Strategy Selling Bitcoin to ‘Inoculate the Market’ – Did BTC React?

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Michael Saylor has shifted positions. For the first time in its Bitcoin-holding history, Strategy is pondering selling BTC.  

During Strategy’s Q1 earnings call on May 5, Michael Saylor made a surprising announcement, contradicting the company’s previously expressed position that it wouldn’t sell its coins. The executive chairman said Strategy could indeed sell BTC, the reason being to ‘immunize’ the market so it would go through that event more easily.

More specifically, he said:

“We’ll probably sell some Bitcoin to fund a dividend, just to inoculate the market, just to send the message that we did it.”

This, he argues, will prevent a sudden panic among market participants, as they’ll see that, despite the sale, “the company’s fine, the Bitcoin’s fine, the industry’s fine. The world didn’t come to an end.”

Then on Wednesday, Saylor tweeted that “BTC capital gains fund STRC credit dividends.”

Strategy holds heavy influence over the market. It has accumulated 818,334 BTC between August 2020 and the time of writing, becoming the largest Bitcoin treasury company. According to BitcoinTreasuries, the average price per coin the company holds is now $75,532, with a 3% profit at this point in time.

Bitcoin didn’t react to the news

BTC remained pretty steady. It made no major moves around the Strategy announcement time, regardless of the choppy trading day, holding above $81,000. It’s only around noon UTC on Wednesday that it saw an additional jump over $82,000 and to $82,751.

The announcement came after Strategy skipped the weekly BTC purchase, only for the second time this year, and after the earnings report for the year’s first quarter.

The report showed a $12.54 billion net loss, compared to a net loss of $4.22 billion in Q1 2025. This was largely the result of unrealized losses on the company’s BTC holdings, given the coin’s decrease in price during the January-March period.

Strategy also reported the total revenues of $124.3 million, compared to $111.1 million for the first quarter of last year, which is a 11.9% increase year-over-year.

“We pursue financial innovation strategies designed to generate value from our bitcoin holdings, including developing and issuing novel fixed-income instruments that provide investors varying degrees of economic exposure to bitcoin,” the report concluded.