The "Never Sell Coins" strategy is going to sell Bitcoin.

Michael Saylor has softened his stance.

Strategy founder Michael Saylor, during the Q1 2026 earnings call live broadcast, for the first time overturned his long-held position of “never selling proactively,” publicly stating that the company might sell part of its Bitcoin holdings to pay dividends, reasoning that it would desensitize the market, send a clear signal to the industry, and break free from the constraints of a single-holding narrative.

The market reacted strongly, with Strategy’s stock price dropping over 4% after hours, and Bitcoin falling below $81,000. Because what the market fears isn’t Strategy selling coins, but the collapse of the banner of “never selling.”

In recent years, Michael Saylor and Strategy have been deeply tied to Bitcoin. He repeatedly reaffirmed on major public platforms that the company would continue to add to its Bitcoin holdings each quarter and hold them permanently, never proactively selling.

Relying on this extreme obsessive strategy, Strategy accumulated a massive holding of hundreds of thousands of Bitcoin, creating a solid psychological anchor for the market. Whenever prices plummeted, the biggest reassurance was that this top-tier institution’s holdings remained unmoved.

At that time, the “never sell” stance was the most effective credibility endorsement during the industry’s wilderness period. When mainstream acceptance of crypto assets was still incomplete, an extremely firm holding posture could quickly build market trust, solidify brand identity, and stabilize industry sentiment.

For a long time, every change in Strategy’s holdings and every public statement tightly influenced Bitcoin’s price movements. The market had already formed an inertia: Saylor increasing holdings was a positive signal, while rumors of minor reductions were negative. The massive holdings, originally