Michael Saylor Teases ‘Another Color’ After Four Weeks Without Strategy Bitcoin Buys
Michael Saylor, co-founder and executive chairman of Strategy, posted the company’s Bitcoin acquisition chart on X on Sunday morning. The caption read: “We’re gonna need another color.”
This marks his fifth Sunday tracker post since Strategy last disclosed a Bitcoin purchase.
Strategy’s Current Bitcoin Holdings
The chart shows 113 purchase events. Strategy holds 843,775 BTC worth about $54.4 billion.
That position sits roughly $9.3 billion below the $63.69 billion the company has spent building it, according to its July 20 SEC filing. Bitcoin traded near $64,650 at the time of the report.
Four Weeks Without New Buys
Strategy has not disclosed a Bitcoin purchase since June 22. Its last confirmed buy was 520 BTC for about $34.9 million. The average price was $67,068. Those coins were acquired between June 15 and June 21.
Filings on June 29, July 6, July 13, and July 20 showed no purchases. The most recent filing recorded $263.5 million in MSTR share sales. Those sales helped raise the company’s dollar reserve to $3.225 billion.
Past Posts and Changing Patterns
Saylor’s Sunday posts once often came before a Monday purchase disclosure. That link has weakened recently.
A June 28 post saying “We’re gonna need more charts” was followed by a new capital framework instead of a buy. A July 5 post came before the largest Bitcoin sale in company history.
Saylor has used color before to signal different moves. In late November he asked, “What if we start adding green dots?” The next day Strategy disclosed a small Bitcoin buy plus a large dollar reserve. On January 4 he posted “Orange or Green?” in reference to Bitcoin versus cash additions.
New Capital Framework and Metrics
In late June, Strategy adopted a capital framework with new uses for cash. These include a $1 billion repurchase program for its digital credit securities, a $1 billion common stock buyback, and a BTC Monetization Program that allows up to $1.25 billion in Bitcoin sales.
On July 23 the company also redefined mNAV. The new version divides share price by net Bitcoin per share in dollar terms. It deducts senior claims such as perpetual preferred stock and out-of-the-money convertible debt, net of the dollar reserve. Earlier mNAV figures are not comparable, Strategy said.
Saylor described the change on X as Bitcoin capital markets needing a new financial language.
