Strategy Inc. (NASDAQ:MSTR) Executive Chairman Michael Saylor says the company could sell small amounts of Bitcoin (CRYPTO: BTC) to manage liquidity and fund dividends, while still aggressively expanding its holdings.

Saylor Defends Strategy's Selling

Speaking at Consensus 2026, Saylor pushed back against criticism surrounding Strategy's new "digital credit" products and clarified that the company's long-term Bitcoin strategy remains unchanged.

"We might sell 20 basis points of Bitcoin in a month," Saylor said. "We'd probably buy 5x or 10x that much in the same month."

Strategy is willing to actively use its Bitcoin treasury as a liquidity tool, not just a passive reserve asset.

Saylor said the company's entire 818,000 Bitcoin stack remains unencumbered and available if needed.

According to Saylor, signaling that Strategy could sell Bitcoin is important for credit markets and rating agencies.

"If the market thought we would never sell it, the credit rating agencies would say, ‘Well, then I guess it's not an asset,'" he said.

Strategy's New Playbook

Saylor described Strategy's evolving model as "selling credit to buy capital." The company has been issuing preferred equity and yield-focused products tied to Bitcoin exposure, including (NASDAQ:STRC), which Saylor said currently offers roughly 11.5% yield.

The pitch:

  • Use credit markets to raise capital
  • Buy Bitcoin with the proceeds
  • Capture Bitcoin appreciation over time
  • Use a portion of gains to support dividend payments

Saylor argued the structure is heavily overcollateralized and only requires Bitcoin to appreciate around 2.3% annually over the long term to sustain the dividend model.

"Buying The Top Forever"

Despite opening the door to selective Bitcoin sales, Saylor doubled down on his ultra-bullish long-term outlook.

"I'm buying the top forever," he said. "I'm happy to buy at $60,000… $500,000… $1 million… $16 million."

Saylor framed Strategy's role as "powering up the network" by consistently absorbing Bitcoin supply through market cycles.

According to Saylor, the long-term vision is simple: Bitcoin becomes digital capital, digital credit becomes the bridge and yield products bring institutional and retail money into crypto at scale.

"We're merging the two hemispheres of the industry — crypto and Bitcoin," Saylor said.

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