Michael Saylor posted Strategy’s Bitcoin acquisition chart to X on Sunday, July 26, with the caption “We’re gonna need another color.” It was his fifth such post since the company’s last confirmed Bitcoin purchase on June 22.
We’re gonna need another color. pic.twitter.com/AqZO5UeXDx
— Michael Saylor (@saylor) July 26, 2026
The post drew over 11,000 likes and 1,400 replies. Saylor offered no further explanation, and the company confirmed no transaction.
MSTR closed Friday at $91.67, down from $94.85 the previous Friday.
Strategy holds 843,775 BTC across 113 purchase events, bought at an average of $75,476 per coin for a total of $63.69 billion. With Bitcoin trading near $64,600–$65,000, the position sits roughly $8.6 to $9.3 billion underwater.
For two years, a Sunday Saylor chart post was a reliable signal of a Monday Bitcoin buy filing. That pattern has broken down. His June 28 post preceded a new capital framework, not a purchase. The July 5 post came just before the largest Bitcoin sale in company history.
The color metaphor has appeared before. In late November, Saylor floated “green dots” a day before Strategy disclosed a 130 BTC purchase alongside a $1.44 billion dollar reserve. On January 4, he posted “Orange or Green?” hinting at whether coins or cash were coming next.
Strategy’s enterprise mNAV — the ratio of its market value to its net Bitcoin holdings — fell below 1 on June 27. At that level, selling stock to buy Bitcoin no longer grows Bitcoin per share. It dilutes it.
Preferred stock dividends are also a factor. The STRC preferred was lifted to a 12% rate and must be paid in cash. According to CryptoQuant’s head of research Julio Moreno, Strategy’s dividend obligations ballooned roughly fourfold in six months to $1.2 billion, while dividend coverage collapsed from over seven years to around 14 months.
Strategy is still raising capital — it sold 2,732,318 MSTR shares for net proceeds of $263.5 million between July 13 and July 19 — but proceeds are going into reserves, not Bitcoin. The dollar reserve now stands at $3.225 billion, covering roughly 1.8 years of dividend commitments.
The company can still sell up to $23.53 billion in additional common stock under existing at-the-market programs. The pause is a choice.
In late June, Strategy adopted a new capital framework with multiple destinations for cash. It approved a $1 billion buyback for digital credit securities, a $1 billion common stock buyback, and a Bitcoin Monetization Program allowing up to $1.25 billion in Bitcoin sales.
On July 23, Strategy also redefined how it calculates mNAV. The new formula deducts senior claims — including perpetual preferred stock and out-of-the-money convertible debt — net of the dollar reserve. The company warned that figures calculated before that date are not comparable to the new version.
Strategy reports second-quarter results after the U.S. market close on Thursday, July 30.
The post Strategy (MSTR) Stock: Saylor Teases “Another Color” After Four-Week Bitcoin Buying Pause appeared first on CoinCentral.
