Key Takeaways
- Michael Saylor shared “Back to work, BTC” on X on May 10, indicating Strategy plans to acquire more Bitcoin shortly
- The company temporarily halted purchases for one week surrounding its Q1 2026 earnings announcement on May 5
- During Q1 earnings, Saylor revealed Strategy might occasionally liquidate modest BTC amounts to cover dividend obligations — representing a departure from the firm’s historical hold-forever approach
- Strategy’s Bitcoin treasury stands at 818,334 BTC acquired at an average price of $75,537, valued at approximately $66.15 billion
- CEO Phong Le emphasized any BTC liquidations would be minimal relative to Bitcoin’s $60B+ daily trading activity, causing negligible market impact
Michael Saylor at Strategy has signaled the company will resume accumulating Bitcoin. His May 10 post on X reading “Back to work, BTC” came with the firm’s characteristic “Orange Dots” visualization — a pattern historically followed by acquisition announcements.
Back to work. $BTC pic.twitter.com/HLbBv5Sbbx
— Michael Saylor (@saylor) May 10, 2026
Historical trends suggest Strategy could announce a fresh Bitcoin purchase by Monday, May 11.
The company’s buying activity stopped for approximately one week, coinciding with Strategy’s Q1 2026 earnings report delivered on May 5. The earnings call generated considerable discussion within the crypto community.
Saylor indicated during the presentation that Strategy would “probably sell some Bitcoin to fund a dividend, just to inoculate the market.” This statement marked a shift from the firm’s established practice of maintaining all BTC acquisitions indefinitely.
Before entering this brief hiatus, Strategy completed a Bitcoin purchase on April 27, acquiring 3,273 BTC for approximately $255 million at $77,906 per coin. This transaction elevated the company’s total position to 818,334 BTC.
Strategy’s current Bitcoin holdings carry a market value around $66.15 billion based on current prices, representing a gain of roughly 7.6% above the company’s average acquisition cost of $75,537 per BTC.
Divergent Perspectives From the Bitcoin Community
The announcement regarding potential dividend-related sales generated varied responses across the Bitcoin ecosystem. Strategy investor Adam Livingston suggested periodic sales could strengthen the company’s treasury management, providing capital for subsequent Bitcoin acquisitions.
Bitcoin proponent Samson Mow highlighted that maintaining the option to sell enhances Strategy’s maneuverability within traditional financial markets.
Alternative viewpoints emerged from other community members. Certain observers expressed concerns about a potential negative feedback mechanism, where selling BTC to satisfy credit instrument dividend requirements could apply downward pressure on Bitcoin market prices.
CEO Phong Le addressed these concerns directly, telling CNBC that Strategy’s trading operations have minimal influence on Bitcoin’s overall price action.
Leadership Addresses Scale Concerns
Le highlighted that Bitcoin experiences daily trading volumes exceeding $60 billion. Strategy’s yearly dividend commitments related to credit instruments amount to roughly $1.5 billion — representing a small fraction of daily market activity.
“I don’t think we’re driving the price up or down,” Le stated.
Le further specified that Bitcoin sales would occur exclusively under particular circumstances: satisfying dividend distributions and managing tax obligations.
Strategy generated approximately $82 million through an at-the-market MSTR equity offering prior to the earnings-related buying pause. That capital could have funded an acquisition of around 1,000 BTC at prevailing prices, though the company chose to delay any purchase.
The April 27 acquisition of 3,273 BTC represented a significant reduction from the $2.54 billion purchase executed on April 20. Strategy maintained aggressive Bitcoin accumulation throughout April, with market observers noting the deceleration pattern before the formal pause began.
Strategy’s Bitcoin treasury represents roughly 4% of the total circulating Bitcoin supply.
