Key Highlights

  • Saylor posted Strategy's bitcoin acquisition chart to X on Sunday with the caption "We're gonna need more charts," his customary signal preceding a Monday 8-K purchase disclosure.

  • Strategy holds 847,363 BTC at an average cost of about $75,646, leaving the position roughly $13 billion underwater with bitcoin near $60,000.

  • A Monday filing would mark Strategy's fourth straight week of buying, following its smallest recent tranche: a 520 BTC purchase for about $35 million disclosed on June 22.

Michael Saylor, Strategy's co-founder and executive chairman, posted the company's bitcoin acquisition tracker chart to X on Sunday morning with the caption "We're gonna need more charts." It is his customary signal that the largest corporate bitcoin holder may disclose a fresh purchase in the week ahead.

The chart displayed Strategy's holdings at a market value of around $50.8 billion against a cost basis near $64.1 billion. Strategy holds 847,363 BTC at an average purchase price of about $75,646, leaving the position roughly $13 billion underwater with bitcoin trading near $60,000, its weakest level since October 2024.

A Monday filing would mark Strategy's fourth straight week of buying. The most recent disclosure, on June 22, confirmed a 520 BTC purchase for about $35 million, the firm's smallest recent tranche, alongside an additional $300 million added to its dollar reserve, bringing it to $1.4 billion. Saylor used similar post-chart teasers on June 7 and June 21, both of which were followed by confirmed purchases.

The signal comes amid mounting pressure on Strategy's funding model. MSTR common shares fell to around $82 on Friday, their lowest since February 2024, while the STRC perpetual preferred stock dropped to a record low of $71.40, about 25% below its $100 par value. The combined slide pushed Strategy's enterprise mNAV below 1, meaning the market is now valuing the company at less than its bitcoin holdings, a threshold that makes raising capital through new share sales harder to execute.

The situation has drawn public criticism. Ripple CEO Brad Garlinghouse told CNBC on Friday that Saylor's approach "wasn't focused on the right stuff" and had hurt the broader crypto market. On-chain analytics firm CryptoQuant has also called on Strategy to pause purchases and rebuild cash, estimating it needs about $2.8 billion to restore two years of dividend coverage. The firm recorded its first bitcoin sale since 2022 on June 1, offloading 32 BTC to fund an STRC dividend payment, before resuming weekly buying.