06.05.202614:11 Forex Analysis & Reviews: HODL era ends? Michael Saylor may sell Strategy's BTC for first time

Meanwhile, as Bitcoin attempts to hold above $82,000 and following a quarterly report in which Strategy recorded huge paper losses, its founder, Michael Saylor, made a statement that could change perceptions of the business model of the largest corporate bitcoin holder.

For the first time in many years, Saylor publicly said that the company is prepared to consider selling part of its bitcoin holdings if doing so would be in the interests of shareholders and the capital structure. "We'll probably sell some Bitcoin to fund the dividend, just to inoculate the market, just to send the message that we did it," he emphasized during a conference call on May 5.

The main reason for the change in rhetoric is the figures that exert pressure. In the report for Q1 2026, operating losses are about $14.5 billion. Net loss is about $12.8 billion. Both figures are not the result of problems in the core business but rather reflect paper revaluation of assets. Bitcoin's price fell sharply, producing an open paper loss.

At the same time Strategy continues to build reserves: the company now holds 818,334 BTC, which is about 3.9% of all bitcoin ever mined. The average purchase price is approximately $75,500.

The founder of Strategy also named several scenarios under which the company might part with Bitcoin. Dividend payments — primarily on the preferred STRC shares, where the annual obligation is about $1.5 billion. Debt buybacks — to reduce leverage without incurring new borrowings. Share buybacks. Tax benefits — Saylor mentioned a tax credit of roughly $2.2 billion that could be "taken off the floor."

"You buy bitcoin with credit, you let it appreciate, and then you sell bitcoin to pay the dividend," he explained, using the new logic.

Investors received the news without enthusiasm. Essentially, Strategy signaled to the market that it is ready to become a much more flexible vehicle, capable of increasing its Bitcoin holdings, even if that sometimes requires selling part of its massive reserves. This may deter the most hardcore Bitcoin maximalists but will likely attract a new class of institutional investors who value sophisticated financial structures.

Trading recommendations:

Regarding Bitcoin's technical picture, buyers are currently targeting a return to $86,600, which opens a direct route to $85,600, and from there to $87,900. The most distant target is the high around $90,000, breaching which would signal attempts to return to a bull market. In case of a decline, I expect buyers at $81,700. A return of the instrument below that area could quickly push BTC toward $80,100. The furthest target there would be around $78,300.

Regarding Ethereum's technical picture, a clear consolidation above $2,446 opens a direct route to $2,503. The most distant target is the high near $2,575, breaching which would indicate strengthening bullish sentiment and a return of buyer interest. In case of a decline, I expect buyers at $2,387. A return of the instrument below that area could quickly send ETH toward $2,338. The furthest target there would be around $2,290.

What we see on the chart:

- Red lines indicate support and resistance levels where either a price slowdown or active growth is expected;

- Green lines indicate the 50-day moving average;

- Blue lines indicate the 100-day moving average;

- Light green lines indicate the 200-day moving average.

A crossover, or a price test of moving averages, typically either halts the move or sparks fresh market momentum.