Michael Saylor, co-founder of Strategy (formerly MicroStrategy), posted a cryptic message on X on July 19, 2026, featuring a graph of the company’s bitcoin purchases with the text “What’s next?”. While many interpreted this as a hint of a new bitcoin acquisition, recent weeks have shifted perception. Strategy had previously sold over 3,500 BTC in its largest-ever sale, following a new framework to enhance liquidity. The firm has made 113 purchases over six years, accumulating 843,775 BTC for roughly $64 billion, but the current value is nearly $10 billion lower, representing an unrealized loss of about 15%.
Michael Saylor rattled the community again on X with a cryptic post containing a graph of his company’s bitcoin purchases over six years. The text read: “What’s next?”
Although many translated this as a new purchase hint, the reality from recent weeks tells a different story. The firm’s co-founder has published such posts for years, but they were always followed by a major purchase announcement on the next business day.
That changed when Strategy announced its biggest BTC sale to date, disposing of over 3,500 units. The perception shifted immediately.
The sale came just a week after the firm launched the Digital Credit Capital Framework to enhance liquidity and long-term BTC exposure. Strategy had a USD reserve of $2.55 billion, covering 17.4 months of dividend payments, and sought to raise that by including potential BTC sales of up to $1.25 billion to expand the dividend payment period beyond 25 months.
Saylor published a similar hint last weekend, which led to no bitcoin move. Instead, Strategy increased its USD reserve to $3 billion by raising funds via an at-the-market common stock offering.
The firm has made 113 purchases over almost six years. It has accumulated 843,775 BTC since then, ramping up efforts after the 2024 US presidential elections and the promise of a friendlier regulatory environment.
Despite the dollar-cost averaging strategy, the company remains down on its major bitcoin bet given the asset’s price correction over the last nine months. Strategy spent roughly $64 billion to accumulate its stash, but its current value is nearly $10 billion lower. This means the company’s unrealized loss stands at around 15%.
