Michael Saylor is back on the bid. The Strategy co-founder posted on Sunday that the company is preparing to resume Bitcoin purchases this week, signalling a return to the accumulation pattern that has defined the firm’s treasury strategy since 2020.
“Back to work, BTC,” Saylor wrote on X. The phrasing typically precedes a purchase announcement, often the following day. Strategy last bought on 27 April, adding 3,273 coins for roughly $255 million. Total holdings now sit at 818,334 BTC, worth about $61.8 billion at current levels.
Strategy signals Bitcoin buy after earnings pause
The company halted its buying streak ahead of its first quarter 2025 earnings call on Tuesday. During that call, Saylor said Strategy might periodically sell portions of its Bitcoin stack to fund dividend payments owed to holders of its corporate credit instruments. The comment appeared to break with the firm’s prior stance of never selling.
| Metric | Latest | Context |
|---|---|---|
| Total BTC held | 818,334 | As of 27 April purchase |
| Average cost per coin | $75,537 | Unrealised gain roughly 7.6% |
| Holdings value | ~$61.8bn | At time of publication |
| Last purchase | 3,273 BTC | 27 April, $255m outlay |
| Annual dividend obligations | ~$1.5bn | To credit instrument holders |
“We’ll probably sell some Bitcoin to fund a dividend, just to inoculate the market, just to send the message that we did it,” Saylor said on the call. That shift drew mixed reactions. Some holders of the credit instruments argued periodic sales could prove accretive over time, allowing Strategy to finance larger future purchases. Others worried the sales would introduce new supply pressure on the spot market.
CEO clarifies Bitcoin buy and sale policy
Strategy chief executive Phong Le walked back some of the concern. He told CNBC that the company would only sell Bitcoin in specific instances, primarily to pay dividend yields on its credit products or to defer tax liabilities. Neither the sales nor the purchases should materially affect the spot price, he said, given Bitcoin’s average daily trading volume exceeds $60 billion. The $1.5 billion in annual dividend payments is a rounding error against that flow.
“I don’t think we’re driving the price up or down,” Le said. Strategy holds roughly 4% of the total Bitcoin supply. The larger narrative in the digital asset community is that periodic sales give the company optionality and room to manoeuvre in credit markets without being locked into a one-way position forever.
Bitcoin advocate Samson Mow framed the shift as positive, noting that the ability to sell BTC when needed provides flexibility that pure holders do not have. Investor Adam Livingston argued the sales could ultimately allow Strategy to accumulate more coins by freeing up capital or avoiding forced liquidations under stress.
Market absorbs the shift
Social media commentary split. Some posts warned of a “doom loop” where Strategy sells Bitcoin to service credit obligations, suppressing the spot price and forcing further sales. That view assumes the company’s flow dominates the market, which the numbers do not support. Bitcoin’s daily volume dwarfs Strategy’s annual obligations by a factor of roughly 15.
The broader context is that Strategy has been the single largest corporate buyer of Bitcoin since 2020, accumulating through multiple cycles and across varying price environments. The firm’s treasury approach has drawn institutional attention to Bitcoin as a balance sheet asset, particularly among technology and finance firms exploring similar strategies.
Whether the periodic sales materialise as more than a theoretical option remains to be seen. Saylor’s Sunday post suggests the buying pattern is resuming first. The next purchase announcement typically follows within 24 hours of his “back to work” posts. The market will get its answer shortly.
This article is for information purposes only and does not constitute investment advice. Readers should not act on any information contained here without first consulting an authorised financial adviser. Past performance is not a reliable indicator of future results.
