Michael Saylor’s “Green Dot” Tease Sparks Speculation on Strategy’s Next Move

Michael Saylor, Executive Chairman of bitcoin treasury firm Strategy (MSTR), stirred the bitcoin community this Sunday with a subtle but intriguing change to his now-routine chart post on X.

For the past year, Saylor has posted a playful Sunday chart featuring orange dots, a signal that has traditionally hinted at a Monday announcement of additional bitcoin (BTC) purchases. This weekend, however, the pattern shifted slightly: Saylor posted the same chart but added, “what if we start adding green dots.”

The seemingly minor change has fueled speculation across the crypto community. Some interpret green dots as a potential signal for stock buybacks or balance sheet adjustments, while others wonder if it could hint at possible bitcoin sales.

Adding to the intrigue, Strategy CEO Phong Le, speaking on a recent podcast, emphasized that the company currently faces no short-term refinancing risk. He noted, however, that if Strategy’s multiple to net asset value (mNAV) falls below 1, the company could sell bitcoin to fund dividends on its perpetual preferred equity. Le also highlighted that Strategy can selectively sell higher-cost BTC to offset capital gains while potentially increasing bitcoin per share.

Any sale of bitcoin would mark a notable departure from Saylor’s long-standing mantra: “You do not sell your Bitcoin.” Strategy, the largest publicly traded corporate holder of bitcoin with nearly 650,000 BTC, has faced significant headwinds in recent months. Its stock is down roughly 41% year-to-date and about 70% from its all-time high just over a year ago.

The decline has limited Strategy’s ability to raise funds for bitcoin purchases through common stock sales. The company has instead turned to preferred share issuance for acquisitions, though critics question whether it can pay preferred dividends without further diluting common stockholders—or resorting to selling some of its bitcoin holdings.

With Saylor’s green dot tease and Strategy’s recent financial maneuvers, investors and the bitcoin community are left speculating on what could be next for the corporate bitcoin giant.