Strategy Teases Market Again with Hint of Bitcoin Purchase
Michael Saylor posted a Bitcoin Tracker chart, which traditionally signals an upcoming report of new purchases. It seems the corporate giant continues to buy coins on the dip.
Big Dot Energy: Saylor Flashes the Buy Signal Again, and the Market Knows What's Next
Michael Saylor posted a chart. Not a press release, not a financial report—just a chart with orange dots and the caption "Big Dot Energy." And that's enough to put the crypto market on edge, waiting for another check worth tens of millions of dollars. Strategy is buying Bitcoin again, and everyone following this asset knows: the next 48 hours will bring a new line in an 8-K filing.
On May 18, 2026, the co-founder and executive chairman of Strategy posted his signature "dot chart" on X. It showed 818,869 bitcoins—exactly what the company held on its balance sheet as of May 17. The total stack is worth about $64.23 billion. Saylor publishes such posts with almost religious regularity: a day or two before the SEC receives official notice of a new purchase. The last time this exact pattern played out was on April 27, when the company reported acquiring 3,273 BTC for $255 million. No coincidences.
The significance of the moment isn't that Strategy is buying—it does that almost every week. The significance is in the timing. Bitcoin is trading around $78,000, close to Strategy's average entry price of $75,540 per coin. The company methodically accumulates in a range that maximizes long-term returns. JPMorgan analysts calculated: if the pace continues, Strategy will pour another $30 billion into Bitcoin by December—more than in all of 2025.
A $62 Billion Rabbit Hole
Strategy is no longer a software company with a hobby. It is the largest corporate holder of Bitcoin in the world, with a position exceeding 3.9% of the total BTC supply. It was once called MicroStrategy and sold BI tools. Now it's a Bitcoin bank.
The numbers are sobering. Since the start of 2026, the company has added 145,834 BTC worth about $11 billion—and all purchases were made at prices below $75,000. The average check over the past six years: $61.9 billion in total expenditure. The position is now worth about $66.5 billion, with a paper profit of $4.6 billion. Not bad for an asset that everyone wrote off in 2022.
The story began in August 2020, when Saylor announced he was moving the corporate treasury into Bitcoin. Dollar inflation scared him more than crypto volatility. Back then, it looked like madness. Now, Strategy ends 2026 with a market cap of $65 billion and shares that effectively act as a leveraged proxy for Bitcoin.
The main trick that turned the company into a magnet for capital is not Bitcoin itself, but the financing system. Strategy built a four-tier structure of preferred shares: STRF (10% coupon), STRC (11.5% effective annual yield), STRK (8%), and STRD. Each layer is a separate product for investors who want exposure to Bitcoin but are not ready to hold the volatile underlying asset.
Just STRC raised $8.5 billion in the first nine months. The company sells these securities to investors seeking stable income, and uses the proceeds to buy Bitcoin. The mechanics are simple: Strategy takes on BTC volatility itself, while passing the coupon stream to preferred shareholders. This makes the company something between a hedge fund and a bank—except instead of mortgage bonds, the underlying asset is digital gold.
$1.5 Billion in Dividends and a Broken Taboo
Until May 2026, Strategy had one inviolable rule: Bitcoin is not for sale. Never. HODL at the corporate level. Saylor called sellers "weak hands" and swore his company would die before parting with its coins.
On May 6, 2026, CEO Phong Le said something on CNBC that made Bitcoin maximalists flinch. Strategy might start selling BTC to cover dividend obligations. "We will probably sell a little Bitcoin to pay dividends—just to inoculate the market, to signal that we've done it," Saylor said on a call with investors.
The reason is simple and ruthless: annual dividend obligations have ballooned to $1.5 billion. Preferred shares require regular payments, while the software business generates a paltry $124 million in quarterly revenue—not enough to fill the gap. Bitcoin itself does not produce coupon income. So the company needs either new share sales or—for the first time in history—a sale of part of its reserve.
Market reaction split exactly in half. Some, like investor Adam Livingstone, argued that periodic sales would be beneficial: the money would go to dividends, calm skeptics, and allow more capital to be raised. Others, including Bitcoin evangelist Samson Mow, saw it as a betrayal of the idea—Strategy becomes a market maker that could pressure the price.
However, CEO Phong Le quickly reassured the market with numbers: daily BTC trading volume exceeds $60 billion. $1.5 billion in annual sales is a drop in the ocean—0.007% of daily turnover. "I don't think we move the price up or down," he said bluntly.
But the change in rhetoric itself is significant. Strategy is no longer a church of Bitcoin maximalism. It is a pragmatic financial institution with a BTC Yield of 9.6% since the start of the year and a willingness to balance the portfolio in both directions.
Tug of War at $395
While retail investors debate the morality of sales, Wall Street is pricing in a new reality. TD Cowen updated its MSTR target to $395—122% above current levels around $177. The bank's analysts called the capital-raising model via STRC "more efficient" and raised the Bitcoin yield forecast to 18.2% for 2026.
JPMorgan confirms the picture: demand for Strategy shares is split almost evenly between retail and institutional investors. The premium to net asset value has expanded to 26% over the past two months. This means investors are paying a quarter more than the actual Bitcoin on the balance sheet is worth—just because Strategy knows how to buy it.
But there is a nuance that not everyone talks about. Saylor's controlling stake is being diluted. Over six years, the number of Class A shares has grown from 76 million to over 330 million—a fourfold dilution. Each new round of MSTR sales reduces the founder's stake. By the end of 2026, his voting power could fall below one-third. Without Saylor at the helm, Strategy turns into an ordinary Bitcoin ETF with an expensive wrapper.
At the same time, the company is buying back its own convertible bonds worth $1.5 billion, maturing in 2029. On May 15, Strategy announced a deal that will reduce debt but require about $1.38 billion in cash. The sources of funding listed in the prospectus are chillingly candid: cash reserves, sale of securities, and—yes—possible sales of Bitcoin.
Where Is This Train Heading
Strategy enters the summer of 2026 on three parallel tracks. The first is continued accumulation. Saylor made it clear that the company will buy more Bitcoin than it sells: the formula "buy more than you sell" is now embedded in official strategy. The second track is dividend payments. Voting on switching STRC to a semi-monthly payment schedule runs until June 8, and if shareholders approve the amendment, the first payments will begin on July 15. Strategy will become the only preferred security in the world with 24 payments per year. No one else does that.
The third track is the price of Bitcoin. TD Cowen forecasts $140,000 per coin. If that comes true, Saylor's strategy will go down in the textbooks. If not, the pressure of dividend obligations will start eating into reserves.
One thing is clear: Strategy no longer plays by the rules of corporate treasuries. It writes those rules itself—in real time, under the SEC's watch, with $64 billion in Bitcoin at stake. And when Saylor posts orange dots, the market freezes. Because each such dot is another step toward turning the corporation into a Bitcoin bank that cannot be ignored.
— Editorial Team
