Strategy Inc. (formerly MicroStrategy, Nasdaq: MSTR), the world’s largest corporate Bitcoin holder and first Bitcoin Treasury Company, held its Q1 2026 earnings call on May 5. The results were dominated by massive non-cash GAAP losses from Bitcoin’s fair-value accounting amid a volatile quarter. Yet the real story, and the market’s focal point, was a clear strategic pivot: the company signaled it is now willing to sell portions of its Bitcoin holdings tactically. This marks a departure from the long-standing “never sell” narrative and positions BTC as an actively managed capital allocation asset rather than untouchable inventory.

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