For years, Michael Saylor and his company, Strategy, were known for a mantra that virtually became their identity: never sell Bitcoin. Now, that mantra has cracked. Strategy - the world’s largest corporate Bitcoin holder - has just offloaded 3,588 Bitcoin worth approximately Rp3.5 trillion, a move that not long ago was nearly unimaginable.
What is even more intriguing is not just the fact itself, but the reason behind it. This sale was not intended to scoop up more Bitcoin at lower prices, but rather to plug a widening hole in the company’s financial structure.
Mounting Dividend Pressure
Strategy used the sale proceeds to pay dividends to investors of its flagship preferred stock product, Stretch, also known as STRC. The problem is that STRC has recently slipped: its price dropped below the $100 par value, tumbling under $75 last month. That decline sparked concerns that the company’s dividend model is no longer sustainable without fresh cash injections.
Here lies the irony. A company that built its entire reputation on relentlessly accumulating Bitcoin must now sell a portion of those assets precisely to honor payout commitments to its shareholders. Interestingly, the market did not punish this move - Strategy’s shares actually rose after the sale was announced.
Not Just Strategy
Strategy’s move is not an isolated incident. Around the same week, Empery Digital - another Bitcoin treasury firm - offloaded nearly half of its Bitcoin holdings to fund artificial intelligence data center projects and pay off debt. A similar pattern is emerging: conviction in corporate Bitcoin accumulation strategies is waning, with some capital pivoting toward AI.
This phenomenon comes as Bitcoin trades around $63,000, roughly 50% below its all-time high of $126,080 reached in October 2025. Prolonged price pressure has forced companies that once bought aggressively to think twice.
This shift exposes a truth often forgotten during periods of euphoria: Bitcoin-accumulating firms are still companies, with debt, dividends, and obligations that must be paid in dollars - not in conviction. When prices are favorable, accumulating looks like genius. When the market turns, the bills still arrive, and even the staunchest believers may be forced to open the vault.
Reported by Cointelegraph.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
