Overview
- Michael Saylor, speaking on Tuesday’s earnings call, said the company will probably sell some Bitcoin to fund preferred-stock dividends to inoculate the market.
- CEO Phong Le on Thursday unveiled a six-point framework that uses a Bitcoin-per-share metric and permits sales only if the stock trades below modified net asset value and other funding options are unavailable.
- Strategy reported holding 818,334 BTC and posted a $12.54 billion first-quarter net loss driven by $14.46 billion of unrealized losses on its digital assets.
- Institutional investors increased exposure to the stock as UBS added 551,121 shares to reach 6.31 million and Deutsche Bank disclosed 784,919 shares at quarter end.
- JPMorgan analysts estimate the company could buy about $30 billion of Bitcoin in 2026 if its current pace holds, suggesting net accumulation remains the base case even with a narrow path to sell.