CM
CM|May 10, 2026 04:07
Saylor has started managing expectations, gradually getting the market to accept the idea of selling Bitcoin. He emphasized his often-repeated phrase, 'Never sell your Bitcoin,' but a more accurate way to put it is 'Never be a net seller,' meaning never be in a position where selling exceeds buying. Simply put, always ensure that purchases outweigh sales. In the video, he mentioned a key figure: as long as STRC's annual issuance reaches 2.3% of their Bitcoin holdings, the company will always remain a net buyer. Currently, the issuance rate is far higher than this (estimated at 15-20% annually), so every month and every quarter, they will continue to be net buyers of bitcoin:native. It’s like those math problems we did as kids: imagine a pool with both an inflow and an outflow pipe. As long as the inflow rate is always greater than the outflow rate, the pool will never run dry. The 2.3% figure, roughly calculated, is based on their current Bitcoin holdings (around 818,000 BTC) and STRC's issuance rate. If all dividends were paid by selling BTC, they would need to sell BTC equivalent to 2.3% of their holdings annually. This figure represents a balance point: if STRC's issuance exceeds this balance point, the number of newly purchased BTC will be greater than the BTC sold to pay dividends. If this trend continues, MicroStrategy can maintain its position as a perpetual net buyer. Of course, reality might not be this extreme, as Saylor has other ways to pay dividends. However, moving forward, the market should keep an eye on STRC's issuance rate.
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