Strategy founder and chairman Michael Saylor again took to social media on Sunday to offer his latest signal to investors as one analyst sees Saylor\u2019s messaging as needing more clarity to help Bitcoin regain its momentum.<\/p>\n
\u201cOrange dots tell only part of the story,\u201d was Saylor\u2019s message on Sunday in a post<\/a> that accompanied a chart from Saylortracker.com<\/a>, similar to previous social media messages that have preceded news of Strategy’s Bitcoin (BTC) purchases, typically announced the day after his posts.<\/p>\n In recent weeks, the largest digital asset treasury company and a major BTC holder, has moved away from its long-time \u201cnever sell Bitcoin\u201d approach to a willingness to sell the biggest crypto as needed to fund dividends for holders of its STRC preferred stock and to replenish its cash reserves. Earlier this month, Strategy sold $216 million worth of Bitcoin, reducing its total holdings to 843,775 tokens, according to a July 6 filing<\/a> with the US Securities and Exchange Commission.<\/p>\n \u201cOrange dots tell only part of the story.\u201d Source: <\/em>Michael Saylor<\/em><\/a><\/p>\n Days earlier, Strategy unveiled a capital framework<\/a> allowing Bitcoin sales to fund dividends, increased the annual dividend rate on its STRC preferred stock to 12%, and disclosed that its US dollar reserve had grown to $2.55 billion.<\/p>\n Standard Charter\u2019s global head of digital assets research, Geoff Kendrick, believes recent Strategy\u2019s actions\u00a0\u2014 and Saylor’s manner of communicating them\u00a0\u2014 \u201care muddying the waters for BTC near-term.\u201d<\/p>\n \u201cWe think effective communication of MSTR\u2019s new strategy\u00a0(using BTC to back STRC) is key to reassuring markets that wholesale selling is\u00a0unlikely; this should in turn support BTC prices,\u201d Kendrick wrote in a note to clients on Friday. \u201cIndeed, if this signalling proves\u00a0effective, it should remove the need for MSTR to actually sell any BTC by supporting\u00a0STRC\u2019s price,\u201d he said.<\/p>\n Related: <\/strong><\/em>Crypto Biz: Did Michael Saylor buy the Bitcoin bottom for once?<\/strong><\/em><\/a><\/p>\n Kendrick said that Strategy\u2019s long-held \u201cnever sell\u201d approach limited what the company could with its industry-biggest digital asset treasury.<\/p>\n \u201cThe problem with the \u2018never sell\u2019 approach is that it limits what MSTR\u2019s BTC holdings\u00a0can do \u2014 or, perhaps more importantly, what they are perceived to be doing,\u201d the StanChart analyst said. \u201cMSTR has\u00a0started to shift its communication strategy on this in recent months. It has sold BTC twice\u00a0and recently announced a BTC monetization program.\u201d<\/p>\n Source: Standard Chartered Bank<\/em><\/p>\n Still, he sees Strategy\u2019s \u201cmarket signaling\u201d will improve soon. He expects that to bring clarity to the outlook for Bitcoin, on which StanChart maintains its $100,000 year-end forecast.<\/p>\n Investors who bought into the Strategy narrative have not had an easy time in the past 12 months. The STRC preferred shares were formulated to hold a price of $100 apiece. Shareholders saw that par value fall to the wayside last month, to the lowest value since the preferred stock was introduced a year ago.<\/p>\n The common shares, trading under the MSTR ticker, have lost more than 70% of their value since July 2025, closing at $94.64 per share on Friday, down from a 52-week high of $457.22.<\/p>\n The company is slated to report second-quarter earnings on July 30, with analysts consensus of $4.28 per share, according to Yahoo Finance data. Earnings have fallen short of analyst forecasts in six of the last eight quarters, according to Fintel.io data<\/a>, including a 33.76% negative surprise in the first quarter of 2026.<\/p>\nStanChart sees inconsistencies in \u201cnever sell\u201d approach<\/h2>\n
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<\/figure>\nShares struggle from year low ahead of earnings report<\/h2>\n