Saylor’s bitcoin chart fuels questions on new purchases

Michael Saylor posted Strategy Inc.’s bitcoin acquisition chart on X on July 26 with the caption “We’re gonna need another color.” The image showed 113 orange markers representing purchases since 2020.

Strategy holds 843,775 BTC, according to its regulatory filings. Those bitcoins were acquired for about $63.69 billion; on the date of the post the holdings’ market value was roughly $54.36 billion, an unrealized decline of about $9.47 billion. The chart noted an average acquisition price of $75,653 per bitcoin.

In a Form 8-K filed July 20, Strategy reported selling 2,732,318 Class A common shares from July 13 to 19, raising $263.5 million in net proceeds and not buying additional bitcoin during that period. The filing shows the sale increased Strategy’s U.S. dollar reserve to $3.225 billion.

The same filing states the company retains remaining capacity to issue up to $23.53 billion of common stock under its at-the-market programs. That figure reflects potential issuance capacity rather than cash already on hand. The filing also notes Strategy can use proceeds from share sales for bitcoin purchases, cash reserves or other corporate needs without a new public offering.

Strategy’s disclosure estimated that the $3.225 billion cash reserve provided about 1.8 years of coverage for preferred-stock dividends. The filing estimated the market value of the company’s bitcoin holdings represented 31 years of preferred-stock dividend coverage. It added that cash on the balance sheet could be used for dividend and interest obligations, future bitcoin purchases or other corporate purposes.

Saylor has described bitcoin as a long-term capital asset and has published a forecast through 2036 projecting bitcoin’s role in reserves, collateral and financial products. He has previously called corporate bitcoin adoption “necessary, inevitable, and welcome.”

Saylor has posted similar acquisition charts ahead of treasury updates in the past. Investors and analysts commonly check treasury reports and the executive chairman’s posts for updates on whether Strategy will add to its bitcoin holdings or allocate proceeds from stock sales to other uses.