Chairman Michael Saylor Posts Bitcoin Acquisition Chart: What's Next?

Revisiting the Bitcoin Purchase Chart

Michael Saylor, chairman of the leading Bitcoin (BTC) treasury firm Strategy, posted a chart on X on the 12th showing the company's Bitcoin acquisition points, commenting that "the orange dots only tell part of the story."

Saylor has a tendency to post this chart before announcing additional Bitcoin acquisitions. For instance, he has previously shared charts with phrases like "it's a good time to add more dots," followed shortly by announcements of Bitcoin purchases.

However, this latest comment is ambiguous and could suggest the existence of strategies beyond just Bitcoin purchases.

Additionally, following his post on June 28 stating, "it seems we will need more charts," a new capital strategy framework was announced instead of a purchase, and after the post on July 5, the company announced its largest Bitcoin sale in history.

Strategy sold a total of 3,588 BTC for approximately $216 million (about 35 billion yen) between June 29 and July 5. It remains unclear whether the next move regarding Bitcoin will involve additional purchases, further sales, or another capital management action.

According to the company, the proceeds from the sale were used to pay dividends on preferred shares and to replenish USD reserves for those payments. The total Bitcoin held by the company now stands at 843,775 BTC (total acquisition cost of $63.69 billion, with an average cost per coin of $75,476).

Industry Evaluation of Bitcoin Sales

Alex Thorn, an analyst at Galaxy Research, praised the time gained by Strategy's new capital framework, which includes a Bitcoin monetization program.

He stated that selling part of the held Bitcoin could be justified if it prevents a downward spiral of Bitcoin prices and Strategy's stock, protects preferred shareholders, and allows waiting for market conditions to improve.

On the other hand, he also suggested that Strategy could generate revenue by lending out some of its Bitcoin or engaging in options trading.

Strategy has established a "Bitcoin Monetization Program" that allows for the approval of Bitcoin sales worth up to $1.25 billion.

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