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Strategy Chairman Michael Saylor posted a chart of the company's Bitcoin portfolio on X with the brief caption: "The orange dots tell only part of the story."
Saylor's rhetoric used to be unequivocally bullish, but now he is openly teasing his audience and ambiguously suggesting that there is more behind the familiar chart of purchases.
Why the market expects sales rather than new purchases
Saylor's hint came at a time when his company found itself in a vulnerable position for the first time. The screenshot he posted clearly shows the portfolio's current financial performance: the average purchase price stands at $75,476, while the return has fallen to -15.41%, representing an unrealized loss of nearly $10 billion.
With the portfolio this deep in the red and free dollar liquidity running low, the company simply does not have the resources for another round of aggressive purchases.
CryptoQuant analyst Maartunn published a chart showing Strategy's "Buys & Sells" and directly asked: "Does this mean we are about to see more selling at the bottom?"
The CryptoQuant data clearly visualizes what Saylor is leaving unsaid: the orange purchase dots on the chart have been completely replaced by red sale markers.
The largest of these was the recent sale of 3,588 BTC for $216 million, which took place near Bitcoin's local low of around $60,000. The fact that Saylor realized a net loss points to the forced nature of the transaction: the company urgently needed fiat cash to service its high-yield Stretch preferred stock, STRC, with a fixed 12% rate.
Strategy used to be a "concrete floor" for the market. Investors knew that Saylor would only buy and support the price during downturns. Now, with 843,775 BTC remaining on the company's balance sheet and its founder issuing vague hints amid a real depletion of dollar reserves, that status has changed.
The main question for the market now is whether this will become a regular practice and at what price the company will sell its next tranches.
Dan Burgin
U.Today Editorial Team
