Michael Saylor, the Executive Chairman of Strategy, has ignited new speculation about the company’s future Bitcoin transactions. In a post from July 12, he shared the popular acquisition chart and remarked, “Orange dots reveal only part of the narrative.” While the chart reflects previous Bitcoin acquisitions, it fails to clarify whether Strategy engaged in purchases, sales, or held its position in the latest reporting period.
Summary
- Saylor’s post featuring orange dots heightens uncertainty around Strategy’s next Bitcoin move following a major corporate sale last week.
- Strategy divested 3,588 BTC for $216 million, allocating the funds for preferred dividends and augmenting its cash reserves.
- MSTR continues to exhibit bearish trends near support levels, as weak momentum leaves investors pondering whether to buy or sell.
Saylor has often shared this chart before Strategy’s Monday filings. Traders historically interpreted such posts as signals of imminent purchases, but this understanding diminished after the company began liquidating Bitcoin in 2026. Thus, the latest update can be seen in two ways: either Strategy has resumed purchasing, or Saylor is hinting at a broader capital strategy that may involve selective sales.
As of the week ending July 12, Strategy has not confirmed any transactions. Their public tracker indicates a balance of 843,775 BTC. Typically, the company communicates treasury activities through SEC filings, implying social media alone cannot verify whether a trade took place or indicate its direction.
Recent sale shifts the perspective
On July 6, Strategy revealed it sold 3,588 BTC for around $216 million between June 29 and July 5. The company first sold 1,363 BTC at an average price of $59,256, followed by another 2,225 BTC at an average of $60,773. This transaction reduced their holdings to 843,775 BTC, which were acquired at an average price of $75,476. These particulars were detailed in Strategy’s July 6 filing.
The filing indicated that the proceeds were used to meet preferred stock distributions and replenish its dollar reserves, which stood at $2.55 billion as of July 5. Furthermore, Strategy mentioned that its Bitcoin monetization program could still generate up to $1.25 billion. There were no common stock sales or share buybacks reported during that period.
Crypto.news highlights a broader capital transformation
Crypto.news reports that the July sale signals the end of Strategy’s previous “never sell” policy. The article indicates that the company is now incorporating Bitcoin into a wider capital strategy that includes preferred shares, dividends, debt, cash reserves, and possible buybacks. Strategy’s first sale in 2026 involved a meager 32 BTC, later described by CEO Phong Le as a systems test.
The larger sale of 3,588 BTC was crucial as the funds were allocated to ongoing financial commitments. Another report referenced Grayscale research, which warned that declining STRC and MSTR prices could pressure dividends and hinder Strategy’s ability to acquire more Bitcoin. Nonetheless, other analysts still expect the company to resume buying as market and funding conditions improve.
MSTR faces ongoing pressure
MSTR closed at approximately $94.64 after establishing lower highs and lows since reaching a peak of around $450 in July 2025. The stock remains below the significant resistance level of $126.55. Its relative strength index is close to 30.5, indicating strong negative momentum and potential oversold conditions. While this might support a slight rebound, it does not confirm a trend reversal.
Source: TradingView
The MACD line remains below its signal line, with both positioned under zero, maintaining a bearish outlook. Immediate support is identified between $90 and $95. A drop beneath this range could further undermine structural stability. For recovery, a rise above $125 to $130 would be essential, followed by stronger momentum. The next filing from Strategy should clarify whether Saylor’s orange dots indicated a purchase, another sale, or a change in the balance sheet.
