Strategy Shifts Focus from Bitcoin to Cash as Dividend Payments Loom

Strategy, the company behind MicroStrategy Inc., has announced that it may sell more Bitcoin to pay dividends as its priorities shift towards cash. In a Q2 earnings call, CEO Phong Le stated that the company will now sell Bitcoin whenever management considers it 'advantageous', abandoning its previous policy of routing every dollar into BTC.

The decision comes after Strategy's executive chairman Michael Saylor admitted that the company had 'underestimated the value' of holding cash and became too focused on Bitcoin. With a large crypto reserve, Strategy could potentially sell up to $1.2 billion in Bitcoin to add to its dollar reserve or use for dividend payments, stock repurchases, or other purposes.

The company's approach will now be based on the price of Bitcoin relative to its 200-week moving average, with a bias towards dollars when BTC is trading far above that level. Saylor explained that this means investors should not expect 100% of proceeds from future capital raises to go into Bitcoin, but rather a 'ratio'.

Despite this shift in strategy, Strategy remains a net buyer of Bitcoin, having purchased 174,895 BTC and sold only 3,620 during the first seven months of 2026. The company has also rejected borrowing against its holdings for now due to concerns over counterparty risks and margin requirements.