The largest corporate holder $BTC company Strategy reported a loss of $12.5 billion for Q1 2026. Founder Michael Saylor hinted that the company might liquidate some of its Bitcoin stash from reserves to cover dividend payouts.

On May 5, Strategy announced that for the first three months of the year, it recorded a net loss of $12.54 billion. Meanwhile, the unrealized losses from the company's digital assets amounted to $14.46 billion.

Strategy is forming a reserve $BTC , raising funds for their purchase through the issuance of Class A common stock (MSTR) and perpetual preferred shares STRC with a current rate of 11.5% per annum. The company's annual dividend obligations amount to $1.5 billion.

During the quarterly results discussion, Saylor hinted that Strategy might completely abandon selling MSTR shares to raise capital and finance dividends through the sale of cryptocurrency. He stated that even under this model, the company expects to buy more $BTC over time than it sells for dividend payments on STRC, which have already been issued for $8.5 billion.

"Yeah, we might sell a little Bitcoin to pay dividends, just to give the market some immunity, to show that we did it. Listen, the company is doing fine. Bitcoin is doing fine. The industry is doing fine. The world hasn't collapsed. If you're shorting and think the company will have to sell shares to pay dividends, then I'd gladly, you know, clip your wings," Saylor said.

According to company CEO Fong Le, Strategy intends to continue building its Bitcoin reserve, but it's much more important for the company to increase the amount of Bitcoin per share.

Statements about potential sell-offs contradict Saylor's long-standing position that Strategy "will never sell Bitcoin." Following the discussion of the quarterly results, Strategy's shares dropped over 4% in OTC trading, while Bitcoin fell below $81k, as reported by CoinDesk. By May 6, the BTC price had recovered to $81.4k.

Ahead of the quarterly report, Strategy missed a week of Bitcoin buys. As of May 3, Strategy held 818,334 BTC (about 4% of total supply), purchased at an average of $75,537 and valued at $64 billion at the start of the month. Since 2020, the company has spent around $61.8 billion to acquire them.