Strategy May Favor Dollars Over Bitcoin in Bid to Pay Dividends

Strategy, the parent company of MicroStrategy Inc., may sell more Bitcoin to pay dividends as it prioritizes holding cash. The decision was made after Strategy's executives realized they had 'underestimated the value' of U.S. dollars and became too focused on accumulating BTC.

During the Q2 earnings call, Phong Le, Strategy's president and CEO, stated that the company may sell Bitcoin whenever management considers it 'advantageous', and investors should expect this to happen going forward. This change in strategy could potentially add $1.2 billion to Strategy's dollar reserve or fund up to $2 billion in repurchases of its common stock.

Michael Saylor, Strategy's executive chairman, emphasized that the company had become too focused on accumulating BTC and underestimated the importance of holding cash. He explained that they would adjust their split based partly on Bitcoin's price relative to its 200-week moving average. If the price is far above this level, they may favor dollars over BTC.

Despite this change in strategy, Strategy remains a net buyer of Bitcoin, having bought 174,895 BTC and sold 3,620 BTC during the first seven months of 2026, with purchases exceeding sales by about 48 times.