Saylor Signals “Add More Dots” as Strategy Sits $11.7 Billion Underwater on 843,706 BTC

Michael Saylor’s “a good time to add more dots” post on Sunday signaled a potential fresh Bitcoin buy as Strategy sits $11.7B underwater on 843,706 BTC, with JPMorgan saying the firm may need to rebuild dollar reserves.

Strategy executive chairman Michael Saylor posted “a good time to add more dots” on X Sunday alongside the company’s bitcoin acquisition tracker chart, his customary signal that a Monday 8-K disclosure confirming a fresh BTC purchase may follow. The phrasing this time goes further than the usual tease, explicitly positioning current price levels in the low $60,000s as attractive.

Strategy holds 843,706 BTC at an average cost of $75,699, leaving the firm’s treasury position roughly $11.7 billion underwater, or about 18%, at current prices. CEO Phong Le reinforced the message in a direct reply: “Our corporate Strategy is to increase net Bitcoin and Bitcoin per share over time. Rumors otherwise are just rumors.” 

This story is an excerpt from the Unchained Daily newsletter.

Saylor sold 32 BTC at an average net of $77,135 between May 26 and May 31 to fund STRC preferred dividends. If a fresh buy lands this week at current prices, the implied math is favorable: roughly 20% below the recent sale level.

The scrutiny around Strategy has intensified with JPMorgan telling clients last week the firm may need to rebuild dollar reserves to restore investor confidence following the May sale. 

Strategy’s USD reserves stood at $900 million as of May 31, down from roughly $2 billion before May’s repurchase of $1.5 billion in 2029 convertible notes. The company raised $128.3 million through its MSTR at-the-market program in the week ending May 31, with no STRC issuance disclosed. 

MSTR stock closed down 6% on Friday and slipped a further 0.41% in after-hours trading. All eyes are now on the “add more dots” signal from Saylor, which has historically preceded a Monday morning 8-K filing.