Key Takeaways:
Saylor said Strategy may sell BTC to pay dividends in May 2026, reversing its ‘never sell’ stance. Strategy holds 818,334 BTC at a $75,537 average cost amid $1.5B in annual dividend obligations. MSTR fell over 4% after hours and bitcoin dipped below $81,000 following the Q1 earnings call. What Saylor SaidThe choice of the word “inoculate” was deliberate, with Saylor framing the potential sale as a signaling exercise rather than a purely financial necessity, a move designed to demonstrate to markets and preferred shareholders that Strategy can meet its obligations without stress, removing uncertainty before it becomes a liability.
The Numbers Behind The PivotThe company faces roughly $1.5 billion in annual obligations across its two preferred stock instruments: STRK, which pays 8% dividends, and STRC, which pays approximately 10–11.5% annually. Strategy has about 18 months of dividend coverage remaining.
