Michael Saylor rattled the neighborhood cages on X as soon as once more with a cryptic put up containing a graph showcasing his firm’s numerous BTC purchases accomplished over the previous six years, with the textual content “What’s subsequent?”
Though many translated this message as a brand new trace that Technique has made a brand new bitcoin buy, the fact from the previous a number of weeks tells a distinct story.
What’s subsequent? pic.twitter.com/bNl0xX0obw
— Michael Saylor (@saylor) July 19, 2026
Purchase or Promote Subsequent?
The agency’s co-founder and former CEO has been publishing such posts for years. We didn’t pay a lot consideration to them earlier than, as they have been all the time adopted by a significant buy announcement on the subsequent enterprise day. Nevertheless, this all modified just a few weeks in the past when, as a substitute of bragging concerning the newest bitcoin acquisition, Technique introduced its largest BTC sale so far by disposing of over 3,500 models.
The notion modified instantly. It got here only a week after the agency had launched the Digital Credit score Capital Framework to reinforce liquidity and long-term BTC publicity. The concept was easy – the agency had a USD reserve of $2.55 billion, which was sufficient to cowl 17.4 months of dividend funds. Nevertheless, it wished to boost that, and included potential BTC gross sales of as much as $1.25 billion to broaden the dividend fee interval to over 25 months.
Saylor revealed the same trace final weekend, which led to no bitcoin transfer. As an alternative, Technique elevated its USD reserve to $3 billion by elevating funds by way of an at-the-market widespread inventory providing. All eyes have now turned to the world’s largest company holder of BTC, and hypothesis is working wild about what tomorrow’s announcement will likely be.
113 Purchases
We known as them numerous above, however in actual fact the precise variety of purchases is 113 (we counted them slowly; hopefully we’re not fallacious). They started nearly six years in the past, and the agency has accrued 843,775 BTC since then after it ramped up its efforts following the 2024 US presidential elections and the promise of a friendlier regulatory setting.
Regardless of the DCA technique, the corporate stays down on its main bitcoin wager, given the asset’s value correction over the past 9 months or so. The agency has spent roughly $64 billion to build up its stash, however its present worth is almost $10 billion decrease. Which means the corporate’s unrealized loss stands at round 15%.
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