Saylor posts ‘add more dots’ as MicroStrategy faces $11.7B loss

Michael Saylor posted an orange-dots bitcoin tracker on X on Sunday with the caption “A good time to add more dots,” a signal that has often preceded public filings disclosing recent bitcoin purchases. At the time of the post, bitcoin was trading in the low $60,000s.

MicroStrategy reported holding 843,706 BTC as of May 31, with an average purchase price of $75,699. At prevailing prices the stake is worth about $52.2 billion, producing an unrealized loss near $11.7 billion, roughly 18% below cost.

The company disclosed a small sale between May 26 and May 31 of 32 BTC at an average net price of $77,135. Proceeds of about $2.5 million were used to fund a dividend on STRC, MicroStrategy’s variable-rate perpetual preferred stock. That sale represented roughly 0.004% of the firm's total bitcoin holdings.

Earlier statements from Saylor indicated MicroStrategy would acquire “10 to 20” bitcoin for every coin it sells. If the orange-dots post precedes a disclosed buy at current prices, the company would be acquiring at levels about 20% below the recent sale price.

MicroStrategy reported a U.S. dollar reserve of about $900 million as of May 31, down from roughly $2 billion before the company repurchased $1.5 billion of 2029 convertible notes. The firm raised $128.3 million through an at-the-market program for its MSTR shares in the week ending May 31. No new STRC issuance was disclosed in that period.

The post arrived one day before MicroStrategy’s annual meeting on June 8, where shareholders will vote on a proposal to change STRC dividend payments from monthly to twice monthly. The company has said retail investors hold about 80% of outstanding STRC shares.

Bitcoin markets have been volatile. The price slipped below $61,000 after a stronger-than-expected U.S. jobs report for May. U.S. spot bitcoin exchange-traded funds recorded an extended run of net outflows into early June, with a brief net inflow on June 4 followed by renewed redemptions. Market data showed bitcoin trading around $61,900 at the latest update.

Saylor published an essay on Friday arguing that bitcoin's long-term success depends on accommodating competing visions rather than embracing a single ideology. The essay appeared as observers discussed whether the company’s June 1 disclosure contributed to recent price moves.

MicroStrategy is the largest corporate holder of bitcoin. Any future 8-K filing would disclose the size of a purchase, how it was funded and the timing.