Michael Saylor teases 'another color' after four straight weeks without a Strategy bitcoin buy

Michael Saylor, Strategy's co-founder and executive chairman, posted a StrategyTracker chart of the company's bitcoin acquisitions to X on Sunday morning with the caption "We're gonna need another color." It is his fifth Sunday tracker post since Strategy last disclosed a bitcoin (BTC) purchase.

The chart shows 113 purchase events and 843,775 BTC worth about $54.4 billion, roughly $9.3 billion below the $63.69 billion Strategy has spent building the position, according to its July 20 filing with the Securities and Exchange Commission.

Saylor's Sunday posts once frequently preceded a disclosure of a Monday purchase, but recently, that connection has weakened. As The Block previously reported, a June 28 post reading "We're gonna need more charts" was followed by a new capital framework rather than a buy, and the July 5 post preceded disclosure of the largest bitcoin sale in the company's history.

Strategy's last confirmed purchase was 520 BTC for about $34.9 million at an average price of $67,068, bought between June 15 and June 21. Filings on June 29, July 6, July 13 and July 20 recorded no purchases, with the most recent showing $263.5 million of MSTR share sales that helped lift the dollar reserve to $3.225 billion.

Saylor has previously appeared to use color to distinguish bitcoin purchases from dollar-reserve additions. He asked "What if we start adding green dots?" in late November, a day before Strategy disclosed a 130 BTC purchase alongside a new $1.44 billion dollar reserve, and posted "Orange or Green?" on Jan. 4 in reference to whether the company would add bitcoin or dollars, according to The Block's earlier reporting.

The capital framework Strategy adopted in late June created destinations for cash beyond bitcoin: a $1 billion repurchase program for its digital credit securities, a $1 billion common stock buyback and a BTC Monetization Program permitting up to $1.25 billion of bitcoin sales.

Sunday's post also caps a week in which Strategy changed how it measures itself. On July 23 the company redefined mNAV as its share price divided by net bitcoin per share in dollar terms, with the new calculation deducting senior claims such as perpetual preferred stock and out-of-the-money convertible debt, net of its dollar reserve.

References to mNAV calculated before that date are not comparable to the new version, Strategy said in the notes on its investor dashboard. Saylor framed the overhaul on X by writing that bitcoin capital markets require a new financial language.

MSTR closed Friday at $91.67, down from $94.85 the previous Friday. Bitcoin traded around $64,600 on Sunday, per The Block's Bitcoin Price page.

Strategy reports second-quarter results after the U.S. market close on Thursday, July 30. Saylor did not elaborate on the caption, and the company has not confirmed any purchase, sale or other transaction for the week ending Sunday.