Michael Saylor has a message for anyone worried that Strategy might be going soft on Bitcoin: for every coin sold, the company plans to scoop up 20 more.
The executive chairman laid out the math in a March 30 interview, explaining that even if Strategy (formerly MicroStrategy) sells portions of its massive Bitcoin treasury to fund shareholder dividends, net holdings would still grow.
The 20-to-1 playbook
Strategy isn’t abandoning its position as the world’s largest corporate Bitcoin holder. It’s layering on a dividend mechanism that happens to use Bitcoin as the funding source.
Saylor’s stated ratio of buying 20 BTC for every one sold means the company would need to dramatically outpace any liquidations with fresh accumulation.
As of November 2025, Strategy held 649,870 BTC, purchased for a total of roughly $48 billion.
On March 2, 2026, Strategy acquired 3,015 BTC for $204 million at an average price of $67,700 per coin. Earlier in the year, on January 26, it bought 2,932 BTC for $264 million at an average price of $90,061.
The January buy came at a significantly higher per-coin cost than the March acquisition, suggesting Strategy is willing to buy across a wide range of price levels rather than trying to time the market.
Why dividends backed by Bitcoin are a double-edged sword
The dividend angle introduces something new for a company that has essentially operated as a one-way Bitcoin accumulation machine since 2020. Paying dividends with proceeds from Bitcoin sales gives shareholders a tangible return, which could make the stock more attractive to a broader investor base.
Critics have flagged this concern: relying on Bitcoin for dividend funding works in a bull market, but in a bear market, it forces the company into selling coins at depressed prices to meet shareholder obligations.
Wall Street is cautiously on board
Cantor Fitzgerald maintained an overweight rating on MSTR stock with a price target of $229 as of December 2025, even as some firms were trimming price targets on MSTR due to broader market volatility.
The company’s average acquisition cost across its full 649,870 BTC position remains below current market prices. Strategy has been accumulating Bitcoin since 2020, when it began with a $425 million purchase that transformed a substantial portion of its cash reserves into the digital currency.
No Comment! Be the first one.