Strategy (Nasdaq: MSTR) reported first-quarter 2026 results that drew fresh attention to whether the company could ever sell BTC. NYDIG, a bitcoin-focused financial services and research firm, said in a May 8 report that Strategy’s management acknowledged the possibility after the company reported a roughly $12.5 billion net loss tied mainly to bitcoin’s quarterly decline. Strategy holds 818,869 BTC, worth about $67 billion after its latest acquisition disclosure.

Bitcoin accumulation has remained the company’s central corporate strategy since adopting the bitcoin standard in August 2020. NYDIG described management’s willingness to consider selling BTC to fund dividends as part of broader capital optimization rather than a departure from Strategy’s long-term bitcoin approach. Preferred issuance programs, including STRC, are becoming more important within the company’s financing structure. Strategy’s CEO Phong Le said:

“We will probably sell some bitcoin to fund a dividend just to inoculate the market.”

Le had previously described selling bitcoin as a remote scenario tied to a severe and prolonged downturn. In a February interview, he said Strategy might revisit the question only if bitcoin fell to $8,000 for five years, while describing GAAP losses as noncash mark-to-market impacts.

Investors are now watching how Strategy manages BTC holdings alongside dividends, liquidity, and preferred obligations. Its dashboard showed 818,869 BTC, a $67.1 billion BTC reserve, a $2.25 billion USD reserve, and $1.49 billion in annual dividends. The same dashboard listed 18.1 months of USD dividend coverage and 45.1 years of BTC dividend coverage.

Preferred securities are becoming a larger part of Strategy’s capital structure, a shift NYDIG said increases the importance of liquidity management, dividend coverage, and market access alongside bitcoin accumulation. Investor focus is no longer limited to the company’s BTC holdings. Financing conditions and capital flexibility now play a larger role in how the stock is evaluated.

Another metric gaining attention is mNAV. Management indicated MSTR equity issuance becomes accretive to bitcoin per share only above about 1.22 times mNAV, rather than at parity. NYDIG tied that threshold to the size of the preferred equity stack and different dilution assumptions. The report stated:

“The key issue is less about which methodology is used and more about ensuring consistency across reported metrics and capital allocation frameworks.”

Future signals include whether Strategy sells BTC, how its USD Reserve changes, preferred dividend coverage, and the pace of new issuance. Those indicators could show whether the company remains primarily a bitcoin accumulator or evolves into a more active bitcoin-backed capital markets structure.

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