MicroStrategy Plans to Sell Bitcoin to Fund STRC Dividends, Shifts from 'Never Sell' Policy

According to The Block’s report on MicroStrategy’s Q1 2026 earnings call, the company plans to sell bitcoin to fund dividends for its high-yield perpetual preferred stock, STRC, marking a significant departure from its long-held “never sell” conviction. Chairman Michael Saylor stated that the firm’s current position requires bitcoin to appreciate at 2.3% annually for existing holdings to cover STRC dividend obligations indefinitely. CEO Phong Le said during the call, “We will sell bitcoin when it’s advantageous to the company…We want to be net aggregators of bitcoin, increasing our total bitcoin, but more importantly, increasing our bitcoin per share.” MicroStrategy currently holds 818,334 bitcoin—approximately 3.9% of total bitcoin supply—valued at roughly $66.5 billion. STRC has raised $8.5 billion since launch.