I found the full interview video with @saylor and added Chinese subtitles. Michael explains why he would choose to sell $BTC.
This matter actually starts with $STRC. STRC is one of the core financing tools for $MSTR, essentially a perpetual preferred stock. The current annual dividend yield is 11.5%, paying $0.9583 per share each month, with the goal of keeping STRC fluctuating around a par value of $100.
As of May 3, 2026, MSTR has raised $5.58 billion this year through STRC, achieving a scale of $8.5 billion within 9 months. The total financing amount for the company this year is $11.68 billion, with BTC holdings reaching 818,334 coins, a 22% increase year-to-date.
Assuming an annual pressure of $1.5 billion in dividends and interest, if BTC is calculated at $80,000, to cover this entirely by selling BTC, approximately the following amount would need to be sold:
$1.5 billion ÷ $80,000 = 18,750 BTC
18,750 BTC constitutes 2.29% of the current 818,334 BTC holdings of Strategy, calculated as 18,750 ÷ 818,334.
This means that even if all $1.5 billion in cash expenses were covered by selling BTC, only about 2.3% of the total holdings would be sold.
On the other hand, as of May 3, this year, MSTR's BTC holdings have already increased by 22%. Backtracking from 818,334 BTC, there were approximately 671,000 BTC at the beginning of the year, which means a net increase of about 147,000 BTC so far this year.
This implies that if Michael says to sell 18,750 BTC but buys 150,000 BTC throughout the year, MSTR would still be a net buyer, not a net seller.
In simpler terms:
If MSTR sells 10,000 BTC to pay STRC dividends, but in the same year buys 100,000 BTC through STRC, MSTR, and other preferred stocks financing, it is not reducing BTC holdings, but net increasing by 90,000 BTC.
Therefore, overall, Michael's thought process is that for every BTC sold, more BTC can be bought back in return.
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