Over the past twelve months, Strategy (MSTR) CEO Michael Saylor has maintained a consistent pattern, making a funny X post almost every Sunday using an orange dotted chart to suggest an additional bitcoin announcement on Monday. shopping.
However, the pattern seemed to break at least a little this Sunday, when Saylor posted the same chart, but said, “What if we start adding green dots?”
The subtle change has ignited speculation throughout the bitcoin community. Some believe the green dots could indicate share buybacks or balance sheet changes, while others wonder if it’s a clue to possible bitcoin sales.
Adding another twist to the plot, Strategy CEO Phong Le, in a podcast appearance, reiterated that the company has no near-term refinancing risk, but explained that if Strategy’s multiple of net asset value (mNAV) falls below 1, the company could sell bitcoin to fund dividends on its perpetual preferred equity. Le also noted that Strategy can selectively sell BTC at a higher cost, to offset capital gains in a way that increases bitcoin per share.
Any sale of bitcoin for any reason by Strategy would be notable given Michael Saylor’s oft-repeated axiom: “You don’t sell your Bitcoin.”
Strategy, the largest publicly traded corporate holder of bitcoin with nearly 650,000 BTC, has seen its share price crumble in recent months, now 41% lower so far this year and about 70% lower than an all-time high reached just over a year ago.
That, in turn, has limited its ability to sell common shares to raise funds for additional bitcoin purchases. The strategy has instead turned to issuing preferred stock to purchase bitcoin, but critics question the company’s ability to pay preferred dividends without further diluting common shareholders or selling part of its bitcoin stack.
