Key Takeaways Michael Saylor shared Strategy’s Bitcoin acquisition chart on Sunday with the cryptic message “We’re gonna need another color” — marking his fifth similar post since the company
On Sunday, July 26, Michael Saylor shared Strategy’s Bitcoin purchase chart on X, accompanied by the caption “We’re gonna need another color.” This marked his fifth similar social media post since June 22, when the company last confirmed a Bitcoin acquisition.
We’re gonna need another color. pic.twitter.com/AqZO5UeXDx
— Michael Saylor (@saylor) July 26, 2026
The social media post generated more than 11,000 likes and attracted 1,400 responses. Saylor provided no additional context, and Strategy has not announced any new transactions.
MSTR shares finished Friday’s session at $91.67, representing a decline from the prior Friday’s closing price of $94.85.
The company’s Bitcoin holdings stand at 843,775 BTC, accumulated over 113 separate purchases at an average cost of $75,476 per coin, totaling $63.69 billion. With Bitcoin currently trading in the $64,600–$65,000 range, Strategy’s position carries an unrealized loss between $8.6 and $9.3 billion.
Over the past two years, a Sunday chart post from Saylor typically signaled an imminent Monday Bitcoin acquisition filing. This pattern has recently diverged. His June 28 post announced a new capital allocation framework rather than a purchase. The July 5 post preceded the company’s largest-ever Bitcoin sale.
Saylor has employed color-related messaging previously. In late November, he referenced “green dots” one day before Strategy announced a 130 BTC acquisition alongside a $1.44 billion cash reserve. On January 4, he posed the question “Orange or Green?” suggesting an upcoming decision between cryptocurrency or cash.
Strategy’s enterprise mNAV — measuring the ratio between market capitalization and net Bitcoin holdings — dropped below 1 on June 27. When this metric falls below that threshold, issuing additional stock to acquire Bitcoin actually reduces Bitcoin per share rather than increasing it.
Preferred stock dividend obligations represent another constraint. The STRC preferred dividend rate increased to 12% and requires cash payment. CryptoQuant’s head of research Julio Moreno noted that Strategy’s dividend obligations have expanded approximately fourfold over six months to $1.2 billion, while dividend coverage plummeted from over seven years down to approximately 14 months.
Strategy continues raising capital — the company sold 2,732,318 MSTR shares generating net proceeds of $263.5 million between July 13 and July 19 — but these funds are being allocated to reserves rather than Bitcoin purchases. The dollar reserve has grown to $3.225 billion, sufficient to cover roughly 1.8 years of dividend requirements.
The firm retains authorization to sell up to $23.53 billion in additional common stock through existing at-the-market programs. The current buying pause represents a strategic decision.
Strategy unveiled a new capital allocation framework in late June, establishing multiple channels for cash deployment. The board authorized a $1 billion buyback program for digital credit securities, a separate $1 billion common stock repurchase program, and a Bitcoin Monetization Program permitting up to $1.25 billion in Bitcoin sales.
On July 23, Strategy revised its mNAV calculation methodology. The updated formula subtracts senior obligations — encompassing perpetual preferred stock and out-of-the-money convertible debt — after accounting for the dollar reserve. The company cautioned that historical figures calculated before this date cannot be directly compared to the new methodology.
Strategy will release its second-quarter financial results following Thursday, July 30’s U.S. market close.
The post Strategy (MSTR) Stock Drops to $91.67 as Saylor Hints at New Move After Month-Long Bitcoin Hiatus appeared first on Blockonomi.
