Saylor’s orange-dot chart revives bets on MicroStrategy buy
Michael Saylor posted an orange-dot chart showing MicroStrategy holds 843,738 BTC worth $62.24 billion, prompting renewed speculation the company may disclose another bitcoin purchase.
On May 31 Michael Saylor posted an orange-dot chart that showed MicroStrategy’s bitcoin reserve at 843,738 BTC and a reserve value of $62.24 billion. The image renewed attention on whether the company will disclose another purchase, because similar charts have preceded prior MicroStrategy bitcoin announcements.
The post carried the caption “Working Better” and included a dashboard that traces MicroStrategy’s accumulation history. The graphic used orange circles to mark earlier buys; several larger circles correspond to periods of heavier purchases. Market observers highlighted those clusters as a recurring pattern ahead of past purchase disclosures.
In a May 24 update Saylor wrote that the firm had “bought bonds, not bitcoin” and described its “BitVac” as “charging,” comments that drew focus to MicroStrategy’s financing and liquidity position ahead of any new purchases.
MicroStrategy’s most recent reported acquisition added 24,869 BTC at an average cost of $80,227 per coin, lifting the company’s total reserve to 843,738 BTC. The company remains the largest corporate holder of bitcoin.
The dashboard attached to the May 31 post included several market and balance-sheet metrics. It showed bitcoin priced at $73,763, bitcoin per share at 220,900 sats and a market NAV multiple (mNAV) of 1.24. Shares of MicroStrategy (Nasdaq: MSTR) were trading near $159.09, up about 4.9%, giving the company a market capitalization around $55.95 billion and an enterprise value near $77.31 billion.
On the balance-sheet side, the dashboard listed $6.75 billion in debt, $871 million in cash and $1.71 billion in annual dividend obligations. Based on the bitcoin holdings, the dashboard calculated 36.4 years of dividend coverage; the cash position provided about 6.1 months of coverage. The image also reported $42.56 billion in open interest tied to the position and implied volatility of 67%.
Recent corporate actions added data points to investors’ assessments. MicroStrategy retired $1.5 billion of convertible notes for $1.38 billion in cash, reducing future obligations at a discount to face value. The company also transferred 411.48 BTC, roughly $32 million, to Coinbase Prime; there was no public indication the transferred coins were being sold. Predictive-market odds that MicroStrategy would sell bitcoin rose to 84% following the Coinbase transfer.
Market participants said they are watching cash reserves, dividend coverage, financing activity and treasury movements alongside Saylor’s posts for any sign of another disclosed purchase. The company’s public dashboard updates and Saylor’s social posts continue to be referenced for timing and size of prior orange-dot markers.
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