Key Takeaways
- Michael Saylor shared “Back to work, BTC” on X on May 10, suggesting Strategy is preparing for another Bitcoin acquisition
- The company implemented a one-week buying freeze surrounding its Q1 2026 earnings announcement on May 5
- During Q1 earnings, Saylor revealed Strategy might occasionally liquidate modest BTC amounts to support dividend payments — marking a departure from its historically rigid hold-only policy
- Strategy’s Bitcoin treasury stands at 818,334 BTC with an average purchase price of $75,537, valued at approximately $66.15 billion today
- CEO Phong Le emphasized any Bitcoin sales would be minimal relative to the market, noting Bitcoin’s daily trading volume exceeds $60 billion
Michael Saylor of Strategy has indicated the company is preparing to resume its Bitcoin acquisition strategy. On May 10, he shared a message on X reading “Back to work, BTC” accompanied by the company’s characteristic “Orange Dots” visualization — a proven indicator of forthcoming 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.
The company’s buying hiatus spanned seven days, strategically positioned around Strategy’s Q1 2026 earnings announcement on May 5. The earnings presentation generated considerable discussion in the crypto community.
Saylor revealed during the earnings call 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 historically unwavering commitment to holding all Bitcoin indefinitely.
Prior to the pause, Strategy’s last Bitcoin acquisition occurred on April 27, consisting of 3,273 BTC purchased for approximately $255 million at an average price point of $77,906 per Bitcoin. This transaction elevated the company’s total holdings to 818,334 BTC.
Currently, Strategy’s Bitcoin holdings are valued at roughly $66.15 billion, based on an average acquisition cost of $75,537 per Bitcoin — representing an approximately 7.6% unrealized gain.
Bitcoin Community Response Splits on Dividend Strategy
The announcement regarding dividend-funding Bitcoin sales generated divided reactions within the Bitcoin community. Strategy stakeholder Adam Livingston contended that strategic periodic sales could ultimately benefit the treasury strategy by providing capital for additional Bitcoin acquisitions.
Bitcoin proponent Samson Mow suggested that maintaining the option to sell provides Strategy with enhanced operational flexibility within capital markets.
However, critics voiced stronger concerns. Several social media commentators warned the approach might trigger a negative feedback cycle, where Bitcoin liquidations to service credit instrument dividends could exert downward pressure on spot market prices.
CEO Phong Le countered these concerns directly. In an interview with CNBC, he maintained that Strategy’s trading activity — whether buying or selling — lacks the scale to materially influence Bitcoin’s market price.
CEO Minimizes Concerns About Price Impact
Le highlighted that Bitcoin routinely processes over $60 billion in daily transaction volume. Strategy’s yearly dividend commitments related to its credit instruments total approximately $1.5 billion — representing just a small fraction of daily market activity.
“I don’t think we’re driving the price up or down,” Le stated.
He further specified that Bitcoin liquidations would occur exclusively under two circumstances: fulfilling dividend obligations and managing tax deferrals.
Strategy generated approximately $82 million through at-the-market sales of MSTR shares prior to the earnings-related pause. While this capital theoretically could have funded roughly 1,000 BTC at prevailing rates, the company opted to defer any purchases.
The April 27 acquisition of 3,273 BTC represented a substantial reduction from the $2.54 billion purchase executed on April 20. Strategy maintained consistent Bitcoin accumulation throughout April, though market observers had already detected the deceleration trend before the formal pause began.
Strategy’s current Bitcoin position represents approximately 4% of the entire circulating Bitcoin supply.
