Strategy buys 535 BTC, Saylor: ‘Never be a net seller’

Strategy purchased 535 BTC for roughly $43 million on May 11, 2026, resuming buys after a brief pause. The coins were acquired at an average price near $80,340, raising the firm’s total to 818,869 BTC.

The company reported its bitcoin treasury at about $61.9 billion, with an average acquisition cost of roughly $75,540 per coin and a year-to-date BTC yield of 9.4% through May 10, 2026.

Chairman Michael Saylor clarified comments made over the weekend on a podcast, saying he opposes being a net seller of bitcoin. ‘I’m very famous for saying never sell your Bitcoin. But if I was being more precise: never be a net seller of Bitcoin,’ he said.

Executives outlined that limited bitcoin sales remain an option to meet obligations tied to STRC, the firm’s perpetual preferred stock that pays a quarterly cash dividend. Company figures place STRC’s effective annual yield near 11.5% and note the firm can pause sales of its common stock, MSTR, and instead use bitcoin sales where those preserve or increase bitcoin-per-share.

CEO Phong Le summed up the decision framework as ‘math over ideology.’ Saylor and management put a break-even STRC issuance rate at about 2.3% annually; below that level the company would remain a net bitcoin buyer even while selling coins to cover dividend costs. Current STRC issuance has run between roughly 15% and 20%.

Strategy sold about $3.2 billion of STRC in April. Management estimates the quarterly dividend cost associated with that issuance at $80 million to $90 million and reports a buy-to-sell ratio near 30-to-1 in months when new issuance is used to fund dividends.

The firm reported a net loss of $12.54 billion for the first quarter of 2026. Executives and some market participants described limited, planned sales as a treasury-management tool and said modest sales would likely be absorbable by markets, though they could weigh on short-term sentiment.

At the time of the purchase, bitcoin traded near $81,200. Analysts at one bank estimate Strategy’s continued buying could total about $30 billion this year if current trends persist. Strategy issues MSTR common stock and STRC preferred stock and has held bitcoin as its primary treasury asset for several years.