Michael Saylor, Strategy's co-founder and executive chairman, posted a StrategyTracker chart of the company's bitcoin acquisitions to X on Sunday morning with the caption "We're gonna need another color." It marks his fifth consecutive Sunday tracker post since Strategy last disclosed a bitcoin purchase, a streak that now stretches back more than a month.
The chart itself shows 113 purchase events totaling 843,775 BTC, worth roughly $54.4 billion at current prices. That is about $9.3 billion below the $63.69 billion Strategy has spent building the position, according to its July 20 filing with the Securities and Exchange Commission. At an average cost basis of $75,476 per bitcoin, the entire holding sits underwater with bitcoin trading near $64,600 on Sunday.
A Signal That No Longer Reliably Predicts a Buy
Saylor's Sunday posts once frequently preceded a Monday disclosure of a fresh bitcoin purchase, but that connection has clearly weakened in recent weeks. A June 28 post reading "We're gonna need more charts" was followed not by a purchase but by a new capital framework, and a July 5 post preceded disclosure of the largest bitcoin sale in the company's history.
Strategy's last confirmed bitcoin purchase was 520 BTC for about $34.9 million, at an average price of $67,068, bought between June 15 and June 21. Filings on June 29, July 6, July 13 and July 20 each recorded no purchases; the most recent showed $263.5 million in MSTR share sales that helped lift the company's dollar reserve to $3.225 billion.
Related: Analyst Sees Bitcoin Sliding to $45,000 by Start of Q4 2026
Reading the Colors
Saylor has a track record of using color references to hint at what kind of capital move is coming. He asked "What if we start adding green dots?" in late November, a day before Strategy disclosed a 130 BTC purchase alongside a new $1.44 billion dollar reserve, and posted "Orange or Green?" on Jan. 4 in reference to whether the company would add bitcoin or dollars to its balance sheet.
The capital framework Strategy adopted in late June opened up destinations for cash beyond bitcoin purchases altogether: a $1 billion repurchase program for its digital credit securities, a $1 billion common stock buyback, and a BTC Monetization Program permitting up to $1.25 billion of bitcoin sales. Any of those, rather than a new bitcoin buy, could be what “another color” is hinting at.
A New Way of Measuring the Position
Sunday's post also caps a week in which Strategy changed how it measures itself. On July 23, the company redefined its mNAV metric as share price divided by net bitcoin per share in dollar terms, with the new calculation deducting senior claims such as perpetual preferred stock and out-of-the-money convertible debt, net of its dollar reserve. Strategy said in notes on its investor dashboard that references to mNAV calculated before that date are not comparable to the new version.
MSTR shares closed Friday at $91.67, down from $94.85 the previous Friday. Strategy reports second-quarter earnings after the U.S. market close on Thursday, July 30, when investors may get more clarity on whether the company plans to resume bitcoin purchases, lean further into buybacks, or continue building its dollar reserve.
