The May 5 earnings call put a new lever on the table: Bitcoin sales are an option when accretive to Bitcoin per share, framed as a capital allocation tool rather than a policy reversal. Strategy posted a $12.54 billion first-quarter net loss. The company held 818,334 BTC at an average cost of $75,537 per coin, against roughly $1.5 billion in annual preferred stock obligations. In a subsequent interview, Saylor clarified that any sales would represent a small fraction of ongoing purchases — enough to remain a net accumulator every month — and that selling high-basis coins could unlock billions of dollars in embedded tax credits before proceeds are redeployed into new Bitcoin. The floor, he said, is that Strategy will "never be a net seller of Bitcoin," with purchases expected to outpace sales by a wide margin in every period going forward.