Michael Saylor Signals Possible New Bitcoin Purchase as Strategy Faces $11.7 Billion Unrealized Loss

Michael Saylor has sparked fresh speculation about another bitcoin purchase after posting the company’s well known bitcoin acquisition chart on X with the caption, “A good time to add more dots.” The chart, often referred to by investors as the “orange dots” tracker, has historically appeared shortly before Strategy discloses new bitcoin purchases through regulatory filings.

The latest post suggests Saylor views current bitcoin prices as an attractive buying opportunity, with BTC trading in the low $60,000 range.

Strategy Holds More Than 843,000 BTC

As of May 31, Strategy held 843,706 BTC acquired at an average purchase price of $75,699 per bitcoin. Based on current market prices, the company’s bitcoin treasury is worth approximately $52.2 billion, leaving the position about $11.7 billion underwater, or roughly 18% below its total cost basis.

The signal comes just one week after Strategy disclosed the sale of 32 BTC between May 26 and May 31, marking the company’s first bitcoin sale since late 2022. The bitcoin was sold at an average net price of $77,135, generating approximately $2.5 million. The proceeds were used to support dividend payments for STRC, Strategy’s variable-rate perpetual preferred stock.

Annual Meeting and Market Conditions in Focus

The sale represented only 0.004% of Strategy’s total holdings but attracted attention because it appeared to conflict with Saylor’s long standing “never sell” approach. Earlier this year, Saylor stated that Strategy would buy “10 to 20” bitcoin for every coin it sells.

The latest signal arrives ahead of Strategy’s June 8 annual meeting, where shareholders are voting on a proposal to change STRC dividend payments from monthly to twice monthly. Retail investors reportedly own around 80% of outstanding STRC shares, making their participation important to the outcome.

Meanwhile, bitcoin remains under pressure after falling below $61,000 last week. Market sentiment has also been affected by continued outflows from U.S. spot bitcoin ETFs. Strategy’s ability to make another large purchase may depend on its available capital, with cash reserves standing at approximately $900 million as of May 31. The company also raised $128.3 million through its MSTR at-the-market stock program during the final week of May.