Michael Saylor, the Executive Chairman of Strategy, signaled on Sunday morning that the firm is preparing for another Bitcoin (BTC) acquisition despite the company’s treasury sitting roughly $13 billion underwater. In a post on X, Michael Saylor shared a graphic of the company’s Bitcoin acquisition tracker with the caption “We’re gonna need more charts,” a phrase that has traditionally preceded formal purchase disclosures.
The teaser comes as Bitcoin trades near $60,000, significantly below Strategy’s weighted average cost basis. The firm currently holds 847,363 BTC acquired at an average cost of about $75,646 per coin. With a total cost basis of $64.1 billion against a current market value of approximately $50.8 billion, the company is facing substantial unrealized losses.
Michael Saylor Bitcoin strategy persists through market volatility
The Block Research suggests these paper losses could reach as high as $14 billion as the market selloff deepens.
The potential new purchase would mark Strategy’s fourth consecutive week of buying. On June 22, the company disclosed it had purchased 520 BTC for approximately $35 million, its smallest recent tranche. Despite the slower pace, the move reinforces the firm’s identity as a net accumulator.
This consistent demand persists even as other sectors of the market react to shifting liquidity, such as when Bitcoin exchange supply maintains multi-year lows amid broader investor uncertainty.
The firm’s decision to double down on its strategy follows a period where it recorded its first sale since 2022. On June 1, Strategy offloaded 32 BTC for $2.5 million to fund a dividend payment.
However, it immediately resumed weekly buying, sustaining Michael Saylor’s stated goal of acquiring 10 to 20 coins for every single coin sold. While some technical indicators suggest a Bitcoin price analysis is necessary at key resistance levels, Strategy appears committed to a long-term accumulation model regardless of immediate price action.
Funding model under pressure as share premiums vanish
The aggressive accumulation plan is facing mounting financial pressure as the market revalues the company’s “capital stack.” Strategy’s common stock, trading under the ticker MSTR, fell to roughly $82 last Friday, its lowest level since February 2024. More critically, the firm’s variable-rate STRC preferred stock hit a record low near $71 last week.
This is a significant deviation from its $100 par value, and the stock carries an 11.5% annual dividend obligation that requires steady cash flow.
These combined declines pushed Strategy’s enterprise market Net Asset Value (mNAV) below 1 for the first time. This means the market currently values the firm at less than the market value of the Bitcoin it holds. Analytics firm CryptoQuant recently urged Strategy to pause purchases and rebuild its cash reserves.
Head of research Julio Moreno noted that dividend obligations have quadrupled to $1.2 billion annually, while STRC coverage has dropped from seven years to approximately 14 months.
Industry critics question the financial engineering model
The firm’s heavy focus on Bitcoin rather than operational utility has drawn public criticism from industry leaders. Ripple CEO Brad Garlinghouse told CNBC on Friday that Michael Saylor’s team “wasn’t focused on the right stuff,” arguing that the approach has hurt the broader market.
Brad Garlinghouse pointed to the steep discount on STRC preferred stock as evidence that the company’s financial engineering model is flawed, even as he remains bullish on Bitcoin’s long-term prospects.
The firm currently maintains a dollar reserve of $1.4 billion after adding $300 million to its cash pile last week. However, CryptoQuant estimates Strategy needs approximately $2.8 billion in reserves to restore two years of dividend coverage.
As Bitcoin remains near its weakest levels since October 2024, the market is closely watching for the formal 8-K filing that typically follows Michael Saylor’s social media signals, waiting to see if the firm will once again leverage its dwindling premium to expand its massive digital treasury.