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The largest corporate Bitcoin holder, Strategy, reported a loss of $12.5 billion for the first quarter of 2026. Strategy founder Michael Saylor suggested that the company might sell some of its reserve Bitcoin to pay dividends.
On May 5, Strategy announced that for the first three months of the year, it recorded a net loss of $12.54 billion. At the same time, unrealized losses from the company's digital assets amounted to $14.46 billion.
Strategy is building a Bitcoin reserve by raising funds to purchase them through the issuance of common Class A shares (MSTR) and perpetual preferred shares STRC with an current rate of 11.5% annually. The company's annual dividend obligations amount to $1.5 billion.
During the discussion of quarterly results, Saylor suggested that Strategy might completely abandon selling MSTR shares to raise capital and instead finance dividends by selling cryptocurrency. According to him, even with this model, the company plans to buy more Bitcoin over time than it sells to pay dividends on STRC, which has already been issued at $8.5 billion.
"Yes, we might sell a little Bitcoin to pay dividends, just to give the market some immunity, to show that we did it. Listen, everything is fine with the company. Everything is fine with Bitcoin. Everything is fine with the industry. The world hasn't collapsed. If you're betting on a decline and think the company will have to sell shares to pay dividends, I would gladly, you know, clip your wings," Saylor said.
According to CEO Fong Le, Strategy intends to continue increasing its Bitcoin reserve, but it is much more important for the company to increase the number of Bitcoin per share.
Statements about possible sales deviate from Saylor's long-standing position that Strategy "will never sell Bitcoin." After the first quarter discussion, Strategy's shares fell more than 4% in off-exchange trading, and Bitcoin dropped below $81,000, CoinDesk reported. As of 11:00 a.m. Moscow time on May 6, BTC price recovered to $81,400.
Ahead of the quarterly report, Strategy skipped a week of Bitcoin purchases. As of May 3, Strategy owned 818,334 BTC (about 4% of the total supply), purchased at an average of $75,537 and valued at the beginning of the month at $64 billion. Since 2020, the company has spent about $61.8 billion on their acquisition.