Strategy Adds 535 BTC for $43M; Saylor Says STRC Structure Doesn't Signal a Shift in 'Never Sell' Stance
Strategy (formerly MicroStrategy) resumed Bitcoin buying, helping lift MSTR shares over the past week as executive chairman Michael Saylor sought to calm investor worries that dividend obligations could force the company to sell bitcoin.
In a U.S. Securities and Exchange Commission filing dated May 11, the company said it bought 535 BTC between May 4 and May 10 for about $43 million, implying an average price of roughly $80,340 per bitcoin. Total holdings rose to 818,869 BTC. Strategy said its cumulative purchases total about $61.86 billion, or an average cost near $75,540 per BTC including fees and expenses. With bitcoin trading above $81,000, both the latest tranche and the overall position sit above the average cost basis.
Strategy said the purchase was funded through at-the-market activity in its Class A common stock and its perpetual preferred stock, STRC. Over the same period, it raised about $42.9 million from those transactions. MSTR ended Friday at $187.59, up 9.8% for the week, and added in Monday premarket trading following the disclosure. Even after the rebound, the stock remains well below its summer 2025 high.
The company had paused buying for roughly a week around its first-quarter earnings release, then restarted. Ahead of the move, Saylor posted "Back to work" alongside the firm's bitcoin purchase tracker on X. Strategy reported a sizable first-quarter net loss, largely tied to unrealized impairments in its bitcoin holdings after an accounting update.
Questions have also centered on the firm's financing stack and preferred-share dividend commitments. On the earnings call, Saylor said selling small amounts of bitcoin can still be profitable on a per-coin basis, and that Strategy could potentially sell limited amounts in the future to fund dividends or repay debt—a notable remark given his long-running "never sell" messaging.
In a subsequent interview, he framed any potential sales as capital management rather than a reversal of the accumulation strategy, arguing that selling one bitcoin could allow the firm to repurchase 10 to 20 bitcoins through its broader financing approach. He reiterated that Strategy is focused on increasing bitcoin per common share, and said "bitcoin yield" is a core internal metric used to assess financing choices, buybacks, debt management, and bitcoin purchases.
STRC has drawn particular attention as a financing tool. Strategy has said the Stretch preferred shares carry an annual dividend rate of about 11.5% and are designed to trade near the $100 par value. Saylor highlighted that STRC is perpetual and does not grant holders mandatory redemption rights, positioning it as permanent capital that can remain liquid in the market rather than forcing company repurchases on demand.
Strategy has also proposed changing STRC dividend payments from monthly to biweekly, saying the adjustment could reduce reinvestment delays, improve liquidity, and support price stability. The company runs multiple preferred programs, including STRK, STRC, STRF, and STRD, as part of a broader plan to raise $84 billion by 2027 via equity and convertible debt issuance. Saylor said capital-markets activity is adjusted based on bitcoin's price, the stock's premium, credit conditions, and available opportunities, pushing back on criticism that the approach amounts to routine weekly buying. He said that when bitcoin prices are elevated, MSTR often trades at a meaningful premium and the company uses proceeds to add bitcoin.
Longtime bitcoin critic Peter Schiff renewed his attacks following Saylor's comments, calling STRC highly risky and questioning its suitability for retirees seeking capital preservation and income. Schiff also suggested potential legal exposure if investors take losses, and described STRC as a centralized Ponzi-like structure separate from his criticism of bitcoin itself.
Saylor rejected that characterization, describing bitcoin as "digital capital" and arguing that Strategy uses equity and credit instruments to accumulate more of the asset. In his view, preferred products such as STRC sit within a capital structure built for long-term bitcoin holding.
