Strategy reports an accounting loss of $12.540 billion. Will it sell Bitcoin to cover dividends?

Michael Saylor shakes up the market: after reporting a net loss of $12.540 billion at Strategy, the executive is considering liquidating part of his Bitcoin holdings to cover dividend obligations.

The firm led by Michael Saylor reported a net loss of $12.540 billion during the first quarterThis result, far from indicating an operational collapse, reflects the volatility of its main asset under current accounting standards. This figure stems primarily from an unrealized loss of $14.460 billion in its Bitcoin holdings, a direct consequence of price adjustments in the open market. 

But despite this impact on the accounting books, the company's digital treasury executed an aggressive expansion of its Bitcoin reserves, increasing its position by 22% so far this year. 

With a total inventory of 818.334 BTCThe company manages a book value of approximately $61.810 billion, maintaining an average acquisition cost of $75.537 per unit. This situation presents a complex scenario where massive solvency in digital assets clashes with the rigidity of traditional financial reporting.

Saylor aims for active Bitcoin management

As a result of these findings, the most disruptive aspect of the quarterly report lies not in the latent loss, but in the change of narrative proposed by Michael Saylor. 

According to CoinDesk reports, during the Q1 2026 earnings call, Saylor brought up the possibility of selling fractions of your Bitcoin reserve to cover dividend payments. This maneuver, which alters the "just accumulate" thesis, known as HODLing in the market and maintained by the firm for years, seeks a pragmatic objective: to demonstrate that the company can successfully transact with its collateral without affecting its structural solvency. 

Saylor's new perspective is to inoculate the market against fear of mass liquidationsending a message of operational normality when executing controlled and scheduled sales.

During the results call, described The proposed new financial architecture would consist of using credit to absorb Bitcoin, waiting for the cryptocurrency's organic appreciation, and making selective sales to meet its obligations. 

Under Saylor's approach, the potential sale of Bitcoin would not be an emergency exit, but a transition to an active phase of cash flow management. 

Currently, the company faces annual obligations of $1.500 billionThis sum includes both preferred stock dividends and debt interest. Although the firm has sufficient dollar reserves to cover these payments for the next 18 months, the execution of potential BTC sales would serve as a real-time stress test for its capital model.

Operating performance and capital market response

Alongside the discussion about liquidity, internal performance indicators show solid growth that the institutional market continues to closely monitor. 

According to data published by Saylor himself, his company's Bitcoin investment strategy has generated a cumulative yield (BTC Yield) of 9,4% so far in 2026. 

According to Saylor, fundraising capacity also reached significant milestones. raising $11.600 billion in the current fiscal year. This volume of activity positions the company as the largest equity issuer in the United States this year, underscoring an institutional appetite that appears to prioritize the accumulation of digital assets over short-term fluctuations.

However, Saylor's proposal to monetize Strategy's bitcoin reserves provoked an immediate reaction, as the capital markets responded cautiously to the mention of possible BTC sales. 

The company's shares fell by more than 4% after the close of trading, while the price of Bitcoin declined, settling slightly below $81.000. This sensitivity demonstrates that the actions of the largest corporate "whale" remain the primary barometer of confidence within the crypto ecosystem. 

Looking to the near future, the key for analysts lies in the scalability of its STRC product, the preferred stock that has managed to reach the $8.500 billion in just 9 monthsThe challenge for the remainder of 2026 will be to balance Bitcoin's store-of-value narrative with the technical need for liquidity, ensuring that the perception of the company's solvency remains intact.