Strategy Executive Chairman Michael Saylor has said the company may sell some Bitcoin before the end of the year as part of a broader capital management plan that also includes equity issuance, credit issuance, and cash management. Speaking during a retail investor Q&A hosted by Natalie Brunell, Saylor said the company evaluates funding choices continuously and aims to increase Bitcoin per share over time. Saylor said Strategy’s main objective remains the growth of Bitcoin per share, total Bitcoin holdings, and enterprise value. He said the company does not rely on a single funding method and has modeled several options for meeting obligations. According to Saylor, models limited only to equity, credit, or Bitcoin sales tend to underperform compared with a mixed approach. “I think it’s not unlikely that we’ll sell some Bitcoin between now and the end of the year,” Saylor said. He added that the company had not determined how much Bitcoin it may sell and that decisions would depend on market conditions, liabilities, credit risk and long-term value for shareholders. Strategy Weighs Bitcoin Sales Alongside Equity and Credit Saylor said Strategy reviews whether liabilities should be funded with cash, equity, credit or Bitcoin. He described the process as programmatic and data-driven, with decisions sometimes made very quickly depending on market conditions. The company’s stated aim is to take actions that support Bitcoin per share over a multi-year period. During the discussion, Saylor said selling Bitcoin would not necessarily change the tax treatment of dividends on Strategy’s preferred products. He said the company has Bitcoin with cost bases ranging from about $10,000 to $125,000 and could sell coins with a higher cost basis if needed. He said Strategy expects return-of-capital treatment for dividends on its preferred securities for the foreseeable future. The comments followed investor questions about STRC, also referred to as Stretch, and whether dividend obligations could pressure the company to sell Bitcoin. Saylor said Strategy’s approach is not based on short-term pressure but on optimizing the firm’s capital structure. STRC Stability Remains a Main Business Objective Strategy executives also addressed the company’s plan to move STRC dividends from monthly to semimonthly, subject to shareholder approval. Saylor said the change is intended to improve the performance of STRC and support its trading around the $100 target level. He said the company is not legally required to defend that price but treats it as a central business objective. Saylor said Strategy has taken several actions to strengthen STRC, including raising the dividend, building a U.S. dollar reserve, buying back senior debt, and asking shareholders to approve more frequent dividend payments. He described STRC as the company’s flagship credit product and said its stability is a core performance measure. Strategy President and CEO Phong Le said the company considered dividend frequency changes for other preferred products but chose to focus on STRC first. He said the firm views STRC as its largest and most innovative credit product and wants to improve it before making changes to other securities. Saylor also said Strategy does not plan to retire its other perpetual preferred products, including STRF, STRD, and STRK. He said the company views them as useful parts of the capital structure, while convertible bonds are senior liabilities that Strategy intends to retire over time. Saylor Says Bitcoin Demand and Digital Credit Support Long-Term Plan Concurrently, in a CNBC interview , Michael Saylor said he believes Bitcoin reaching $1 million is only a matter of time. He argued that institutional demand and digital credit products could absorb newly mined Bitcoin supply over the long term. He said Strategy may buy the Bitcoin produced by miners through 2140, when the final Bitcoin is expected to be mined. Saylor described digital credit as a structure that converts expected Bitcoin capital appreciation into preferred stock dividends. He said STRC targets a $100 price and uses a variable dividend rate to support that level. He compared common equity to a higher-volatility Bitcoin-linked instrument, while describing STRC as a lower-volatility credit product for investors seeking income. Saylor also addressed market conditions, saying Bitcoin has faced headwinds from higher long-term interest rates, trade tensions, global conflicts, AI-related capital flows and miner selling. He said potential regulatory developments, including the Clarity Act and guidance on tokenized securities, could support the broader digital asset market. On quantum computing, Saylor said that if a credible threat to Bitcoin emerged, the network would be upgraded. He compared such a process with software updates used by large technology and financial systems. Strategy executives said the company’s long-term focus remains Bitcoin per share, BTC yield and the growth of digital credit. Saylor said the company will continue educating investors on how its model works and how it differs from a passive Bitcoin holding vehicle.