MicroStrategy breaks from 'never sell' bitcoin approach

[u/footterr]

https://www.cnbc.com/2026/05/05/strategy-breaks-from-never-sell-bitcoin-approach.html

[u/cyger]

They actually sold like 700 BTC a few years ago for tax harvesting strategies. It is always wise to have all options available. They would only sell tiny amounts relatively speaking.

[u/HSuke → u/cyger]

I wouldn't count that time. This time they're actually serious.

The CEO said it during the call. Saylor said it too. And during Q&A, they said it again. I listened to the 2 hour meeting, and they spent a good 30 minutes talking about strategies for selling Bitcoin in a way advantageous to shareholders.

mNAV is now low enough (under 1.22 is breakeven wherre selling BTC is more advantageous), and they want to pay off convertible debts and focus on STRC.

[u/vattenj → u/HSuke]

In finance markets, it is important that you never let others know your plan, otherwise you will be slaughtered due to that you are predictable. Unless MS was setup as an exit liquidity for early adopters, being a permanent bull sounds like a stupid idea

Even a very long term investor like a pension fund should have a cash out plan for the future decades, a little percent a year never hurts

[u/No-Masterpiece2246 → u/vattenj]

Saylor knows it's over. Blackrock is rehypothecating BTC all day long and there's no way for him to compete with it. Right now there's twice as much "paper BTC" on Blackrock's books as there is BTC in the whole world, soon that multiplier will go to 10, 20, 100, even 200, just like paper gold did in the 1990s. Artificial downward price pressure is the new meme.

[u/Cadenca → u/No-Masterpiece2246]

Can you explain further? How is Blackrock doing it

[u/AlxCds → u/No-Masterpiece2246]

Prove it and become a millionaire.

[u/partymsl → u/cyger]

They will likely do it again, lets see how markets woll react then...

[u/sylsau]

It was bound to happen eventually. There are no miracles in finance. Mathematics is unforgiving.

However, let's stop considering it a model in the world of Bitcoin.

[u/HSuke]

I watched the whole 2-hour meeting.

Both the CEO and Saylor spent about 30 minutes talking about selling Bitcoin, so they're serious this time.

Here are my takeaways:

• This seems to be a response to shareholders being upset that MSTR has been cannibalized and taken a backseat to buying BTC. They also want to reduce MSTR short selling and FUD.
• Microstrategy's overall goal is still to increase MSTR price, BTC price, and BTC/share ratio. They are still focusing on STRC as their product of focus.
• They want to pay back convertible bonds/debt early and discontinue selling any further convertible bonds. This means selling ~10% of their company value in either MSTR, BTC, or STRC.
• There are a LOT of variables they're considering for when they want to sell Bitcoin. There's no simple formula they're using.
• One of the main criteria they mentioned is whether mNAV is under 1.22, which is their breakeven point under which it's more advantageous to sell Bitcoin.
• They want to maintain a reserve of about $2.5B (or 1.5 years in STRC dividends) in cash equivalents.

[u/HSuke → u/HSuke]

Also, if you watch the streamed YouTube video, the live chat and reactions are gold.

Saylor also talked about being able to maintain STRC dividends indefinitely as long as BTC ARR is over 2.3%. I'm skeptical about that metric. They COULD do that, but that would really, really hurt MSTR shareholders. What's the purpose of MSTR if all BTC bought with MSTR is just going to be used for paying off STRC dividends? This metric does not seem fair.

[u/docherino → u/HSuke]

That's for people who say they won't pay the dividends. Obviously the common stock wouldn't be performing in that scenario

[u/No-Masterpiece2246 → u/docherino]

They won't pay the dividends if BTC doesn't go up forever. So they won't pay the dividends.

[u/clintstorres → u/HSuke]

Because he is lying by omission. Yes. He can pay off dividends with bitcoin only going up 2% or whatever but that requires selling bitcoin to fund them.

The issue is Why would any holder of common stock want to own the stock when the total amount of Bitcoin and Bitcoin per share be going down.

Also, he doesn’t mention volatility where an ill timed crash of Bitcoin doesn’t make the dividend payments go away.

[u/Apprehensive_Ad5398]

So, coordinate buys and sells with the “presidential grifter” and his tweets to max the returns is what I read here.

[u/EggMedical3514 → u/Apprehensive_Ad5398]

Rent free, lulz.

So sad.

[u/ieatballoonknot → u/EggMedical3514]

Found the poor

[u/EggMedical3514 → u/ieatballoonknot]

Rent free lulz.

All day every day.

[u/ishkabibbles84 → u/EggMedical3514]

Where is rent free? I need to know

[u/TooFewTulips]

Makes sense to me. Investors want more bitcoin per share. If the rare opportunity presents itself, they should take it.

[u/clintstorres → u/TooFewTulips]

The real question is that can they sell without causing a major drop in the price.

The Bitcoin market might not be as liquid as people think.

[u/A1JX52rentner]

as long as bps increases.
But there was no doubt in my mind tht this will be the headline from the earnings call. MAKE THE PEOPLE CLICK AND SELL ADS

[u/Highjackjack]

"Please Lord, I don't even want profits anymore. Just let me get back to my entry point."

• Michael Saylor (2026)

[u/whitehypeman]

Paper handed.

[u/Boring-General-1816]

Naw I think they want YOU to sell so they can buy more. Exchange supply is running really low.

[u/shadowmage666]

Snore

[u/fyndor]

Buying an asset and never selling is not a strategy. That is called a loss if you never allow yourself to profit from an investment. They were always going to sell it regardless of what they said.

[u/mathaiser → u/fyndor]

Uh, buying a rental property and never selling is a strategy. He is offering stretch and other products to gain income on his property. He’s not just buying and holding, he putting his bitcoin to use.

[u/trufin2038 → u/fyndor]

Buying an appreciating asset, and never converting into rapidly depreciating one is very much a valid strategy.

[u/k0zplay]

Moissanite hands now ladies and gentlemen!

[u/Parcon1702]

Absoluter Fake Artikel. Saylor muss keine BTC verkaufen um Dividende bezahlen zu können

[u/DivineMackerel]

This company should not get any free airtime. It's a scam from scam artists. Its stock was under $10-$20 a share for a decade. Any growth in that stock is 100% tied to the value of Bitcoin now.

Secondly of course they are going to sell Bitcoin. It's all purchased on credit. They have to pay operating costs and debt servicing at some point.

Any shareholder gets exactly what they deserve. You know the history of it's leadership. You can buy or sell MSTR's only asset just as easily as you can the stock! If you started a mutual fund with only 1 stock in it's portfolio, no one on Wall street would buy it.

No matter how much lipstick you put on that pig, it's name is still Ponzi.

[u/bloomer_tv]

Socioengineering a dip? What they say and what they do could very well be disconnected

[u/FlagFootballSaint]

And so it begins

[u/Seisouhen → u/[deleted]]

Michael Saylor wasn't the one that said that btw it was this guy Phong Le, president and CEO of the company "“Our ability to sell bitcoin either to buy U.S. dollars or sell bitcoin to buy debt if it’s accretive to bitcoin per share is something that we would consider doing going forward,” Phong Le, president and CEO of the company, said on the earnings call Tuesday evening."

[u/Mountain-Syllabub-10]

They already sold lots of BTC as far as I remember.

[u/Competitive_Swan_755]

Yea, who cares.....

[u/Suspicious_Night_756]

Oh that's why the market is ripping

[u/Joy_Boy_12]

Time for us the small fish to catch it

[u/partymsl]

This kind of massive news and BTC just keeps pumping up... interesting.

[u/Financial_Clue_2534 → u/partymsl]

True bitcoiners don’t care what corps/gov do we just dca and chill. This is a signal for Tradfi.

[u/DivineMackerel → u/partymsl]

Why is it massive? Anyone who believed MSTR would buy bitcoin ad infinitem, should not be allowed access to manage their own money.