Michael Saylor has made it clear that despite any sales of Bitcoin, Strategy aims to substantially increase its holdings. The executive chairman detailed in a recent interview that for every Bitcoin sold, the company intends to purchase 20 more. This strategy underscores Strategy's commitment to maintaining its position as the largest corporate holder of Bitcoin while also introducing dividends funded by Bitcoin sales.
#Why is Strategy employing a 20-to-1 ratio for Bitcoin?
The rationale behind this ambitious plan lies in Strategy's goal to outpace any potential liquidations through aggressive accumulation. As of November 2025, the company reported ownership of 649,870 BTC, with total acquisitions amounting to approximately $48 billion. Continuing this trajectory, on March 2, 2026, it acquired 3,015 BTC for $204 million at an average price of $67,700 per coin. In a notable move earlier in the year, it secured 2,932 BTC for $264 million at an average price of $90,061, demonstrating a willingness to purchase Bitcoin at various price points rather than trying to perfectly time the market.
#What implications do Bitcoin-backed dividends hold for Strategy?
The introduction of dividends based on Bitcoin creates a new dynamic for the company, which has traditionally focused solely on accumulating Bitcoin since 2020. Dividends offer shareholders a tangible return, potentially attracting a diverse range of investors. However, this move raises concerns. While dividend funding might work well during Bitcoin's bull market, in a bear market, the necessity to sell at lower prices to meet shareholder obligations could pressure the company's balance.
#How is Wall Street responding to Strategy's approach?
Despite some market volatility, Wall Street remains cautiously optimistic about Strategy's stock, with Cantor Fitzgerald maintaining an overweight rating and a price target of $229 as of December 2025. The company’s average acquisition cost for its Bitcoin holdings still sits below current market values, providing a buffer against potential losses. Since its initial foray into Bitcoin with a $425 million purchase, Strategy has been progressively diversifying its holdings, contributing to its robust financial positioning in this evolving market.