Headline: Michael Saylor says a MicroStrategy Bitcoin sale before year‑end is “not unlikely” MicroStrategy’s executive chairman Michael Saylor has softened his long‑standing “never sell” stance on the company’s Bitcoin stash, telling the Coin Stories podcast it’s “not unlikely” the firm could sell some BTC before year‑end. “It’s not unlikely that we’ll sell some Bitcoin between now and the end of the year,” Saylor said, arguing that any capital model confined to only equity, credit or Bitcoin “always underperforms.” The remark marks a notable shift from MicroStrategy’s prior public posture and echoes comments from its recent Q1 earnings call, where the company floated selling Bitcoin to fund dividends — a move Saylor said would “inoculate the market.” That earnings report followed a Q1 net loss of $12.54 billion. Saylor described MicroStrategy’s capital management as programmatic and data‑driven. The company tests liabilities against a mix of cash, equity, credit and Bitcoin when deciding capital moves. Key balance sheet facts he reiterated: - Bitcoin holdings: 818,334 BTC - Purchase cost: roughly $61.6 billion - Average purchase price: ~$75,527 per BTC On the structure of the firm’s funding, Saylor confirmed MicroStrategy does not plan to retire preferred instruments STRF, STRD and STRK, calling them useful components of the capital stack. Convertible bonds, by contrast, are senior liabilities the firm plans to retire over time. Saylor stressed that any potential sell-off would be modest relative to Bitcoin’s estimated daily market liquidity of $20–50 billion. He also suggested a possible asymmetric approach to dividend funding: if dividends were fully funded with BTC sales, MicroStrategy could roughly repurchase about 20 BTC for every 1 it sold. He reiterated the company’s three‑layer capital framework — Bitcoin as digital capital, STRC as digital credit, and MSTR as leveraged equity — and reiterated MicroStrategy’s seven‑year objective to maximize Bitcoin per share by 2033. Framed this way, Saylor said prospective 2026 sales would be strategic capital‑allocation choices, not a reversal of his long‑term conviction in Bitcoin. Read more AI-generated news on: undefined/news