TLDR
- Michael Saylor posted “Back to work, BTC” on X May 10, signaling a new Bitcoin purchase is imminent
- Strategy paused buying for one week ahead of its Q1 2026 earnings call on May 5
- At Q1 earnings, Saylor said the company may periodically sell small amounts of BTC to fund dividends — a shift from its previous never-sell stance
- Strategy holds 818,334 BTC at an average cost of $75,537, currently worth ~$66.15 billion
- CEO Phong Le said BTC sales would be small and wouldn’t move the market, citing Bitcoin’s $60B+ daily trading volume
Strategy’s Michael Saylor appears ready to start buying Bitcoin again. On Sunday, May 10, he posted “Back to work, BTC” on X alongside the company’s signature “Orange Dots” chart — a signal that has reliably preceded a purchase announcement.
Back to work. $BTC pic.twitter.com/HLbBv5Sbbx
— Michael Saylor (@saylor) May 10, 2026
Based on past patterns, a new acquisition could be disclosed as early as Monday, May 11.
The pause in buying lasted one week, timed around Strategy’s Q1 2026 earnings call on May 5. That earnings call raised a few eyebrows.
During the call, Saylor said Strategy would “probably sell some Bitcoin to fund a dividend, just to inoculate the market.” That was a notable departure from the company’s long-standing position of never selling its BTC holdings.
Strategy’s most recent purchase before the pause came on April 27, when it bought 3,273 BTC for roughly $255 million at an average price of $77,906 per coin. That brought total holdings to 818,334 BTC.
At the time of writing, Strategy’s Bitcoin stash is worth approximately $66.15 billion, with an average cost basis of $75,537 per BTC — putting the position up about 7.6%.
Community Reaction Was Mixed
Not everyone in the Bitcoin community reacted the same way to the dividend-sale plan. Strategy investor Adam Livingston argued that periodic sales would actually be good for the treasury long-term, helping finance future BTC purchases.
Bitcoin advocate Samson Mow said the ability to sell gives Strategy more flexibility in financial markets.
Others pushed back harder. Some on social media argued the model could create a “doom loop,” where BTC sales to fund credit instrument dividends put downward pressure on spot Bitcoin prices.
CEO Phong Le pushed back on that framing. He told CNBC that Strategy’s buying and selling activity doesn’t meaningfully move Bitcoin’s price.
CEO Downplays Market Impact
Le pointed out that Bitcoin sees more than $60 billion in daily trading volume. Strategy’s annual dividend obligations tied to its credit products total around $1.5 billion — a fraction of that daily volume.
“I don’t think we’re driving the price up or down,” Le said.
He also clarified that any BTC sales would only happen in specific cases: covering dividend payments and deferring taxes.
Strategy raised about $82 million through an MSTR at-the-market stock offering before the earnings pause. At the time, that sum could have covered roughly 1,000 BTC, but the company held off on any purchase.
The most recent acquisition — the 3,273 BTC buy on April 27 — was itself a sharp slowdown from the $2.54 billion purchase made on April 20. Strategy has been consistently stacking Bitcoin throughout April, and the market had already begun to notice the deceleration before the pause.
Strategy currently holds approximately 4% of the total Bitcoin supply in circulation.
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