Michael Saylor posted his signature bitcoin accumulation chart on X on Sunday, widely read as a signal that Strategy is preparing another purchase, even as shareholders cast final votes on a dividend structure change for the company’s STRC preferred stock.
Saylor’s post read:
“A good time to add more dots.”
The chart, tracking Strategy’s bitcoin purchases over nearly six years, has reliably preceded purchase announcements.
CEO Phong Le reinforced the message, posting:
“Our corporate @Strategy is to increase net Bitcoin and Bitcoin per share over time. Rumors otherwise are just rumors.”
Buying below average cost
Strategy currently holds 843,706 bitcoin at an average cost of $75,701 per coin.
With bitcoin trading around $62,153 at the time of publication — down roughly 16.6% over the past seven days — any new purchase would bring down that average considerably.
Last week, Strategy announced it had repurchased some corporate debt, temporarily pausing bitcoin accumulation, which rattled traders who feared potential forced liquidations.
Skeptics raise questions on X
Not everyone is convinced the buying makes sense at current conditions.
One X user, @GlennOnrampBTC, raised a pointed concern regarding how MSTR can raise money to buy BTC:
“With what money, and at what cost to the people who already own the shares? Because the stock is trading below the value of the Bitcoin $MSTR already owns, around 0.82 times on the gross measure. Below one. And that inverts Saylor’s own accretion logic. When the stock trades above its Bitcoin, issuing shares to buy more Bitcoin grows the Bitcoin behind every existing share. Below one, it does the opposite. Issue new shares to buy more Bitcoin now and each existing share ends up owning less Bitcoin than before.”
@BigpictureBTC echoed those concerns, calling Saylor’s recent moves “highly suspicious,” pointing to the use of cash reserves to pay off 0% debt due in three years, the sale of a small 32 BTC position described as market “inoculation,” and now signaling fresh purchases with a depleted cash reserve.
STRC dividend vote
Simultaneously, Strategy shareholders were voting on a proposal to shift STRC preferred dividend payments from monthly to semi-monthly.
The amendment requires approval from 50% of the 85 million shares outstanding as of April 17, 2026.
Saylor argued at last week’s Synergy26 conference:
“We think that it should decrease the volatility, should cut the volatility by some decent factor. It should increase the Sharpe ratio. It provides more entry and exit points. There’s 24,000 companies that pay a quarterly dividend. 176 pay monthly. We’ll be paying twice a month.”
The final decision was expected at Monday’s shareholder meeting.
Retail investors have historically shown limited engagement with proxy votes, casting ballots on only about 29% of their shares over the past five proxy seasons, compared to roughly 77% participation among institutional holders.
