Michael Saylor signals yet another strong Bitcoin accumulation for Strategy (formerly MicroStrategy).
This shows that the company is sticking to its risky treasury strategy, even as MSTR shares decline.
Why Saylor teases a new Bitcoin purchase for Strategy
On December 21, Saylor posted a cryptic image on X, captioned "Green Dots ₿eget Orange Dots." This refers to the company's "SaylorTracker" view of the portfolio.
This post follows a habit that Saylor has had for a year to announce a possible new BTC purchase. Such a message on the weekend is usually followed by an SEC document on Monday morning confirming the purchase officially.
A new purchase would come on top of an already massive inventory.
At the time of writing, Strategy holds 671.268 BTC. This is worth approximately $50.3 billion and constitutes 3.2% of the total Bitcoin supply.
Nevertheless, the market has significantly punished the stock in 2025. MSTR shares have fallen by 43% since the beginning of the year and are trading around $165, coinciding with the 30% drop in Bitcoin from the peak of $126,000 in October.
The company promotes a "BTC Yield" of 24.9%—a proprietary metric that measures the increase of Bitcoin per share—but institutional investors are increasingly looking at external risks rather than internal returns.
The biggest risk to Saylor's strategy right now is not the Bitcoin price, but a potential restructuring by regulators.
MSCI is considering removing Strategy Inc. from international indices in February. The index manager believes that the company now resembles an investment instrument more than an operational business.
Market analysts point out that such a step has significant financial consequences.
JPMorgan estimates that this exclusion could lead to approximately $11,6 billion in forced sales by passive ETFs and index funds that must liquidate their MSTR positions.
This automatic selling pressure could cause the stock to decouple from the underlying Bitcoin holdings, which would create a liquidity spiral.
In response, Strategy has fiercely defended itself.
The company found MSCI's proposal "arbitrary, discriminatory, and unworkable" and believes that digital asset companies are unfairly disadvantaged, while other holdings with significant assets are ignored.
"The proposal improperly adds policy arguments to indexing. This proposal contradicts U.S. policy and would stifle innovation," the company stated.
Saylor's potential new buying moment thus has two goals: it lowers the company's average purchase price during a correction, but more importantly, it shows the market that despite the MSCI risk and the poor stock performance, the company's "all-in" strategy remains intact.
