Michael Saylor is aggressively signaling accumulation of Bitcoin once again for Strategy (formerly known as MicroStrategy)
This indicates that the company is under pressure from a high-risk treasury strategy, even as MSTR shares have softened.
The reason Saylor hinted at buying new Bitcoin for the strategy.
On December 21, Saylor posted a riddle on X with the message Green Dots ₿eget Orange Dots, which relates to the company's SaylorTracker portfolio display.
This post remains a pattern that has occurred throughout the year, which Saylor uses as a signal to hint at a new BTC purchase round. Typically, this period often sees announcements to the SEC on Monday mornings to confirm large purchases.
At the same time, if there is a new purchase, it will increase the amount of Bitcoin already held, which is quite substantial.
At the time of publication, Strategy holds BTC amounting to 671,268 coins, valued at approximately USD 50.3 billion, which is equivalent to 3.2% of the total Bitcoin supply.
Nevertheless, the market punished the stock in 2025, with MSTR's stock price plummeting 43% since the beginning of the year to around USD 165, which corresponds to a 30% decline in Bitcoin from its peak in October at USD 126,000.
Although the company mentioned a BTC Yield of 24.9%—a specific metric that measures the increase of Bitcoin per share—institutional investors are more concerned about potential external risks than internal return figures.
However, the most immediate threat to Saylor's strategy right now is not the price of Bitcoin, but the potential new regulatory reclassification.
Meanwhile, MSCI is considering removing Strategy Inc. from the global index in the review during February, as the index provider expressed concerns that this company operates more like an investment tool than a real business.
Market analysts have pointed out that the financial impact of this event will be extremely severe.
JPMorgan expects that if removed, it will trigger forced selling of around USD 11.6 billion as passive ETFs and index funds gradually sell MSTR shares from their portfolios.
This mechanical selling pressure may cause the stock price to decouple from the Bitcoin assets held, creating a chain liquidity problem.
In response to this, Strategy has actively defended itself; however,
The company has referred to MSCI's proposal as guideline-less, biased, and impractical, arguing that this proposal unfairly targets digital asset companies while overlooking other large asset aggregation firms.
This proposal improperly mixes policy issues into the index. The proposal contradicts U.S. policy and would hinder innovation, as the company has reasoned.
For this reason, the new purchase that Saylor may undertake has two purposes: in addition to helping reduce the company's average purchase cost during the market correction, more importantly, it sends a signal to the market that despite the risks from MSCI and poor stock performance, the all-in strategy remains unchanged.
