Bitcoin Buy or Sell? Michael Saylor Hints At “What’s Next”

As usual, Strategy’s Michael Saylor stirred speculation in the crypto market with his famous “Orange Dots” chart, published on Sunday, July 19. Now, the market is predicting the company’s next decision owing to its Bitcoin reserve.

Michael Saylor Hints At Strategy’s Next Move

He posted the image with the caption: “What’s Next?” The post sparked speculation that Strategy was planning to start buying more Bitcoin, maintain its current holdings or sell more.

Historically, the Orange Dots chart has been present prior to key Bitcoin acquisition announcements. This week, however, things have become more complicated to interpret the post due to recent events. However, Strategy has been on a buying spree, which it paused after a rare Bitcoin sell earlier this month.

What's next? pic.twitter.com/bNl0xX0obw

— Michael Saylor (@saylor) July 19, 2026

The company’s most recent disclosure to the U.S. Securities and Exchange Commission (SEC) showed that the firm didn’t buy any Bitcoin during the week ending July 12. This resulted in its total holdings staying the same at 843,775 BTC. This stash was purchased for around $63.69 billion at an average purchase price of $75,476 per BTC, excluding fees and related expenses.

In that same time frame, Strategy sold some 4.82 million Class A MSTR shares via its at-the-market (ATM) equity offering. With this sale, it raised around $466.7 million. After completion of those transactions, the Bitcoin treasury firm had an remaining authorized stock issuance program of almost $23.79 billion.

Other Financial Plans For The Company

The filing also said that as of July 12 Strategy had approximately $3 billion in cash and cash equivalents. This money is to pay for the dividend on the company’s STRC preferred stock and interest on an outstanding debt. The balance reported also reflects expected proceeds from ATM sales of stock that were not settled by the reporting date.

Earlier this month, Strategy revealed it had sold some $216 million in Bitcoin, which is the second time it has sold any BTC in its history. The funds raised were channeled to dividend payments related to the STRC preferred shares and other digital credit securities.

So far, Saylor’s Bitcoin investment for Strategy hasn’t seen any gains. Thus, his recent “What’s Next” message has prompted speculation on whether Strategy’s next bet will be to buy more Bitcoin, hold onto them or monetize more of its holdings.

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