For the past twelve months, Strategy (MSTR) Executive Chairman Michael Saylor has maintained a consistent pattern, making a playful X post nearly every Sunday using a chart with orange dots to suggest a Monday announcement of additional bitcoin purchases.
The pattern appeared to break at least a little bit this Sunday, though, with Saylor posting the same chart, but saying, “what if we start adding green dots.”
The subtle change has ignited speculation across the bitcoin community. Some believe green dots could signal stock buybacks or balance sheet shifts, while others wonder if it’s a hint about possible bitcoin sales.
Adding another plot twist, Strategy CEO Phong Le in a podcast appearance reiterated that the company has no short term refinancing risk, but explained that if Strategy’s multiple to net asset value (mNAV)falls below 1, the company could sell bitcoin to fund dividends on its perpetual preferred equity. Le also noted that Strategy can selectively sell higher cost basis BTC, to offset capital gains in a way that increases bitcoin per share.
Any sale of bitcoin for any reason by Strategy would be notable given Michael Saylor’s oft-repeated axiom: “You do not sell your Bitcoin.”
Strategy, the largest publicly traded corporate holder of bitcoin with nearly 650,000 BTC, has seen its stock price crumble in recent months, now lower by 41% year-to-date and about 70% down from an all-time high hit a bit more than a year ago.
That, in turn, has constrained its ability to sell common stock to raise funds for additional bitcoin purchases. Strategy instead has turned to preferred share issuance for bitcoin buys, but critics question the company’s ability to pay preferred dividends without further diluting common stockholders or selling some of its bitcoin stack.
