Business intelligence firm Strategy has reversed its longstanding “never sell” Bitcoin policy. The company, which holds over 818,000 BTC worth approximately $66.8 billion, announced it would consider selling its holdings when advantageous, following a $12.54 billion net loss for Q1 2026 driven by a $14.46 billion unrealized loss on its Bitcoin portfolio. Analysts say the move is more significant as a signal of conviction than a market supply shock.
Business intelligence firm Strategy Inc. dropped its longstanding “never sell” Bitcoin pledge. The company announced it would consider selling its substantial Bitcoin holdings when doing so is “advantageous to the company.”
President and CEO Phong Le stated on an earnings call that the firm would consider selling Bitcoin to buy U.S. dollars or retire debt if it boosts Bitcoin per share. The company holds 818,334 BTC, roughly 3.9% of the total supply, worth approximately $66.8 billion.
The announcement followed a reported net loss of $12.54 billion for the first quarter of 2026. The bulk of that figure, $14.46 billion, was an unrealized loss on digital assets as Bitcoin prices fell during the period.
Chairman Michael Saylor framed the company as a “Bitcoin development company” during a Q&A session. He explained the model involves buying Bitcoin with credit, letting it appreciate, and potentially selling to fund dividends.
Market analysts stress the real impact is on market conviction rather than supply. Mathew Pinnock, COO of Altura, said any selling would matter “much less as a supply event than as a signal of conviction.”
Nic Puckrin, co-founder of Coin Bureau, noted that sales for dividends differ from distress sales. He said such strategic sales reduce the likelihood of triggering a broader sentiment-driven sell-off.
Andrew Webley, CEO of Smarter Web Company, argued the announcement was not a U-turn but part of active treasury management. He stated that responsible management could strengthen institutional confidence by showing the corporate Bitcoin model is evolving.
