Saylor said goodbye to the bear. Strategy buys bitcoins again – Bitcoin.pl

Saylor knows his audience. He knows that one tweet with a photo of a bear will get published faster than ten pages of a quarterly report. And that’s how he started this week.

What exactly happened

On Sunday evening Polish time, Michael Saylor published three posts on X. The first is the laconic “Back to work. $BTC” with an attached chart called “Orange Dots”, which Strategy updates with each subsequent bitcoin purchase. The second is an AI-generated video of Saylor walking through the forest carrying a euthanized bear, a cigar between his teeth. Caption: “No More ₿ears”.

No More ₿ears pic.twitter.com/44gNdtXv9R

— Michael Saylor (@saylor) May 10, 2026

The bear is a metaphor obvious to anyone who follows the market. Bears are bettors who bet on declines, especially short sellers who make money when the price goes down. Saylor symbolically carries them out of the forest with the air of a man tired of dirty work, doing his duty.

Saylor published another post – my favorite – a song in which he diss shorts and people who are afraid that everything will fall apart when Strategy sells BTC.

Let me recap the earnings call. $MSTRpic.twitter.com/Anwe03iZ0e

— Michael Saylor (@saylor) May 10, 2026

The background to all this is last week’s shopping pause. Strategy did not buy bitcoin for seven days before its first quarter 2026 earnings release. This is a customary procedure before an earnings call, which is intended to protect a listed company against accusations of selective disclosure of information. At that time, Saylor bluntly announced: “No buys this week. Back to work next week.”

A scale that Wall Street does not take lightly

Strategy is today the largest corporate holder of bitcoin in the world. In numbers: 818,869 Bitcoins with a total value of 66.4 billion. USD, average purchase cost USD 75,537 per unit. This means that the company controls 3.9% of the entire current bitcoin supply. This is more than all companies selling ETFs, such as BlackRock and their IBIT, have in their portfolio.

The company bought aggressively throughout April. Last month, it acquired a single tranche of 34,164 BTC for $2.54 billion, the largest single purchase in 2026. In total, since the beginning of this year, Strategy has acquired 145,834 BTC for approximately USD 11 billion. The pace of accumulation is such that Blockstream CEO Adam Back recently told Paris Blockchain Week that Strategy’s continued buying pressure could outpace the rate of new bitcoin issuance by digital miners. In other words, Strategy itself buys more BTC from the market than miners can emit.

At the current BTC rate of approximately USD 80,700, the company is in plus by approximately 9%. This is not a spectacular result, but after Q1, in which Strategy posted a quarterly loss of USD 12.54 billion and an unrealized loss of USD 14.46 billion on bitcoin, every plus on the asset side counts twice as much in the eyes of investors.

Accumulation plan: sell 1 to buy 10-20

The most daring element of Saylor’s plan was announced on the May 5 earnings call and confirmed in an interview with Fortune on May 8. Strategy intends to sell small amounts of bitcoin to finance dividends from preferential shares, and use the funds obtained, plus additional capital from the share issue, to purchase many times more BTC.

Saylor put it simply: “we buy bitcoin for credit, let it grow, then sell bitcoin to pay the dividend.” On the numerical side, it’s a “sell 1, buy 10 to 20” plan. The financial mechanism behind this is STRC, i.e. the issue of Strategy preferential shares paying an 11.5% dividend annually. With STRC alone, the company has raised USD 8.5 billion in the last 10 months.

Why does Saylor have to sell anything at all when he previously declared that “we will never sell”? Because Strategy has approximately USD 1.5 billion in annual dividend obligations to holders of preferential shares, and revenues from its primary business amount to approximately USD 124 million per quarter. The gap between what the company earns from operating activities and what it must pay to holders of preferential shares each year reaches over USD 1 billion. This gap has to be funded by something.

Short shot

The announcement of the possible sale of BTC initially caused panic. Strategy shares fell 4% after earnings call. Critics called it a violation of the “never sell” doctrine and the first crack in the integrity of Saylor’s narrative.

In an interview with Fortune, Saylor refuted this narrative. He called the entire announcement “strategic brushback aimed at short sellers and haters” – that is, a deliberate attack on short sellers and haters. His argument: Shorts and skeptics built a narrative that Strategy would never sell bitcoin, so when the company had to pay off its loans, it would be forced to sell shares, which would drive its price down, which would further reduce its ability to finance dividends, and so on until it collapsed. Classic speculation on the death of the company.

Saylor decided the best defense was to show the shorts that Strategy could indeed convert bitcoin into dollars whenever it wanted, but that it did so voluntarily and on a micro scale. It’s a kind of demonstration of fluency. The sale of one percent of the stock amounts to approximately 8,183 BTC, or approximately USD 660 million at the current exchange rate. This covers almost half of the annual dividend obligations – the rest must come from the issue of preferential shares

The bear being carried out of the forest in Sunday’s video is this narrative in the image. The company shows that the bear case against it has just been reset.

What does this mean for the Polish investor?

First of all, Strategy bought another batch of bitcoins today – this time 535 pieces for $43 million at an average price of $80,340. Strategy showed that it is still implementing its mission and assured the market of this. Since Strategy’s purchase, BTC has usually increased by 0.5-2% and we can now see the same on the market.

Secondly, the “sell 1, buy 10-20” plan is a financial speculation that only works if Strategy is able to raise new capital by issuing preferential shares at prices attractive to investors. Strategy today is susceptible to two independent markets at once. On one side, BTC, the price of which determines the value of the company’s assets. On the other hand, MSTR and STRC shares, the price of which determines how much the company can obtain from new issues. If both markets go down at the same time, Strategy’s financing mechanism jams because there is nothing to sell or issue from.

Third, the macro backdrop may help, not hinder, in the coming months. Jerome Powell ends his term on May 15. His successor is Kevin Warsh, who in recent months has signaled a more dovish tone than his historical reputation has suggested, arguing that AI-led productivity gains create a structurally disinflationary environment that allows for rate cuts. JP Morgan expects Warsh to implement rate cuts soon after approval. Warsh himself has over $100 million in crypto exposure (Bitwise, dYdX, Compound, Solana, Polymarket, Flashnet, and others) and has publicly called Bitcoin “digital gold” and a “policeman for monetary policy.” This is not a guarantee of a favorable climate for BTC, because Warsh still supports a smaller Fed balance sheet, but a clearly different arrangement than under Powell. The macro risk does not disappear, but shifts from the conflict with the central bank to the risk of failure to implement the AI-productivity thesis.

My thesis

Saylor earned bitcoin maxis points with these videos and calmed down the market. But the real test comes in the second half of the year. If BTC stays above USD 80,000 and Warsh actually cuts rates in line with JP Morgan’s expectations, Strategy will calmly finance dividends from current accumulation and possible micro-sales, and the “sell 1 buy 10-20” model will start working on its own. If BTC goes down to USD 65-70 thousand or Warsh maintains a hawkish course contrary to expectations, the same plan will start to lose its mathematical basis and shorts will come back out of the woods with cash in their wallets. Saylor’s art is that he can play for billions in a way that to observers looks like performance art. The second risk is that one strong tweet about BTC sales at an inopportune moment can cause great uncertainty and fear – and as we well know, the crypto market is very susceptible to investor sentiment. Saylor tweets frequently, and from now on you need to be prepared that not every tweet will be about shopping.