MicroStrategy has resumed its Bitcoin acquisition strategy, purchasing 535 BTC for approximately $43 million between May 4 and May 10. Chairman Michael Saylor clarified his famous “never sell” mantra, stating the firm’s actual goal is to “never be a net seller” of the digital asset. The company is considering tapping its Bitcoin holdings to fund dividend obligations for its STRC perpetual preferred stock program.
MicroStrategy has returned to the Bitcoin market, acquiring 535 BTC at an average price of $80,340 per coin. The move, disclosed in a Monday SEC filing, brings the firm’s total treasury to 818,869 BTC, valued at approximately $62 billion. This resumption of buying activity follows a brief pause and a period of market uncertainty sparked by comments regarding potential sales to manage corporate liquidity. During the company’s recent earnings call and subsequent media appearances, Michael Saylor addressed the “internet explosion” that occurred after he suggested the firm might sell portions of its stash. Saylor refined his long-standing “never sell” position, explaining that while the firm might sell assets to meet specific financial obligations, the priority remains net accumulation. He noted that even if the company sells one bitcoin, the intention is to buy “10 to 20” more in the same period to ensure the treasury continues to grow annually. The strategic shift involves using Bitcoin to fund dividends for STRC, MicroStrategy’s liquid perpetual preferred stock. The dividend obligation currently sits at approximately $1.5 billion annually. CEO Phong Le echoed this sentiment, suggesting the company would prioritize “math over ideology” when deciding whether to sell Bitcoin or issue new equity to cover these costs. Le stated that the decision would rest on which method is more accretive to Bitcoin-per-share metrics for common shareholders. “You don’t want to be a net seller of bitcoin because bitcoin is capital. You want to end every year with more bitcoin than you started the year,” Saylor said during a weekend podcast interview. Despite a challenging first quarter that saw MicroStrategy report a $12.5 billion net loss due to a $14.5 billion unrealized impairment on its digital assets, the firm continues to lean into its identity as a Bitcoin treasury company. The latest acquisition was primarily funded through the sale of Class A common stock, reinforcing the company’s commitment to using its capital market reach to expand its digital asset holdings even as it introduces more flexible liquidity management. Disclaimer: This article is for informational purposes only and does not constitute advice of any kind. Readers should conduct their own research before making any decisions.
