Michael Saylor posted Strategy’s Bitcoin purchase chart on X on Sunday, July 26, with the caption, “We’re gonna need another color.” It was the fifth similar post from Saylor since the company’s last disclosed Bitcoin purchase on June 22.

MSTR is widely traded as a leveraged proxy for Saylor’s Bitcoin acquisition strategy, a model that has been copied by dozens of corporate treasury companies. Strategy has now gone four consecutive weeks without adding any Bitcoin to its portfolio for the first time in two years, making the pause notable for investors who track the company’s filings as a real-time gauge of how aggressively corporate Bitcoin treasuries can keep expanding.

Saylor’s Sunday chart no longer reliably points to Monday Bitcoin buys

For years, a Sunday night chart from Saylor often preceded a Monday 8-K filing disclosing another Bitcoin purchase. That signal has become less consistent. On June 28, Saylor posted, “We’re gonna need more charts,” but the announcement that followed was a new capital framework rather than a Bitcoin acquisition. On July 5, he posted again shortly before Strategy completed the largest Bitcoin sale it had ever made.

Saylor also referred to “green dots” in late November, one day before Strategy announced a $1.44 billion dollar reserve alongside a 130 BTC purchase. On January 4, he asked followers, “Orange or Green?” in a post hinting at whether coins or cash were coming.

The July 26 post received more than 11,000 likes and over 1,400 replies. Saylor did not explain the caption, and the company confirmed that no transaction took place.

Strategy’s market value relative to its Bitcoin holdings, known as enterprise mNAV, fell below 1 on June 27. That means MSTR has been trading at a discount to the value of the Bitcoin it holds. Under those conditions, selling shares to buy additional Bitcoin no longer increases Bitcoin per share; it reduces it. At the same time, Strategy’s preferred stock dividends, with STRC raised to a 12% rate, must be paid in cash.

We’re gonna need another color. pic.twitter.com/AqZO5UeXDx — Michael Saylor (@saylor) July 26, 2026

Strategy has completed 113 Bitcoin purchases totaling 843,775 BTC, acquired at an average price of $75,476 per coin for $63.69 billion. With Bitcoin at $65,283.96, that position is worth about $55.1 billion, leaving the holding roughly $8.6 billion underwater.

The capital framework introduced in late June created new options for raising and preserving cash. It authorized a $1 billion digital credit securities buyback, a $1 billion common stock buyback, and a program allowing up to $1.25 billion in Bitcoin sales. On July 23, Strategy changed how it calculates mNAV and warned that figures before that date are no longer comparable. That change matters because mNAV is one of the main shorthand measures used to compare MSTR’s equity valuation with the Bitcoin it owns. MSTR shares closed Friday at $91.67, down from $94.85 one week earlier.

Strategy directs cash to reserves

Strategy is still raising capital, but it is currently putting the proceeds into reserves rather than buying Bitcoin. During the period from July 13 to July 19, the company sold 2,732,318 MSTR shares for net proceeds of $263.5 million and did not purchase any Bitcoin. In its July 20 SEC filing, Strategy said its new dollar reserve stood at $3.225 billion. The reserve now covers about 1.8 years of dividend commitments.

The company’s ability to keep raising funds is not the immediate constraint. Strategy can still sell up to $23.53 billion of additional common stock under its existing at-the-market programs. The current pause therefore reflects a decision to hold cash rather than a lack of available fundraising capacity.

The pause follows a warning Strategy received in June. CryptoQuant head of research Julio Moreno urged the company to stop buying Bitcoin and rebuild its cash buffer, Cryptopolitan reported on June 24. Strategy’s reserves had dropped about 38% from early 2026.

Moreno said Strategy’s dividend obligations had increased about fourfold in six months to $1.2 billion, while dividend coverage had fallen from more than seven years to about 14 months.

“Buying whenever capital is available is not a strategy,” Moreno said, describing it as “a formula for accumulating at cycle peaks.” He suggested that Strategy use a model-based approach to time future purchases.

The next major data point is Thursday, July 30, when Strategy is scheduled to report second-quarter results after the U.S. market closes. The report will give shareholders a fresh look at the cash reserve, dividend coverage, and any updated use of the capital framework after a month in which Saylor’s chart posts no longer translated into routine Bitcoin purchases.