while the company maintains its accumulation strategy.

The chairman of the board, Michael Saylor, explained that the current model requires an annual appreciation of around 2,3% in bitcoin to indefinitely sustain dividends without the need for additional issuance of common stock.

“The breakeven point for annual recurring revenue (ARR) in BTC is also the inflection point where extended issuance results in more bitcoins being accumulated by our company than the bitcoins we use to pay dividends, should we choose to pay them with bitcoin,” said Saylor.

According to him, the company may halt the sale of MSTR shares and resort to selling bitcoin to finance dividends, while still maintaining a positive net balance from the asset acquisition. The STRC fund has already raised US$8,5 billion since its launch.

Saylor also stated: “We will probably sell some bitcoins to fund the dividends, just to immunize the market, just to send the message that we succeeded.”

This possibility marks a significant shift from the company's previous stance, which advocated for maintaining its reserves intact. Now, selective sales are being considered a strategic tool.

CEO Phong Le reinforced this position: “We will sell bitcoin when it is advantageous for the company. We are not going to sit idly by and simply say that we will never sell bitcoin. We want to be net aggregators of bitcoin, increasing our total bitcoin holdings, but more importantly, increasing our bitcoin per share.”

Currently, Strategy holds 818.334 bitcoins, approximately 3,9% of the total supply, valued at around US$66,5 billion. In the first quarter, the company acquired 89.599 units, plus another 56.235 at the beginning of the second quarter.

Despite growth in reserves, the company reported an operating loss of US$14,5 billion for the period, impacted by the mark-to-market valuation of bitcoin. Even so, the bitcoin per share indicator rose 18% year-over-year, reaching 213.371 satoshis per share.

The strategy remains focused on expanding this indicator over the next few years, using instruments such as the STRC to support the expansion of reserves.