On Sunday, July 26, Michael Saylor posted Strategy’s Bitcoin buy chart on X. “We’re going to need another color,” the caption read. This was his fifth post since the last Bitcoin purchase the company revealed on June 22.
MSTR trades as a leveraged proxy for Saylor’s buying of Bitcoin, and dozens of treasury firms have copied its model. For the first time in two years, Strategy went four weeks without adding a single coin to its portfolio.
Saylor’s chart on Sunday stops indicating a buy in Bitcoin on Monday
For years, Saylor’s Sunday night chart was a reliable indicator of Monday’s 8-K filing. This recording will reveal another slice of Bitcoin. The signal has weakened recently. he to publish On June 28, “We’re going to need more charts,” but it was a new capitalist framework. Then there was the July 5 post before the biggest Bitcoin sell-off strategy ever.
Sailor I posed “Green dots” in late November, a day before the strategy announced a $1.44 billion reserve with the purchase of 130 bitcoins. On January 4, he to publish Hint as to whether coins or cash are coming, followers ask “Orange or green?”
Sunday mail It attracted a lot of engagement with over 11,000 likes and over 1,400 responses. However, Saylor never explained the comment, and the company confirmed no transaction took place.
Strategy’s market capitalization against Bitcoin, Enterprise mNAV, fell below 1 on June 27. MSTR trades at a discount to the value of the coins you hold. Selling shares to buy more bitcoins no longer grows bitcoins per share, but rather shrinks them. Meanwhile, Strategy’s preferred stock dividends, with the STRC raised to a rate of 12%, must be paid in cash.
We will need another color. pic.twitter.com/AqZO5UeXDx
-Michael Saylor (@saylor) July 26, 2026
The strategy made 113 purchases totaling 843,775 BTC, driven by an average of $75,476 per coin for $63.69 billion. This stack is worth about $55.1 billion with Bitcoin price at $65,283.96, leaving the position about $8.6 billion underwater.
The capital framework implemented in late June has created new cash outlets. It approved a $1 billion buyback of digital credit securities, a $1 billion buyback of common stock, and a program of up to $1.25 billion in bitcoin sales. On July 23, Strategy changed the way it calculates NAV and warned that numbers before that date were no longer comparable. MSTR shares closed at $91.67 on Friday, down from $94.85 a week ago.
The strategy sends cash to reserves
The strategy is still in the capital raising phase. It’s just parking revenue now. The company sold 2,732,318 shares of MSTR stock for net proceeds of $263.5 million from July 13 to July 19 and did not purchase any Bitcoin. Its July 20 filing with the Securities and Exchange Commission set the new dollar reserve at $3.225 billion. The reserve now covers approximately 1.8 years of dividend obligations.
The room to keep raising is not the limitation. The strategy could continue to sell up to $23.53 billion of additional common shares under its current market programs. But pausing is a choice and not a dry well.
The pause comes after receiving a warning strategy in June. Cryptoquant Head of research Julio Moreno urged the company to stop buying Bitcoin and rebuild its cash stock, Cryptopolitan I mentioned On June 24th. Reserves have fallen by about 38% since early 2026.
Strategy’s dividend obligations swelled nearly fourfold in six months to $1.2 billion, and dividend coverage collapsed from more than seven years to about 14 months, Moreno said.
“Buying when capital is available is not a strategy,” he said, describing it as “a formula for accumulating at the peak of the cycle.” Instead, he proposed a model-based approach to determining the timing of future purchases.
The next tough data point is Thursday, July 30, when Strategy reports second-quarter results after the US market closes that day.
