Saylor's Company Sells Bitcoin, Takes $102M Loss Amid Dividend Payments

Michael Saylor's company, Strategy, has broken its long-held policy of never selling Bitcoin. In 2026, it realized over $102 million in losses through sales below its average purchase price. This decision was driven by the need to meet $1.2 billion in annual dividend payments on preferred shares. The sharp decline in cash coverage and a stock price trading below net asset value also contributed to this move.

The company sold 1,690 Bitcoins for $108.6 million at an average price of $64,262, which is below its acquisition cost of $75,400 per Bitcoin. Despite these losses, Strategy still holds about 840,000 Bitcoins with $10.6 billion in unrealized losses.

The sustainability of this strategy depends on Bitcoin prices rising above the breakeven point to avoid further losses and dilution of shareholder value.