Saylor teases Strategy's 113th $BTC buy while critics ask how many dots are too many dots 🟠

Michael Saylor reignited speculation over Strategy's next Bitcoin accumulation with a fresh X post featuring the company's signature orange-dot chart, hinting at what would be the firm's 113th $BTC purchase. Strategy has executed 112 buys to date, bringing its holdings to 846,842 $BTC valued at roughly $54.3 billion, according to BitcoinTreasuries.NET. Only one sale has been recorded since 11 August 2020, when Strategy offloaded 32 $BTC on 1 June 2026 — a move that coincided with a slide in the STRC preferred to around $90.

The teaser drew sharper-than-usual pushback this cycle. An X account called Byzantine General questioned how Strategy can continue buying $BTC given current financial constraints, noting that the company's mNAV ratio is at or near 1, meaning new MSTR share issuance would no longer command the premium Saylor's capital-allocation framework relies on. Another user argued Saylor and Strategy are locked in a self-reinforcing cycle, forced to keep purchasing $BTC to support its price because a sharp drop would jeopardize the firm's heavily leveraged position. That user suggested that divesting $BTC or MSTR stock to retire debt and preferred obligations would be more sustainable, even if it meant abandoning Strategy's current model.

Not all voices were critical. Nicolas Cole, co-founder of Premium Ghostwriting Academy, defended the approach, and Bitcoin commentator Adam Livingston wrote, "As predicted, Strategy will sell MSTR to buy more Bitcoin and cash. As they should." Livingston said Strategy can still raise capital by issuing additional MSTR shares and splitting proceeds between cash reserves and further $BTC acquisitions, arguing the strategy remains accretive at the balance-sheet level even if $BTC yield per share turns temporarily negative. He added that dilution-focused critics overlook the role of cash holdings and preferred securities such as STRC, which, he said, can boost $BTC yield without expanding the common-share count.

The renewed debate comes as Saylor marked Strategy's recovery from the 2022 bear market. $BTC was last trading at $64,106.25, still below the $65,000 level last touched on 18 June.