Strategy hints at more Bitcoin buys after 32-coin sale fuels debate

Michael Saylor's latest social media post has reignited speculation that Strategy is preparing to add to its 843,706-BTC treasury.

Bitcoin traded near $64,000 on Monday after Strategy executive chairman Michael Saylor posted a chart on X captioned "A good time to add more dots," a signal the market has historically interpreted as a precursor to a new purchase.

"Our corporate Strategy is to increase net Bitcoin and Bitcoin per share over time," Phong Le, chief executive officer at Strategy, said in a reply to Saylor's post. "Rumors otherwise are just rumors."

The messages came days after Strategy disclosed its first Bitcoin sale since 2022, offloading 32 BTC for roughly $2.5 million to fund dividends on its preferred shares. While representing just 0.0004% of the company's 843,706-BTC hoard, the transaction broke a long-held never-sell posture and drew intense scrutiny. Strategy's stock has fallen 31% in the past month and 67% over the past year, with the company sitting on an unrealized paper loss of nearly $12 billion after accumulating its position at an average price of $75,702 per coin.

The key question is how Strategy would finance a new purchase. Its primary debt instrument, STRC, attracted zero new Bitcoin over the past week, trading at $93.17 with a 12.34% yield. Saylor may need to tap alternative sources, from issuing other bond classes to using cash reserves, with the market expecting an announcement as early as Monday.

The 32-coin sale has become a flashpoint for bears. Polymarket assigns a 63% probability of MSCI index delisting by year-end 2026, which would force passive selling. Strategy reported a Q4 2025 net loss driven by a $17.44 billion unrealized loss on digital assets, with full-year EPS of -$15.23. The company's market capitalization stands at $42.3 billion, while the total value of the business is $61.8 billion, supported by $12.89 billion in combined debt instruments across four preferred share classes.

CNBC host Jim Cramer added to the pressure, posting on social media a pointed question about "who murdered Bitcoin" — a remark widely seen as targeting Saylor's accumulation strategy. Cramer's jab resonated as capital rotated from crypto into artificial intelligence stocks, a trend Saylor himself acknowledged in recent comments.

Despite the headwinds, Saylor's Sunday post has revived the bull case. The mid-May precedent, when a similar post preceded the purchase of 24,869 BTC for $2 billion, suggests the company may be preparing to deploy capital at lower prices. Strategy currently holds about 4% of all Bitcoin that will ever exist, and its CEO has publicly committed to increasing net Bitcoin holdings per share as the company's core corporate objective.

This article is for informational purposes only and does not constitute investment advice.