Strategy may be preparing for another round of Bitcoin accumulation after CEO Phong Le clarified—once again—that the company is built to buy BTC indefinitely, not sell it. The only scenario where Strategy would part with its holdings, he explained, is if two rare conditions happen at the same time: the company’s stock trades below net asset value and raising capital would require extreme shareholder dilution.
If either condition is absent, the company continues its playbook: issue equity when shares trade above NAV, buy more Bitcoin, and use its strengthened balance sheet to service obligations.
Debt Obligations Aren’t a Red Flag, Strategy Says
One persistent criticism involves Strategy’s yearly dividend obligations, estimated between $750 million and $800 million. Le addressed this directly, emphasizing that dividends are part of a long-term trust-building cycle rather than a financial strain. He added that Strategy intends to meet these obligations with capital raised when the company trades above NAV—something he framed as a normal feature of its operating model.
A newly launched BTC Credit dashboard aims to bolster investor confidence, showing that Strategy could meet obligations for decades even if Bitcoin price revisits its $74,000 average cost basis.
Why Saylor’s “Green Dots” Comment Set Off Market Speculation
Michael Saylor’s brief but symbolic post—“What if we start adding green dots?”—became the catalyst for renewed speculation. In Strategy’s internal charts, green dots represent new Bitcoin purchases. When paired with a historical graphic showing 87 previous buys totaling more than 649,000 BTC (worth roughly $59 billion), the hint was interpreted as a signal: another accumulation phase may be imminent.
The timing is notable. Strategy recently weathered intense market pressure, including the risk of being removed from the Nasdaq-100 during Bitcoin’s correction. Now that volatility has eased, the suggestion of renewed buying is being viewed as a strategic, not emotional, move.
Accumulation Has Never Been About Market Timing
Le emphasized that Strategy’s model doesn’t depend on buying dips or predicting short-term price action. The firm views Bitcoin as a scarce global monetary asset that will outperform traditional reserves over decades.
If Strategy buys more BTC soon, it won’t be because prices “look cheap”—it will be because the financial conditions behind its operating system support more accumulation.
And that’s why Saylor’s three-word tease landed with such force: for those who follow Strategy closely, “green dots” aren’t a metaphor. They’re a balance-sheet event waiting to happen.