michaelsaylor

When #Strategy (MSTR), the largest publicly traded company holding bitcoin, first floated the idea of selling its bitcoin stash to fund its dividend obligations during its recent earnings call, it raised concerns among investors and the crypto community
'A big nothing burger': A Q&A with Strategy's Michael Saylor on selling bitcoin..
Michael Saylor sat down with host on selling bitcoin for dividends, retiring debt with STRC proceeds, and why critics who say Strategy buys the weekly top are missing the point.
When Strategy (MSTR), the largest publicly traded company holding bitcoin, first floated the idea of selling its bitcoin stash to fund its dividend obligations during its recent earnings call, it raised concerns among investors and the crypto community.
However, executive chairman Michael Saylor sat down with CoinDesk senior analyst James Van Straten at Consensus in Miami to explain, in his view, why the announcement was "inconsequential."
As the firm expands from a bitcoin treasury company into a full-spectrum capital markets operation, in a wide-ranging conversation with CoinDesk, Saylor discussed the company's potential sale of bitcoin to fund dividends, the mechanics of its preferred stock (called Stretch or STRC), and what critics get wrong about its trading strategy.
This interview has been edited for brevity and clarity. This is the first part of a series of stories from CoinDesk's interview with Michael Saylor
Host : Your earnings call revealed that Strategy could sell bitcoin to fund its dividends. That spooked some investors. How significant is it actually?
Michael Saylor: It's a big nothing burger from an economic point of view. If we were to fund all of our dividends exclusively by selling bitcoin over the next year, we would buy 20 bitcoin for every one we sold. So it's no different than buying 20 bitcoin and selling no bitcoin. And then from a market point of view, bitcoin has somewhere between $20 and $50 billion of liquidity today. If we were to fund all of our dividends with bitcoin, you would be talking about maybe $3 million; it's immeasurable. It's really inconsequential.
Host: So, how do you actually decide between buying bitcoin, retiring debt, or buying back your own stock?
Saylor: We use two metrics. The first is BTC yield. What's the benefit to the common equity shareholder? If there's no yield, it's equity neutral. If there's a negative yield, it's dilutive. If there's a positive yield, it's accretive. The second metric is credit: what is the impact on the balance sheet? Does it create more risk?
For example, if we used all of our dollars to buy back stock, it would be equity-positive, it would create yield, but it would be credit-negative. The market price of bitcoin, of all our credit instruments, of all our bonds, is changing every day. Day to day, we adjust our capital markets activity to take advantage of yield opportunities and to meet our liabilities.
We prioritize trades that create more bitcoin per share. If we can create 10x more bitcoin per share doing one trade versus another, we'd prioritize that first.
Host: Bitcoin is currently around 36%-37% off its all-time high. Is this a good time to sell high-cost-basis Bitcoin and capture that tax credit?
Saylor: We have the option to capture up to $2.2 billion in tax credit. The value of that credit is changing every day, every minute. We also have the option to calculate the mispricing of the convertible bonds: there's a massive yield in that. We also have the option to capture bitcoin in a trade. We make that decision week by week, day by day.
Everything we do precludes us from doing something else. So we always have to consider if this is equity-positive, but credit-negative? Maybe it's screaming good for the equity, makes us $500 million, but it's a little bit bad for the credit. If the credit is super strong, I would do something equity-positive and slightly credit-negative. If the credit is super weak, we wouldn't.
We're not going to telegraph exactly when or whether we do it. But the optionality is there, and it's one of the more interesting trades on the table right now.
Host: Critics on X (formerly Twitter) say you always buy the weekly high on bitcoin. What's actually happening?

Saylor: That's an ignorant criticism. What's going on is that when we're buying bitcoin with an equity swap, it's because the equity rallied and there's a massive equity premium. When bitcoin surges, the equity surges, the premium expands, and it actually becomes more profitable for us to swap. We're swapping a share of MSTR for a share of BTC when the premium expands, and that's when bitcoin rallies.
In a week of 168 hours, there might be three hours during which the market has rallied, and we might raise $250 million of swaps in those three hours. So yes, we're picking the top of the bitcoin market, but we're also picking the top of the equity capital market and swapping the two of them — and we're generating a much larger gain. We're making money for our shareholders risk-free by doing these swaps.
You have to look at it on a full monthly cycles. We sold $3.2 billion in a couple of weeks on an instrument with a basis of around $5 billion. So we expanded the supply by a huge factor. It doesn't surprise me that it takes a while for the market to digest that. Some of that was certainly people buying a billion to clip a 90-cent dividend and then selling back.

#MichaelSaylor #BTC走势分析 #Write2Earn
$BTC
$BNB

Die Strategie, geleitet von Michael Saylor, hat offiziell den Bitcoin-Kauf wieder aufgenommen, nachdem die Käufe während des Q1 2026 Earnings-Period kurz pausiert wurden. Dieser Schritt gibt den Krypto-Investoren die Sicherheit, dass das Unternehmen trotz der jüngsten Diskussionen über mögliche Verkäufe kleiner BTC-Mengen zur Erfüllung von Dividendenverpflichtungen stark bullish auf Bitcoin bleibt.
DAS PASSIERT JETZT:
👉🏾Die Strategie hat zwischen dem 4. und 10. Mai 535 BTC gekauft.
👉🏾Der Kauf war etwa 43 Millionen Dollar wert.
👉🏾Durchschnittlicher Kaufpreis: rund 80.340 Dollar pro BTC.

In letzter Zeit gibt es viele Diskussionen im Markt über Michael Saylor / die Strategie, möglicherweise einen Teil von BTC zu verkaufen, aber man sollte sich nicht nur auf die Schlagzeile verlassen.
Im Kontext des Videos von der Bonnie-Blockchain geht es nicht darum, dass "Saylor sich selbst ins Gesicht schlägt und nicht mehr HODL", sondern dass MSTR in Wirklichkeit nicht mehr nur ein BTC-Holding-Unternehmen ist, sondern eine Kapitalmarktmachine, die BTC, Aktien, Vorzugsaktien und Kreditinstrumente bündelt und zusammenführt.
Worauf es wirklich ankommt, sind nicht die Fragen "Verkauft er BTC oder nicht?", sondern drei entscheidende Punkte:
Erstens, ist MSTR ein Netto-Verkäufer von BTC?
Wenn das Unternehmen eine kleine Menge BTC verkauft, um die STRC-Dividende aufrechtzuerhalten und stabile Kreditinstrumente zu sichern, und dann letztendlich durch Fremdfinanzierung mehr BTC zurückkauft, dann ist das nicht gleichbedeutend mit dem traditionellen Konzept des "Shortens".