Michael Saylor’s “Green Dot” Sparks Speculation on Strategy’s Next Move
Michael Saylor, Executive Chairman of bitcoin treasury firm Strategy (MSTR), has set the crypto community buzzing with a subtle change to his weekly X chart post.
For the past year, Saylor has posted a Sunday chart featuring orange dots—a playful signal that often preceded Monday announcements of additional bitcoin (BTC) purchases. This weekend, however, the chart came with a twist: “what if we start adding green dots,” Saylor wrote, hinting at a possible shift in Strategy’s approach.
The crypto community is already speculating. Some interpret green dots as a signal for stock buybacks or balance sheet adjustments, while others wonder if it hints at potential bitcoin sales.
Strategy CEO Phong Le added context in a recent podcast. He emphasized that the company has no short-term refinancing risk but noted that if Strategy’s multiple to net asset value (mNAV) drops below 1, bitcoin could be sold to fund dividends on its perpetual preferred equity. Le also highlighted that the company can sell higher-cost BTC to offset capital gains and potentially increase bitcoin per share.
Any bitcoin sale would mark a 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 major headwinds recently—its stock is down roughly 41% year-to-date and about 70% from its all-time high a little over a year ago.
The stock slump has limited Strategy’s ability to raise funds for bitcoin purchases through common stock sales, forcing the company to rely on preferred share issuance. Critics, however, question whether dividends can be paid without further diluting common stockholders—or selling part of its bitcoin holdings.
With Saylor’s green dot hint and Strategy’s financial moves, the market is left guessing what the bitcoin giant might do next.
