Michael Saylor’s “Green Dot” Hint Sparks Speculation on Strategy’s Next Move
Michael Saylor, Executive Chairman of bitcoin treasury giant Strategy (MSTR), stirred the crypto community this Sunday with a subtle but notable tweak to his signature X chart post.
For the past year, Saylor has posted a playful Sunday chart featuring orange dots—a signal historically hinting at Monday announcements of additional bitcoin (BTC) purchases. This weekend, however, he added a twist: “what if we start adding green dots.”
The change has sparked widespread speculation. Some see green dots as a sign of possible stock buybacks or balance sheet adjustments, while others wonder if it hints at bitcoin sales.
Adding context, Strategy CEO Phong Le said in a podcast that the company has no short-term refinancing risk. However, he noted that if Strategy’s multiple to net asset value (mNAV) falls below 1, the company could sell bitcoin to fund dividends on its perpetual preferred equity. Le also highlighted that higher-cost BTC could be selectively sold to offset capital gains while potentially increasing bitcoin per share.
Any sale of bitcoin would mark a notable shift from Saylor’s long-standing mantra: “You do not sell your Bitcoin.” Strategy, the largest publicly traded corporate holder of bitcoin with nearly 650,000 BTC, has faced major challenges lately. Its stock is down roughly 41% year-to-date and about 70% from its all-time high just over a year ago.
The stock slump has limited the company’s ability to raise funds for bitcoin purchases through common stock sales. Strategy has leaned on preferred share issuance instead, but critics question whether dividends can be covered without diluting common stockholders—or selling some of its bitcoin holdings.
Saylor’s green dot tease, combined with the company’s recent financial maneuvers, leaves investors and the bitcoin community eagerly guessing what Strategy might do next.
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