Saylor Hints at More Bitcoin Even as Strategy's Purchases Stall - Unchained

Strategy Executive Chairman Michael Saylor hinted at another Bitcoin purchase on Sunday, posting the company’s holdings tracker with the caption “Looks better with more dots.” The chart he shared plots Strategy’s accumulation as orange dots against Bitcoin’s price, alongside the company’s average purchase price.

The timing draws attention. Strategy’s most recent disclosure logged a modest Bitcoin sale rather than an acquisition, and the company has gone three weeks without reporting a fresh buy. According to its official website, Strategy holds a Bitcoin reserve of 846,842 BTC, valued at roughly $54,326 million at a current price of $64,143.

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The post lands in the middle of a visible slowdown. Strategy disclosed in a June 1 filing that it had sold 32 BTC for $2.5 million to fund preferred dividends, its first reported sale since 2022 and an atypical move for a company defined by accumulation. The firm’s STRC preferred shares now carry an effective yield of 12.98%, by the company’s own measure, a cost it has to cover in cash.

That cash pressure has been building. STRC, the perpetual preferred stock that became Strategy’s main fundraising tool, recently dropped well under its $100 par value, forcing the company to halt the share issuance that bankrolls its Bitcoin buys. Saylor has recast his “never sell” position as a promise to stay a net accumulator, pledging to buy 10 to 20 Bitcoin for each one sold.

Related Listen: Why Saylor’s ‘Inoculate’ Comment May Be a Signal He’ll Sell More Bitcoin