Michael Saylor, the strategy’s founder and chairman, took to social media again on Sunday to provide investors with his latest signal. One analyst believes that Sailor’s message needs to be clearer for Bitcoin to regain momentum.
“The orange dot tells only part of the story,” Saylor’s message, posted Sunday alongside a chart from Saylortracker.com, is generally similar to social media messages prior to Strategy’s Bitcoin (BTC) purchase news, which was announced the day after his post.
In recent weeks, the largest digital asset treasury and major BTC holder has shifted away from its long-held “never sell Bitcoin” approach to a willingness to sell the largest cryptocurrency as needed to pay dividends to STRC preferred stock holders and replenish its cash reserves. Strategy sold $216 million worth of Bitcoin earlier this month, reducing its total token holdings to 843,775, according to a July 6 filing with the U.S. Securities and Exchange Commission.
“The orange dot tells only part of the story.” source: michael sailor
A few days ago, Strategy unveiled a capital framework to fund dividends from Bitcoin sales, increased the annual dividend rate on STRC preferred shares to 12%, and said its US dollar reserves had increased to $2.55 billion.
Geoff Kendrick, head of global digital asset research at Standard Charter, believes that Strategy’s recent actions and Saylor’s delivery method are “muddying the waters for BTC in the near term.”
“We believe that effectively communicating MSTR’s new strategy (using BTC to back STRC) is key to reassuring the market that wholesale sales are not possible, which should ultimately support the price of BTC,” Kendrick said in a note to clients on Friday. “If this signal actually proves effective, MSTR should support the price of STRC, eliminating the need to actually sell BTC,” he said.
relevant: Crypto Biz: Did Michael Saylor Buy One Bitcoin Bottom?
StanChart found an inconsistency in the “never sell” approach.
Kendrick said Strategy’s long-held “never sell” approach has limited what the company can do with the industry’s largest digital asset treasury.
“The problem with the ‘never sell’ approach is that MSTR’s BTC holdings limit what they can do, or perhaps more importantly, what they are perceived to be doing,” StanChart analysts said. “MSTR has begun shifting its communication strategy on this in recent months. We have sold BTC twice and recently announced a BTC monetization program.”
Source: Standard Chartered Bank
Nonetheless, he sees Strategy’s “market signals” improving soon. He expects the outlook for Bitcoin to become clear, with StanChart maintaining its year-end forecast of $100,000.
The stock is struggling at its lowest level this year ahead of the earnings release.
Investors who have bought into the strategy narrative have had a tough time over the past 12 months. STRC Preferred Stock was structured to maintain a price of $100 per share. Shareholders saw the par value declining last month, falling to the lowest level since preferred stocks were introduced a year ago.
The common stock, which trades under the ticker MSTR, has lost more than 70% of its value since July 2025, closing Friday at $94.64 per share, down from a 52-week high of $457.22.
The company is scheduled to report second-quarter earnings on July 30, with analysts’ consensus estimate being $4.28 per share, according to Yahoo Finance data. According to Fintel.io data, revenue has missed analyst forecasts in six of the last eight quarters, including a negative surprise of 33.76% in Q1 2026.
magazine: Will the cryptocurrency lobby’s $189 million campaign secure CLARITY?