An important ideological and operational shift is beginning to take shape in the Strategy ecosystem as Michael Saylor, whose name for years was synonymous with the “HODL forever” slogan, has now pivoted to a more pragmatic formula he made public via a new X post – “Buy more Bitcoin than you sell”.
This U-turn marks a transition toward a more flexible capital management model amid Saylor’s market-shaking statement that Strategy may begin selling BTC to pay dividends on its preferred shares made during the Q1 2026 earnings call earlier this week.
Strategy’s “money printer” hits the reality of $100 parity
Not only did the company report a net loss of $12.54 billion, or $38.25 per share, due to the decline in the value of its Bitcoin holdings, but the situation is also being complicated by a temporary breakdown in the company’s “money printer” – STRC. Since April 15, the preferred share issuance mechanism has stopped funding Bitcoin purchases after the securities fell below their $100 parity value.
To avoid halting expansion in April, Saylor had to pivot toward selling common MSTR shares through the company’s ATM program. However, there were no Bitcoin purchases at all over the past week.
Adding fuel to the fire, Strategy CEO Phong Le published 6 new capital management principles, with the final point officially permitting the company to “sell BTC when it is beneficial for the business”.
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Despite the rhetorical shift, Saylor continues his media offensive, calling the Strategy model “the most important chart in finance”. He positions the company as a machine that converts digital capital (BTC) into digital credit (STRC) and equity capital (MSTR), and it seems like the strategy is no longer about buying forever, but about using Bitcoin efficiently to support the company’s credit and equity structure.
In this context, the “Buy more than you sell” formula appears to be an attempt to preserve Saylor’s status as Bitcoin’s leading optimist while simultaneously reassuring regulators and shareholders expecting dividends during a period of financial turbulence.
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