MicroStrategy is going to sell BTC?

Saylor and the management team clearly stated in the 2026 Q1 earnings report presentation: they plan to sell some Bitcoin to pay dividends.
Previously: Never sell Bitcoin (never sell Bitcoin)
Now: sell Bitcoin to pay the dividend (sell Bitcoin to pay the dividend)
In December 2022, MicroStrategy did sell BTC once—selling a total of 704 BTC, about $11.8 million—because of tax issues. Since then, it hasn’t sold a single BTC.
From Saylor’s remarks, selling BTC is used as a tool to pay dividends, and then they use stock financing to add more purchases, continuing to expand their Bitcoin holdings.
Saylor defines this strategy as the company’s new business model for the future:
Sell stock to buy Bitcoin → Bitcoin appreciates → Sell a tiny portion of Bitcoin to pay cash dividends → Issue new shares to raise funds → Buy back more Bitcoin.
The goal is to provide shareholders with cash returns while also keeping net Bitcoin purchases, achieving a “Bitcoin yield.”
At present, there has been no actual selling of BTC to pay dividends; this plan is still in the preparation stage. By publicly stating this strategy, the purpose is to “give the market a warning” and prevent unnecessary panic.
In the earnings reports, Saylor and the management team repeatedly describe it as a way to “create the best long-term value for all stakeholders.”
Put simply: you sell stocks to buy BTC, which has a big impact on the stock price, so shareholders naturally won’t be happy. This strategy is now designed to benefit shareholders too, letting them make money as well.
Summary: MicroStrategy is going to sell BTC, but this is a new business model—not a sell-off.
If in the future BTC appreciates fast enough and reaches about 2.05% annualized, they could pay dividends easily without selling BTC—truly achieving “never sell BTC.”
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