Saylor posts chart as MicroStrategy sits $13B underwater

Michael Saylor posted MicroStrategy’s bitcoin acquisition tracker chart to X with the caption “We're gonna need more charts,” a customary prompt that the company may disclose another purchase in the week ahead. The chart shows a market value near $50.8 billion against a cost basis near $64.1 billion.

MicroStrategy reported holding 847,363 BTC at an average cost of about $75,646 per coin as of its June 22 disclosure. With bitcoin trading near $60,000, the position sits roughly $13 billion below its cost basis; some estimates put the unrealized loss closer to $14 billion.

The company disclosed a 520 BTC purchase for about $35 million on June 22 and added $300 million to its dollar reserves, bringing cash to $1.4 billion. On June 1 MicroStrategy sold 32 BTC for roughly $2.5 million to fund a preferred-stock dividend, its first sale since 2022, then resumed weekly purchases.

MicroStrategy’s common shares recently traded around $82, the lowest level since February 2024. Its variable-rate STRC preferred shares, which carry an 11.5% annual dividend and are designed to trade near $100 par, fell to a record low around $71. Those moves pushed the company’s enterprise mNAV below 1 for the first time, a measure that compares the firm’s full market value, including debt and preferred stock, with the value of its bitcoin holdings.

Industry figures have criticized the company’s approach. Ripple CEO Brad Garlinghouse pointed to the STRC discount as evidence of flaws in the funding model while remaining bullish on bitcoin. CryptoQuant’s head of research, Julio Moreno, urged MicroStrategy to pause purchases and rebuild cash, saying dividend obligations have grown to about $1.2 billion a year and that coverage for STRC has fallen from more than seven years to roughly 14 months; he estimated the company would need about $2.8 billion in reserves to restore two years of coverage.

A recent analysis found MicroStrategy’s common stock ranks behind roughly $6.7 billion of convertible debt and about $15.5 billion of perpetual preferred stock in the capital structure. Saylor has previously described the company as a net accumulator, noting it would buy “10 to 20” bitcoin for every coin it sells.

Saylor’s tracker posts have often preceded Monday 8-K filings that confirm weekly purchases. If the company files another 8-K disclosing a purchase this week, it would extend its accumulation streak even as the discount on its equity and preferred securities adds pressure on funding. Bitcoin was trading below $60,000, near its weakest levels since October 2024.