Michael Saylor rattled the neighborhood cages on X as soon as once more with a cryptic publish containing a graph showcasing his firm’s numerous BTC purchases accomplished over the previous six years, with the textual content “What’s subsequent?”
Though many translated this message as a brand new trace that Technique has made a brand new bitcoin buy, the truth from the previous a number of weeks tells a distinct story.
What’s subsequent? pic.twitter.com/bNl0xX0obw
— Michael Saylor (@saylor) July 19, 2026
Purchase or Promote Subsequent?
The agency’s co-founder and former CEO has been publishing such posts for years. We didn’t pay a lot consideration to them earlier than, as they have been at all times adopted by a serious buy announcement on the following enterprise day. Nevertheless, this all modified a couple of weeks in the past when, as a substitute of bragging in regards to the newest bitcoin acquisition, Technique introduced its largest BTC sale up to now by disposing of over 3,500 models.
The notion modified instantly. It got here only a week after the agency had launched the Digital Credit score Capital Framework to reinforce liquidity and long-term BTC publicity. The concept was easy – the agency had a USD reserve of $2.55 billion, which was sufficient to cowl 17.4 months of dividend funds. Nevertheless, it wished to lift that, and included potential BTC gross sales of as much as $1.25 billion to develop the dividend fee interval to over 25 months.
Saylor revealed an analogous trace final weekend, which led to no bitcoin transfer. As an alternative, Technique elevated its USD reserve to $3 billion by elevating funds by way of an at-the-market widespread inventory providing. All eyes have now turned to the world’s largest company holder of BTC, and hypothesis is operating wild about what tomorrow’s announcement shall be.
113 Purchases
We referred to as them numerous above, however in truth the precise variety of purchases is 113 (we counted them slowly; hopefully we’re not mistaken). They started virtually six years in the past, and the agency has accrued 843,775 BTC since then after it ramped up its efforts following the 2024 US presidential elections and the promise of a friendlier regulatory surroundings.
Regardless of the DCA technique, the corporate stays down on its main bitcoin guess, given the asset’s value correction over the past 9 months or so. The agency has spent roughly $64 billion to build up its stash, however its present worth is sort of $10 billion decrease. Because of this the corporate’s unrealized loss stands at round 15%.
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