Key Highlights
- On May 10, Michael Saylor shared “Back to work, BTC” on X, indicating Strategy is preparing for another Bitcoin acquisition
- The company halted purchases for one week surrounding its Q1 2026 earnings announcement on May 5
- During the Q1 call, Saylor revealed Strategy might occasionally sell minor BTC amounts for dividend funding — departing from the firm’s traditional hold-forever approach
- The company’s Bitcoin treasury stands at 818,334 BTC with an average purchase price of $75,537, valued at approximately $66.15 billion
- Phong Le, CEO, emphasized that any BTC sales would be minimal and incapable of influencing market dynamics, given Bitcoin’s daily trading volume exceeding $60 billion
Michael Saylor of Strategy seems poised to resume Bitcoin acquisitions. His May 10 post on X reading “Back to work, BTC” featured the company’s iconic “Orange Dots” visualization — a historically accurate indicator that precedes buying announcements.
Back to work. $BTC pic.twitter.com/HLbBv5Sbbx
— Michael Saylor (@saylor) May 10, 2026
Historical trends suggest a fresh acquisition announcement could arrive as soon as Monday, May 11.
The company’s seven-day purchasing hiatus coincided strategically with Strategy’s May 5 Q1 2026 earnings presentation. This quarterly report generated considerable discussion.
Saylor revealed during the presentation that Strategy would “probably sell some Bitcoin to fund a dividend, just to inoculate the market.” This statement marked a significant shift from the firm’s established never-sell philosophy regarding its BTC reserves.
Before implementing the pause, Strategy’s final acquisition occurred on April 27, adding 3,273 BTC for approximately $255 million at an average cost of $77,906 per token. This transaction elevated the total treasury to 818,334 BTC.
Currently, Strategy’s Bitcoin portfolio carries a market value near $66.15 billion, based on an average acquisition cost of $75,537 per BTC — representing approximately 7.6% unrealized gains.
Divided Opinions Within the Community
The announcement regarding dividend-funded sales elicited varying reactions across the Bitcoin ecosystem. Strategy shareholder Adam Livingston contended that strategic periodic sales could benefit the treasury over time by generating capital for additional BTC acquisitions.
Bitcoin proponent Samson Mow suggested that maintaining selling capability enhances Strategy’s maneuverability within capital markets.
However, critics voiced concerns. Some social media participants warned of a potential “doom loop” scenario, where selling BTC to satisfy credit instrument dividend requirements could negatively impact Bitcoin spot prices.
CEO Phong Le countered these concerns. In his CNBC interview, he stated that Strategy’s transaction activity lacks sufficient scale to materially influence Bitcoin pricing.
Leadership Dismisses Price Impact Concerns
Le highlighted that Bitcoin experiences daily trading volumes surpassing $60 billion. Strategy’s yearly dividend commitments related to credit instruments amount to roughly $1.5 billion — representing merely a small fraction of daily market activity.
“I don’t think we’re driving the price up or down,” Le stated.
He further explained that BTC liquidations would occur exclusively under two circumstances: satisfying dividend obligations and managing tax deferrals.
Prior to the earnings-related pause, Strategy generated approximately $82 million through an at-the-market MSTR stock sale. Though this capital could have financed around 1,000 BTC at prevailing rates, the company opted against making any purchase.
The April 27 acquisition of 3,273 BTC represented a notable deceleration from the $2.54 billion purchase executed on April 20. Strategy maintained consistent Bitcoin accumulation throughout April, though market observers had already detected the slowdown preceding the formal pause.
Strategy’s current holdings represent roughly 4% of Bitcoin’s total circulating supply.
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