TLDR
- On May 10, Michael Saylor tweeted “Back to work, BTC” on X, indicating an upcoming Bitcoin acquisition
- The company halted purchases for one week surrounding its May 5 Q1 2026 earnings announcement
- During the earnings call, Saylor revealed Strategy might occasionally liquidate small BTC amounts for dividend payments — departing from its historic hold-forever approach
- The firm owns 818,334 BTC acquired at an average price of $75,537, valued at approximately $66.15 billion today
- CEO Phong Le emphasized that any BTC sales would be minimal and insignificant relative to Bitcoin’s daily trading volume exceeding $60 billion
Michael Saylor of Strategy is apparently preparing to resume Bitcoin accumulation. On Sunday, May 10, he shared a post on X stating “Back to work, BTC” accompanied by the company’s characteristic “Orange Dots” visualization — a pattern that has historically preceded Bitcoin purchase announcements.
Back to work. $BTC pic.twitter.com/HLbBv5Sbbx
— Michael Saylor (@saylor) May 10, 2026
Historical trends suggest an official acquisition announcement could arrive as soon as Monday, May 11.
This buying hiatus spanned one week, strategically positioned around Strategy’s Q1 2026 earnings announcement on May 5. That particular earnings discussion generated considerable attention.
Saylor revealed during the earnings session 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 Bitcoin philosophy.
Before pausing, Strategy’s latest acquisition occurred on April 27, purchasing 3,273 BTC for approximately $255 million at an average cost of $77,906 per Bitcoin. This transaction elevated total reserves to 818,334 BTC.
Currently, Strategy’s Bitcoin treasury stands at roughly $66.15 billion in value, based on an average acquisition cost of $75,537 per BTC — representing approximately 7.6% unrealized gains.
Divided Response From the Community
The announcement regarding dividend-related BTC sales generated varied reactions across the Bitcoin ecosystem. Strategy shareholder Adam Livingston contended that strategic sales could benefit the treasury over time by generating capital for subsequent Bitcoin acquisitions.
Bitcoin proponent Samson Mow suggested that selling capability provides Strategy with enhanced operational flexibility in capital markets.
However, criticism emerged from other quarters. Certain social media voices expressed concern about a potential “doom loop” scenario, where Bitcoin sales to cover credit instrument dividends could negatively impact spot market prices.
CEO Phong Le rejected this interpretation. In a CNBC interview, he asserted that Strategy’s trading activity has negligible influence on Bitcoin’s market price.
Leadership Minimizes Price Impact Concerns
Le highlighted that Bitcoin transactions exceed $60 billion daily. Strategy’s annual dividend commitments related to credit instruments total approximately $1.5 billion — representing only a small percentage of daily market activity.
“I don’t think we’re driving the price up or down,” Le stated.
He further explained that Bitcoin sales would only occur under limited circumstances: satisfying dividend obligations and managing tax deferrals.
Strategy generated roughly $82 million through an MSTR at-the-market equity offering prior to the earnings-related pause. At prevailing prices, this capital could have secured approximately 1,000 BTC, yet no purchase materialized.
The latest acquisition — the April 27 purchase of 3,273 BTC — represented a notable reduction from the $2.54 billion transaction executed on April 20. Strategy maintained consistent Bitcoin accumulation throughout April, though market observers had already detected the slowdown before the official pause.
Strategy’s current holdings represent roughly 4% of Bitcoin’s total circulating supply.
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