The strategy’s founder and president Michael Saylor took to social media again on Sunday to give his latest signal to investors as one analyst believes Saylor’s message needs more clarity to help Bitcoin regain its momentum.
“Orange dots tell only part of the story,” was Saylor’s message in a post Sunday that accompanied charts from Saylortracker.com, similar to previous social media messages that preceded news of the strategy’s Bitcoin (BTC) purchases, usually announced the day after his post.
In recent weeks, the largest digital asset treasury company and a major BTC holder has moved away from its longtime “never sell Bitcoin” approach to a desire to sell the largest crypto as needed to fund dividends for holders of its STRC preferred stock and replenish its cash reserves. Earlier this month, the strategy sold $216 million worth of bitcoins, reducing its total holdings to 843,775 tokens, according to a July 6 filing with the U.S. Securities and Exchange Commission.
“The orange dots tell only part of the story.” Source: Michael Saylor
A few days ago, the strategy unveiled a capital structure allowing it to receive dividends from the sale of Bitcoin, increased the annual dividend rate on its STRC preferred stock to 12%, and revealed that its US dollar reserves had increased to $2.55 billion.
Geoff Kendrick, global head of digital asset research at Standard Chartered, believes that recent strategy actions – and Saylor’s manner of communicating them – are “making matters worse for BTC in the near term.”
“We believe effective communication of MSTR’s new strategy (using BTC to support STRC) is important to reassure markets that a wholesale selloff is unlikely; this should support BTC prices,” Kendrick wrote in a note to clients on Friday. “In fact, if this signaling proves effective, it should remove the need for MSTRs to actually sell any BTC by supporting the price of STR,” he said.
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Stanchart sees inconsistencies in the “never sell” approach
Kendrick said the strategy’s long-standing “never sell” approach has limited the company with the largest digital asset treasury in its industry.
“The problem with the ‘never sell’ approach is that it limits what MSTR’s BTC holdings can do – or, perhaps more importantly, what they are doing,” the StanChart analyst said. “MSTR has begun to change its communication strategy on this in recent months. It has sold BTC twice and recently announced a BTC monetization program.”
Source: Standard Chartered Bank
Still, he thinks the strategy’s “market signaling” will improve soon. He hopes this will bring clarity to the outlook for Bitcoin, on which Stanchart has maintained its $100,000 year-end forecast.
Shares struggle from year-lows ahead of earnings report
Investors who bought into the strategy narrative have not had an easy time over the last 12 months. The STRC preferred shares were designed to have a price of $100 per share. Shareholders saw the par value decline last month, hitting the lowest value since the preferred stock was introduced a year ago.
The common shares, traded under the MSTR ticker, have lost more than 70% of their value since July 2025, closing at $94.64 per share on Friday, below a 52-week high of $457.22.
The company is scheduled to report second-quarter earnings on July 30, with analysts’ consensus expected at $4.28 per share, according to Yahoo Finance data. According to Fintel.io data, earnings have fallen short of analysts’ forecasts in six of the last eight quarters, including a 33.76% negative surprise in Q1 2026.
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