On Sunday, July 26, Michael Saylor posted Strategy’s Bitcoin buy chart on X. The caption read, “We’re going to need another color.” This was its fifth such post since the company’s last disclosed Bitcoin purchase on June 22.
MSTR trades as a leveraged proxy for Saylor’s purchase of Bitcoin, and dozens of treasury firms have copied its model. For the first time in two years, the strategy went four weeks without adding a single coin to its portfolio.
Saylor Sunday Chart Stops Reporting Monday Bitcoin Buys
For years, a Sunday night Saylor chart was a reliable predictor of an 8-K filing on Monday. This deposit would reveal another slice of Bitcoin. The signal has weakened recently. He posted on June 28, “We’re going to need more graphics,” but it was a momentous new framework. And then there was the July 5 release just before the biggest Bitcoin sales strategy ever.
Saylor launched “green dots” in late November, a day before Strategy announced a $1.44 billion reserve with a 130 $BTC buy. On January 4, he posted a hint as to whether coins or cash were coming, asking his followers: “Orange or green?”
The Sunday post saw a lot of engagement with over 11,000 likes and over 1,400 replies. Saylor, however, never explained the legend and the company confirmed that no transaction took place.
Strategy’s market value against its Bitcoin, Enterprise mNAV, fell below 1 on June 27. MSTR trades at a price lower than the value of the coins it holds. Selling shares to buy more Bitcoin no longer grows Bitcoin per share, but reduces it. Meanwhile, dividends on Strategy’s preferred shares, whose STRC rate has been increased to 12%, must be paid in cash.
We’re going to need another color. pic.twitter.com/AqZO5UeXDx
— Michael Saylor (@saylor) July 26, 2026
The strategy has 113 purchases totaling 843,775 $BTCpaid an average of $75,476 per coin for $63.69 billion. This stack is worth about $55.1 billion, with Bitcoin at $65,283.96, leaving the position underwater by about $8.6 billion.
The financial framework adopted at the end of June created new cash outflows. It approved a $1 billion digital credit buyback, a $1 billion common stock buyback, and a program of up to $1.25 billion in Bitcoin sales. On July 23, Strategy changed the way it calculates mNAV and warned that figures from before that date are no longer comparable. MSTR shares closed at $91.67 on Friday, up from $94.85 a week ago.
The strategy sends cash to reserves
The strategy is still in the process of raising capital. It’s just to park profits now. The company sold 2,732,318 MSTR shares for net proceeds of $263.5 million between July 13 and 19 and did not purchase any Bitcoin. Its July 20 SEC filing puts the new dollar reserve at $3.225 billion. The reserve now covers ~1.8 years of dividend commitments.
The margin to continue breeding is not the constraint. Strategy may continue to sell up to $23.53 billion in additional common stock under its existing market programs. But the break is a choice, not a dry well.
This pause comes after a warning strategy received in June. Julio Moreno, head of research at CryptoQuant, urged the company to stop buying Bitcoin and replenish its cash reserve, Cryptopolitan reported on June 24. Reserves are down about 38% from the start of 2026.
Moreno said Strategy’s dividend obligations had increased fourfold in six months to $1.2 billion, and dividend coverage had collapsed from more than seven years to about 14 months.
“Buying whenever capital is available is not a strategy,” he said, calling it “a formula for accumulating at the peaks of the cycle.” Instead, he suggested a template-based approach to planning future purchases.
The next concrete data point will be on Thursday, July 30, when Strategy reports its second-quarter results after the U.S. market closes that day.
