Strategy holds 843,775 BTC at a $9.3B unrealized loss as Saylor posts his 5th chart tease since the company's last BTC purchase on June 22.
Strategy has gone four consecutive weeks without adding to its Bitcoin (BTC) treasury, its longest buying drought in two years, but co-founder and executive chairman Michael Saylor has continued his cryptic Sunday X posts. Saylor posted the company's acquisition chart on July 26 with the caption, "We're gonna need another color."
Saylor offered no further explanation, and Strategy has not confirmed any new transaction for the week ending July 26.
Strategy's Bitcoin Position
The chart Saylor shared shows 843,775 BTC accumulated across 113 separate purchases, with holdings valued at roughly $54.4 billion. Strategy spent $63.69 billion building that position, leaving an unrealized loss of approximately $9.3 billion at Bitcoin's current price of around $64,600. The company's average acquisition cost stands at $75,476 per coin, according to its July 20 filing with the Securities and Exchange Commission.
Strategy's last confirmed purchase covered 520 BTC for about $34.9 million, bought between June 15 and June 21 at an average of $67,068 per coin. The four Monday filings that followed, spanning June 29 through July 20, recorded no purchases. The most recent of those filings showed $263.5 million in MSTR share sales, which pushed the company's dollar reserve up to $3.225 billion. MSTR shares closed July 25 at $91.67, down from $94.85 the prior Friday.
Capital Framework and New Metrics
Saylor's Sunday chart posts once reliably preceded Monday purchase disclosures, but that link has frayed. His June 28 post, captioned "We're gonna need more charts," was followed by the rollout of a new capital framework rather than a Bitcoin buy. The July 5 post came the day before Strategy disclosed the largest Bitcoin sale in its history.
The capital framework adopted in late June added three cash deployment options beyond Bitcoin: a $1 billion repurchase program for digital credit securities, a $1 billion common stock buyback, and a BTC Monetization Program permitting up to $1.25 billion in Bitcoin sales. Strategy also retains authorization to sell up to $23.53 billion of additional stock to raise capital. Saylor has previously used color in these posts to signal transaction type, asking "What if we start adding green dots?" in late November, one day before a 130 BTC purchase was disclosed alongside a new $1.44 billion USD reserve. On Jan. 4, he posted "Orange or Green?" in reference to whether the company would add Bitcoin or cash. The new "another color" language has raised questions about whether a third category of transaction will emerge.
Related Article: Strategy CEO Says Bitcoin Must Drop to $10K Before Debt Becomes a Concern
On July 23, Strategy revised its mNAV calculation, redefining it as the share price divided by net Bitcoin per share in dollar terms. The updated formula deducts senior claims including perpetual preferred stock and out-of-the-money convertible debt, net of the dollar reserve. Strategy noted in its investor dashboard that figures from before July 23 cannot be compared to the new version. Saylor described the change on X as the development of a new financial language for Bitcoin capital markets. Strategy is scheduled to report second-quarter results after the US market close on July 30.
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