Saylor posts cryptic bitcoin tracker after $216M sale

On Sunday morning Michael Saylor posted the company’s bitcoin acquisition tracker on X with the caption “Orange dots tell only part of the story.” The post followed Strategy’s disclosure that it sold 3,588 BTC for about $216 million.

Strategy sold 1,363 BTC for $80.8 million during the final two days of June and 2,225 BTC for $135.2 million between July 1 and July 5. The company reported the proceeds were used to fund preferred-stock distributions and to replenish the portion of its dollar reserve tapped for those payments. Strategy has not confirmed any additional purchases or sales for the week ending that Sunday.

At the end of the reporting period Strategy held 843,775 BTC acquired for a total of $63.69 billion, an average cost of $75,476 per coin. With bitcoin trading near $64,000 on Sunday, those holdings were valued at about $54 billion, producing roughly $9.7 billion in unrealized losses, or about 15% below the company’s aggregate cost. Strategy controls just over 4% of bitcoin’s fixed 21 million supply and remains the largest corporate holder.

In late June Strategy adopted a broader capital framework that permits bitcoin sales to support the company’s dollar reserve, preferred dividends, debt interest payments and securities repurchases. The company also authorized separate $1 billion repurchase programs for its preferred securities and for Class A common shares.

By July 5 the company’s dollar reserve stood at $2.55 billion, and the full $1.25 billion of reserve-building capacity under its BTC Monetization Program remained unused. Strategy’s recent bitcoin sales did not reduce the stated $1.25 billion capacity. During the week ending July 5 the company did not sell common or preferred shares through its at-the-market programs, nor did it repurchase shares under its authorizations.

Saylor’s Sunday tracker posts have frequently been followed by Monday filings that disclosed purchases or other announcements, but the sequence has varied. Earlier captions such as “A good time to add more dots” and “Looks better with more dots” preceded purchase disclosures; a June 28 post reading “We're gonna need more charts” preceded the release of the new capital framework; a July 5 tracker post came before the largest single bitcoin sale in the company’s history.

Saylor did not expand on the “Orange dots” caption, and Strategy has not provided further details about transactions or other announcements for the week ending that Sunday.