Saylor's Orange Dots Hit 113: Strategy Still Hungrier Than The Critics 🧡

Strategy Executive Chairman Michael Saylor posted his weekly chart update on X on Sunday, teasing another Bitcoin acquisition ahead of the company's expected Monday purchase. "We're gonna need more charts," Saylor wrote alongside the firm's signature "Orange Dots" graphic, which logs every BTC buy to date.

According to StrategyTracker data shared by Saylor, Strategy holds 847,363 bitcoin valued at $50.88 billion as of June 28, 2026, accumulated across 113 purchase events at an average price of $75,653 per coin. The chart highlights the company's aggressive accumulation throughout 2024 and 2025, with the average purchase price line trending upward as MSTR continued buying.

The teaser follows a relatively modest $35 million Bitcoin acquisition announced earlier in the week, alongside a roughly $300 million increase in U.S. dollar reserves. To fund the activity, the firm raised more than $335 million through MSTR stock sales, a move that has reignited investor questions about shareholder dilution.

Despite Saylor's bullish posture, Strategy's stock has slumped. MSTR fell 8% on Thursday to $86 amid concerns about the company's ability to meet dividend obligations on its Variable Rate Perpetual Stretch Preferred Stock (STRC), and was last quoted at $82.31 after a further 3.54% decline. STRC was trading around $74.57 after a 1.48% increase on Sunday. Grayscale CEO and Head of Research Zach Pandl outlined two possible paths for the instrument, writing on X: "What I think happens: increase in STRC dividend of 50bp, which equates to ~$100mn higher dividend obligation for next 2yrs; probably does not help market confidence."

Ripple CEO Brad Garlinghouse has also weighed in, saying he remains bullish on bitcoin but arguing that Saylor's approach to funding purchases has damaged the wider cryptocurrency market. Saylor's treasury is said to hold roughly 10 months of dollar reserves to cover STRC's dividend obligations. Market participants are now watching Strategy's June 30 ex-dividend date and the monthly STRC dividend rate reset.