‘We’re Gonna Need Another Color’: Michael Saylor Fuels Speculation Over Strategy’s Next Bitcoin Move
Michael Saylor, Executive Chairman of Strategy Inc. (Nasdaq: MSTR), renewed speculation on Sunday by sharing the company’s bitcoin acquisition chart with the remark, “We’re gonna need another color.” The X post featured a graphic filled with orange markers representing Strategy’s purchases since 2020.
According to the chart, Strategy holds 843,775 BTC acquired through 113 purchases, valued at approximately $54.36 billion with an average price of $75,653 per bitcoin. The holdings show an unrealized decline of about $9.47 billion.
Saylor frequently posts such charts before treasury updates, prompting investors to interpret them as possible signals of another purchase. However, the posts do not confirm an acquisition. The latest post came after Strategy disclosed selling $263.5 million in stock without adding BTC during the July 13-19 period.
During that period, Strategy sold 2,732,318 MSTR shares for $263.5 million in net proceeds but did not purchase bitcoin. The proceeds increased its cash reserve to $3.225 billion, indicating the company does not automatically deploy new capital into BTC and may instead strengthen its cash position.
Strategy still has authorization to sell up to $23.53 billion of additional common stock under existing at-the-market offerings, as per a July 20 SEC filing. This represents remaining issuance capacity, not cash already raised. The company can direct proceeds toward bitcoin purchases, its cash reserve, or other corporate needs.
Strategy previously noted that its cash reserve provided more than 20 months of dividend coverage. The increase to $3.225 billion extends coverage to approximately 1.8 years. The company also estimated that the market value of its bitcoin holdings represents 31 years of preferred-stock dividend coverage. Holding more cash provides greater flexibility for timing future bitcoin purchases.
Saylor has consistently described BTC as a long-term capital asset. In his bitcoin forecast through 2036, he argued BTC could become a global digital capital asset used for reserves, collateral, and financial products. He has called corporate bitcoin adoption “necessary, inevitable, and welcome,” suggesting Strategy’s buying pause is about capital allocation rather than a change in strategy.
The immediate question is whether Strategy will use its remaining stock-sale capacity to add another purchase marker to the chart or continue building its cash reserve.