• In early May 2026, Strategy Inc. reported first-quarter revenue of US$124.3 million but a very large net loss of about US$12.54 billion, driven mainly by unrealized markdowns on its substantial Bitcoin holdings.

• More importantly, management reversed its long-held “never sell” stance, signalling it may selectively sell Bitcoin to fund hefty preferred dividends and reshape its balance sheet around a “Bitcoin per share” performance metric.

• We’ll now examine how this move to an actively managed Bitcoin treasury, including potential coin sales for dividends, reshapes Strategy’s investment narrative.

We’ve uncovered the 12 dividend fortresses yielding 5%+ that don’t just survive market storms, but thrive in them.

What Is Strategy’s Investment Narrative?

To own Strategy today, you really have to buy into the idea that this is less a software company and more a highly engineered Bitcoin balance sheet, with the analytics business funding and stabilizing the experiment. The Q1 print, with US$124.3 million in revenue alongside a roughly US$12.54 billion loss, underlined how tightly the story is tied to Bitcoin accounting, but the bigger shift is philosophical: management is now willing to sell coins if it helps sustain that 11.5% preferred dividend load and grow “Bitcoin per share.” That pivot turns the near term focus to balance sheet execution, dividend coverage and capital market access, rather than just headline BTC accumulation. It also adds a new risk: common holders are now exposed to active treasury decisions, not just passive Bitcoin exposure.

However, the pressure of those US$1.5 billion of annual obligations is something investors should understand. Strategy’s shares are on the way up, but they could be overextended by 9%. Uncover the fair value now.

Exploring Other Perspectives

Eight fair values from the Simply Wall St Community span roughly US$165,000 to US$705,000 per share, showing just how far apart views can be. Set against a business posting US$12.77 billion in losses and rethinking its “never sell” Bitcoin stance, that dispersion underlines why many are now focusing less on headline BTC holdings and more on whether an actively managed treasury can reliably support heavy preferred dividends and future growth.

Explore 8 other fair value estimates on Strategy – why the stock might be worth over 3x more than the current price!

Decide For Yourself

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your Strategy research is our analysis highlighting 1 key reward and 1 important warning sign that could impact your investment decision.

• Our free Strategy research report provides a comprehensive fundamental analysis summarized in a single visual – the Snowflake – making it easy to evaluate Strategy’s overall financial health at a glance.