Michael Saylor moved the cryptocurrency market again this Sunday by posting an enigmatic message about Bitcoin. The co-founder and executive chairman of Strategy shared the traditional chart that accompanies the company's purchases and wrote: "The orange dots tell only part of the story".
The post quickly drew the attention of investors. In recent years, similar messages from Saylor often preceded official announcements about new Bitcoin acquisitions made by Strategy.
On several occasions, phrases such as "A good time to add more dots" and "It gets better with more dots" were followed by the disclosure of new purchases of the cryptocurrency. In recent months, however, this pattern has ceased to be entirely predictable.
At the end of June, for example, Saylor posted "We’re going to need more charts". Instead of announcing a Bitcoin acquisition, Strategy revealed a new capital structure. Days later, another post ended up preceding the largest sale of bitcoins ever made by the company.
Last week, the company reported the sale of 3.588 BTC, a transaction that moved approximately US$ 216 milhões. Of the total, 1.363 bitcoins were sold in the last two days of June for about US$ 80,8 milhões, while another 2.225 BTC were traded between July 1 and 5, generating approximately US$ 135,2 milhões.
According to Strategy, the resources obtained were used to finance the distribution of dividends on preferred shares and replenish its dollar reserve allocated for these payments.
Even after the operation, the company remained with 843.775 BTC on its balance sheet. The volume was acquired for approximately US$ 63,69 bilhões, resulting in an average price of US$ 75.476 por Bitcoin.
With Bitcoin trading close to US$ 64 thousand this Sunday, these reserves came to be worth around US$ 54 billion. In practice, this represents unrealized losses of approximately US$ 9,7 billion, equivalent to around 15% of the average acquisition cost.
Despite this, Strategy remains the world's largest corporate holder of Bitcoin. The company controls just over 4% of the maximum supply of 21 million bitcoins, consolidating its position among the companies with the greatest exposure to the asset.
The company's recent financial restructuring also expanded its operational flexibility. The new model allows it to sell Bitcoin to bolster its dollar reserve, finance dividends on preferred shares, pay interest on debt, and execute bond and share repurchase programs.
In addition, the company approved independent repurchase programs of up to US$ 1 billion for Class A common shares and preferred securities.
On July 5, the dollar reserves totaled US$ 2.55 billion. At the same time, the entire capacity of US$ 1.25 billion provided for in the new BTC Monetization Program remained available.
During the same period, Strategy reported that it did not sell shares through its at-the-market trading programs nor carry out previously authorized repurchases.
Experts noted that the recent Bitcoin sales did not reduce the stated capacity of the monetization program. This indicates that the company continues to have room to carry out new operations involving its reserves if it deems it necessary.
Michael Saylor's track record reinforces this interpretation. In November, the executive posted the phrase "What if we started adding green dots?". The following day, Strategy announced the purchase of 130 BTC and disclosed a reserve of US$ 1.44 billion, financed by an offering of common shares.
For this reason, the new message published by Saylor once again fueled expectations about Strategy's next steps. So far, however, the company has not announced new purchases, sales, or any other operation involving Bitcoin for the week ended this Sunday.
