Michael Saylor, Chairman of the US-based digital asset investment firm Strategy, has made headlines with a significant announcement. The company is evaluating the possibility of selling some of its Bitcoin holdings before the end of the year, citing this as part of its broader capital management strategy.
Flexible roadmap for capital management
During a Q&A session with individual investors, Saylor stressed that Strategy takes a comprehensive approach to managing its capital resources. Instead of relying on a single source of financing, the company weighs multiple options—cash, equity, debt, and, if necessary, the sale of Bitcoin. He revealed that the company’s average acquisition cost per Bitcoin ranges from $10,000 to as high as $125,000, and suggested that higher-cost coins could be sold depending on market dynamics.
“Everything is shaped by market conditions, financial obligations, and available data. We have the flexibility to act according to the situation, but our main focus is always increasing our Bitcoin holdings per share and growing the company’s overall value,” Michael Saylor explained during the session.
The company’s long-term strategy centers on steadily raising both the value per Bitcoin and its total asset base. Still, Saylor emphasized that maintaining flexibility in the short term—including readiness to sell Bitcoin in response to market changes—is a hallmark of their management approach.
Discussing dividends, Saylor stated that potential Bitcoin sales would not affect the company’s dividend payouts from a tax perspective, as these dividends are expected to be classified as “return of capital.”
Mini glossary: Michael Saylor is the founder and chairman of Strategy. The company has stood out among institutional investors for its large-scale Bitcoin acquisitions.
STRC dividend changes and effects on other products
Addressing top investor questions, company executives discussed their collateralized credit product STRC. Saylor noted their objective is to keep STRC trading above $100 and announced work is underway to move from monthly to twice-monthly dividend payments for STRC, subject to shareholder approval.
The company also aims to bolster STRC’s performance through enhanced USD reserves and increased dividends. In addition, it has improved its balance sheet by buying back selected priority debts.
Strategy’s current suite of credit products includes STRF, STRD, and STRK. While investors have wondered whether these securities might also be called in, executives clarified there are no plans to withdraw any of these products from the market. The company’s convertible bonds, they said, remain part of Strategy’s long-term debt structure and are expected to be retired over time.
CEO Phong Le highlighted, “Our main priority is to make STRC more stable and robust. For now, no changes are planned for other products,” underlining the company’s focus on STRC.
In a separate interview with CNBC, Michael Saylor repeated his forecast that Bitcoin could reach $1 million in the long term, fueled by growing institutional demand and broader acceptance of digital credit products.
Overall, Strategy remains committed to the long-term growth of its Bitcoin returns and digital credit offering portfolio. Company leaders continue to provide regular updates to investors regarding Strategy’s evolving business model.
