comments<\/a> shared by Saylor on May 10 and statements made during his recent appearance at Consensus in Miami, Strategy\u2019s Bitcoin strategy now revolves around using its holdings to support a layered capital structure tied to preferred stock products and equity financing.<\/p>\nSaylor said any future Bitcoin sale would only happen within a larger accumulation cycle.\u00a0<\/p>\n
\u201cEven if we were to sell one Bitcoin, we\u2019d be buying 10 to 20 more Bitcoin,\u201d he said while responding to concerns that Strategy could eventually reduce its exposure to BTC.<\/p>\n
Recent debate around the company\u2019s treasury model intensified after Strategy disclosed that its preferred stock products carry roughly $1.5 billion in annual dividend obligations.\u00a0<\/p>\n
Crypto.news previously reported that the company posted a $12.54 billion net loss during Q1 2026 while holding 818,334 BTC as of May 3, acquired at an average purchase price of $75,537.<\/p>\n
<\/p>\n
Speaking with CoinDesk senior analyst James Van Straten at Consensus, Saylor described fears surrounding potential Bitcoin sales as economically insignificant.\u00a0<\/p>\n
He said Strategy could still buy roughly 20 BTC for every one Bitcoin sold if dividends were entirely funded through BTC sales. Saylor also argued the scale of any such sale would remain small compared with Bitcoin\u2019s daily market liquidity, which he estimated at between $20 billion and $50 billion.<\/p>\n
Strategy expands Bitcoin financing model<\/h2>\n
During his Bitcoin 2026 keynote and subsequent posts on X, Saylor described Strategy\u2019s structure as a three-part capital system built around Bitcoin reserves.<\/p>\n
In Saylor\u2019s framework, Bitcoin functions as \u201cdigital capital,\u201d STRC operates as \u201cdigital credit,\u201d and MSTR represents the leveraged equity layer tied to the company\u2019s BTC treasury.\u00a0<\/p>\n
He said Strategy is \u201cconverting digital capital Bitcoin into digital credit (STRC) and digital equity (MSTR).\u201d<\/p>\n
STRC, also called \u201cStretch,\u201d is Strategy\u2019s perpetual preferred stock product designed to maintain a price close to its $100 par value.\u00a0<\/p>\n
According to Saylor\u2019s Bitcoin 2026 presentation and Strategy\u2019s digital credit dashboard, the company adjusts STRC\u2019s monthly dividend rate while using an at-the-market issuance program to sell new shares when the product trades at or above par.<\/p>\n
Cash raised through those sales is then used to purchase more Bitcoin for the company\u2019s reserve balance.<\/p>\n
During the same presentation, Saylor said STRC had grown to roughly $8.5 billion in assets under management within about nine months. He also described the product as targeting the private credit market, which he estimated at $3.5 trillion.<\/p>\n
Meanwhile, KuCoin\u2019s summary of the Bitcoin 2026 conference noted that STRC\u2019s design channels Bitcoin-related returns into monthly income products.\u00a0<\/p>\n
The report added that the instrument was structured around an 11% yield assumption tied to Bitcoin\u2019s 38% annualized return and a 5:1 collateral ratio intended to absorb steep BTC price declines.<\/p>\n
On the equity side, MSTR continues to function as Strategy\u2019s public-market Bitcoin exposure vehicle.\u00a0<\/p>\n
A recent BitcoinTreasuries profile noted that the company now holds more than 800,000 BTC, while Yahoo Finance reported that roughly 85% of a recent $2.5 billion Bitcoin purchase by Strategy was financed through STRC issuance.<\/p>\n
Elsewhere in the discussion, Saylor rejected criticism from gold advocate Peter Schiff, who argued that Strategy\u2019s financing structure could face pressure during periods of Bitcoin weakness or rising dividend obligations.\u00a0<\/p>\n
Saylor responded that critics who do not accept Bitcoin as \u201cdigital capital\u201d are unlikely to support financial products built around it.<\/p>\n
<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Michael Saylor has defended Strategy\u2019s ability to sell limited amounts of Bitcoin while continuing to expand its BTC treasury, arguing the company should avoid becoming a net seller rather than…<\/p>\n","protected":false},"author":1,"featured_media":393,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-28272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/28272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=28272"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/28272\/revisions"}],"predecessor-version":[{"id":28273,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/28272\/revisions\/28273"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/393"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=28272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=28272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=28272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}