TheBlock
Michael Saylor posted Strategy's bitcoin acquisition chart to X on Sunday with the caption "We're gonna need more charts," his usual signal that a purchase disclosure may follow Monday. A Monday filing would mark Strategy's fourth straight week of buying, after a 520 BTC purchase disclosed on June 22 that was its smallest recent tranche.
Why it matters
Strategy holds 847,363 BTC at an average cost near $75,646, leaving the treasury roughly $13 billion underwater with bitcoin trading near $60,000. Saylor's pattern of weekly buys through drawdowns has become the corporate-treasury version of a cost-averaging announcement: each disclosure signals continued conviction while the cost basis stays firmly above spot.
Market impact
The June 22 tranche was already the smallest in the recent run, suggesting either capital discipline or a tightening of the equity ATM that funds the purchases. Either way, a fourth consecutive weekly buy would land against a backdrop where Strategy's average cost sits about 26% above current $BTC prices, a gap that keeps the spotlight on whether the strategy's "never sell" thesis survives a deeper drawdown.
Frequently asked questions
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Why is the average cost gap significant for Strategy's thesis?
The roughly 26% gap between Strategy's ~$75,646 average cost and $BTC near $60,000 puts the "never sell" thesis under scrutiny during drawdowns and makes each new purchase a test of long-term conviction versus near-term capital discipline.
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