Michael Saylor posted a new chart on X with a cryptic caption, reviving speculation that Strategy is about to resume Bitcoin purchases. The post follows the same pattern as one that preceded the company's Aug. 3 sale of 1,638 BTC, and it lands while Strategy sits on a $4 billion cash pile and an approximately $9.05 billion unrealized loss on its holdings.
Michael Saylor, Strategy's chairman, posted a new chart from StrategyTracker.com on X on Sunday. According to CryptoPotato: Saylor's new chart carried the caption "Doing ₿usiness". The message left traders debating whether the company is preparing to deploy cash and resume buying.
A familiar pattern before Monday
The teaser follows a script the market has seen before. Saylor posted a similar chart last Sunday, and it was followed by an Aug. 3 disclosure that Strategy sold 1,638 BTC for approximately $105 million, with the proceeds funding STRC buybacks and dividend payments.
According to CryptoPotato, analysts at Lookonchain had flagged the sale before Strategy made it public, after tracking the company's total holdings falling to 842,138 BTC. Days earlier, Lookonchain also spotted a transfer of more than 1,000 BTC from a wallet linked to the company, pointing to another possible sale.
$4 billion in cash against a $9.05 billion paper loss
Strategy has made no direct bitcoin purchases for its balance sheet since June, but its available cash cushion has since grown to $4 billion. Its 842,138 BTC are worth $54.66 billion.
Those coins were accumulated through 113 recorded acquisition rounds since 2020 at an average price of $75,653 per Bitcoin. That average leaves the position sitting on an unrealized loss of 14.21%, or approximately $9.05 billion, with bitcoin trading below the company's average entry price.
STRC's recovery adds another variable
The Aug. 3 sale also funded purchases of Strategy's own STRC stock, which carries a par value of $100 but slumped below $80 several weeks ago. According to CryptoPotato, the company reacted by halting its bitcoin purchases in late June to rebuild its cash reserve.
STRC has since risen by $20 to close the week at $95.
That combination — idle cash and a discount to its own average entry price — is the same setup Strategy has previously used to justify dollar-cost averaging back into bitcoin.
Sources: U.Today, CryptoPotato
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