Saylor's mysterious post follows Strategy's record $216 million bitcoin sale

On Sunday, Michael Siler uploaded Strategy's Bitcoin Position Tracker to Platform X. Days after the company completed the largest US$216 million bitcoin sale in history, the caption "Orange dots only tell part of the story" was more vague than typical buy signals in the past.

The market is now used to tracking Siler's weekend positions. Traders and Strategy Company shareholders will carefully read the posts for clues about subsequent SEC filings on Monday. However, the latest post deviates from the convention of implying a buy, leaving room for buying, selling or other capital transactions.

Siler's captioning no longer implies that Bitcoin is buying

in the past, and it is not difficult to interpret Siler's Sunday post. Before strategy companies disclosed new bitcoin purchases, captions like "It's a good time to add more dots" and "It's better to see more dots" often appeared.

A June 28 post read: "We need more charts." It was not a Bitcoin acquisition that followed, but a new capital structure. The caption on July 5 heralded the largest sale in the company's history.

Selle also used vague language before major announcements. "What if we started adding green dots?" he asked last November. The next day, in addition to buying 130 bitcoins in small amounts, Strategy also disclosed US$1.44 billion in reserves raised through common stock sales.

Thaler did not explain the caption, and Strategy did not confirm any transactions in the week ending Sunday.

The sale of the redefined tracker occurred in about a week. From June 29 to 30, Strategy sold 1363 bitcoins for US$80.8 million. Subsequently, according to SEC filings, an additional 2225 bitcoins, worth $135.2 million, were sold between July 1 and 5. These batches totaled approximately US$216 million and involved 3588 bitcoins.

The proceeds will be used for dividends on preferred shares. The balance makes up for the portion of Strategy's dollar reserves used for these payments.

Thaler wrote on X: "Strategy has sold 3588 bitcoins for $216 million to provide dividends for our digital credit securities." It added that as of July 5, the company held $2.55 billion in cash reserves and 843775 bitcoins.

Analysts called the move an attitude change for a company based on hoarding rather than selling. "You can't sell your Bitcoin," Siler said in October last year. Strategy shares fell nearly 5% after the disclosure, but then recovered to about $100.

Orange dots only tell part of the story.

Strategy Company lost US$9.7 billion on its positions

Strategy Company paid a total of US$63.69 billion for its positions, and the average cost per bitcoin was US$75476. On Monday, when Bitcoin approached $64067, the position was worth approximately $54 billion, resulting in an unrealized loss of approximately $9.63 billion, close to 15% of the cost basis.

The company still holds more bitcoins than any other publicly traded company, accounting for more than 4% of its approximately 21 million fixed supply. Strategy reported a second-quarter digital asset loss of $8.32 billion, almost all of which was unrealized losses.

Last week, strategy firm preferred stock STRC traded at $89 after falling below the $100 anchor price. The stock, called Stretch, promises a generous dividend every two weeks. According to Google Finance, the STRC closed Friday at $87.48. Broader corporate bond trading showed a downward trend. Solana holder Solmate lost almost all of its value.

The orange dot on the tracker represents a buy. However, Strategy expanded its use of Bitcoin through a capital framework at the end of June. Under this framework, proceeds from the sale can be used to support preferred stock dividends, debt interest, securities repurchases and dollar reserves. It also authorized two separate $1 billion repurchase programs, one for preferred securities and one for Class A common stock.

Strategy's Bitcoin monetization plan still has US$1.25 billion in reserve building capabilities. As of July 5, this capability has not yet been used. Because recent sales have not exhausted established capabilities, the company may have more room to sell Bitcoin than appears to be.