Michael Saylor, executive chairman of Strategy, shared a Bitcoin purchase chart on X (formerly Twitter) late Sunday and commented, “We’re gonna need another color.” This marks his fifth such post since the company last announced a Bitcoin acquisition on June 22. Saylor’s posts have historically signaled upcoming Bitcoin purchases, attracting attention from investors and companies following Strategy’s approach.
Shift in Bitcoin buying pattern
Strategy, which trades under the ticker MSTR, is often seen as a leveraged vehicle for Saylor’s aggressive Bitcoin accumulation. Several corporate treasuries have mirrored its Bitcoin-focused strategy. However, for the first time in two years, Strategy has not added any Bitcoin to its balance sheet for four consecutive weeks.
In the past, Saylor’s chart updates on Sunday reliably preceded Monday 8-K filings revealing fresh Bitcoin purchases. Recent signals have proved less predictive. While Saylor posted, “We’re gonna need more charts,” on June 28, that update coincided with a new capital framework, not an asset buy. A subsequent July 5 post came just before Strategy executed its largest Bitcoin sale to date.
Saylor has previously used color-coded hints and cryptic messages on social media to foreshadow corporate actions. In late November, he referenced “green dots” one day before Strategy announced a $1.44 billion reserve and a purchase of 130 BTC. On January 4, he asked followers, “Orange or Green?” hinting at the prospect of a coin purchase or a move to cash reserves.
Saylor’s recent Sunday post drew significant engagement on X, exceeding 11,000 likes and more than 1,400 replies. Despite the buzz, he declined to clarify the meaning of the caption, and the company confirmed that no transaction had occurred.
Company valuation and recent financial moves
Strategy’s market value, measured against its Bitcoin and enterprise mNAV (marked Net Asset Value), dropped below 1 on June 27, putting MSTR shares at a discount compared to the total Bitcoin it holds. This means that issuing new shares to purchase additional Bitcoin would actually decrease Bitcoin owned per share rather than increase it.
Additionally, preferred stock dividends, with the STRC rate now at 12%, must be paid in cash, placing extra strain on liquid reserves.
Strategy has executed 113 Bitcoin buys totaling 843,775 BTC, acquired at an average cost of $75,476 per coin for an aggregate $63.69 billion. With Bitcoin currently priced at $65,283.96, this holding is valued at roughly $55.1 billion, marking a $8.6 billion shortfall compared to the purchase cost.
A capital framework adopted in late June opened new avenues for cash management. The plan authorized $1 billion digital credit securities buybacks, a $1 billion common stock buyback, and allowed up to $1.25 billion in potential Bitcoin sales. On July 23, Strategy revised its mNAV calculation method, stating prior numbers are no longer comparable. MSTR closed Friday at $91.67, down from $94.85 one week earlier.
Focus on cash reserves and external warnings
Strategy remains in capital-raising mode but is choosing to retain proceeds instead of deploying them to buy more Bitcoin. From July 13 to July 19, the company sold 2,732,318 MSTR shares, generating net proceeds of $263.5 million and holding the funds in cash reserves rather than acquiring additional cryptocurrency. According to an SEC filing on July 20, this increased Strategy’s cash reserve to $3.225 billion, which now covers around 1.8 years of dividend payments.
Strategy still has the authorization to sell up to $23.53 billion in additional common stock through its existing at-the-market programs. The company’s current pause in Bitcoin purchases reflects an internal decision, not a lack of legal or financial capacity to raise fresh capital.
The decision to stop purchasing Bitcoin follows a June warning from CryptoQuant’s head of research Julio Moreno. Moreno encouraged the firm to rebuild its cash buffer amid declining reserves, as highlighted in a Cryptopolitan report. Reserves have fallen by about 38% since early 2026.
Moreno noted that Strategy’s dividend obligations surged nearly fourfold to $1.2 billion in six months, causing dividend coverage to drop from over seven years to just 14 months.
Moreno emphasized that “buying whenever capital is available is not a strategy,” describing this pattern as “a formula for accumulating at cycle peaks.” He recommended a data-driven, model-based approach to timing future buys instead.
The next key update for investors will come on Thursday, July 30, when Strategy is scheduled to release its second-quarter earnings following the U.S. market close.
Mini dictionary: Strategy is a business intelligence company well known for its significant Bitcoin holdings and for using innovative treasury strategies under the leadership of Michael Saylor. Its ticker symbol on the public markets is MSTR.
| Metric | Value/Amount |
|---|---|
| BTC held | 843,775 |
| Purchase cost per BTC | $75,476 |
| Total purchase cost | $63.69 billion |
| Market value at $65,283.96 per BTC | $55.1 billion |
| Unrealized loss | $8.6 billion |
| Cash reserves | $3.225 billion |
| Dividend coverage (years) | ~1.8 years |
| STRC dividend rate | 12% |
| MSTR share price | $91.67 (July 24) |
