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Michael Saylor has hinted at a new direction in Strategy’s Bitcoin game plan, swapping his usual “orange dots” for “green dots” in a Nov. 30 post on X.

For the past year, Saylor has used orange-dot updates on the SaylorTracker chart on Sundays in a move that frequently preceded Bitcoin buying announcements the next day.

“What if we start adding green dots?” Saylor said in his latest post on X.

The shift his triggered speculationacross the Bitcoin community, with observers trying to decode whether the green dots represent stock buybacks, a balance-sheet adjustment, Bitcoin sales, or something completely differenty.

The intrigue comes as Strategy’s stock continues to slump along with the broader crypto market, and follows recent comments from CEO Phong Le that the company could consider selling some of its BTC holdings if doing so is “mathematically” justified to protect the company’s “Bitcoin yield per share.” 

Strategy Pauses Bitcoin Buying Spree

Strategy has become the largest corporate BTC holderglobally with 649,870 BTC on its balance sheet since the firm started accumulating the crypto back in 2020. 

More recently, the company was among the few that continued adding to their crypto treasuries during the latest crypto market pullback, which not only saw crypto prices drop, but also saw a decline in digital asset treasury (DAT) firms’ share prices. 

Strategy itself has seen its stock price plummet over 33% in the past month and more than 52% in the last six months, Google Finance datashows. 

Strategy share price performance over the last 6 months (Source: Google Finance)

Despite the stock price pressure, Strategy had purchasedBitcoin every week between Sept. 11 and Nov. 17. The largest purchase during this period was on Nov. 17, when the company bought 8,178 BTC for $836 million. 

It has paused accumulation since then, fueling speculation around future plans. 

Strategy Would Consider Selling BTC If Financing Options Dry Up

Speakingin a recent interview on the “What Bitcoin Did” show, the company’s CEO Phong Le said the firm may resort to selling some of its BTC if Strategy’s multiple to net asset value (mNAV) were to slip to under 1 and financing options were to dry up. 

But if Strategy were to offload some of its BTC, it would contradict Saylor’s mantra that “you don’t sell Bitcoin.”

However, Le did note that Bitcoin sales would be a last resort for Strategy. 

“I would not want to be the company that sells Bitcoin,” he said.

Le added that Strategy has deliberately engineered its balance sheet to avoid liquidity stress and to maintain room for opportunistic issuance. 

“Our capital stack is very strong,” he said.

Strategy has relied on various debt instruments to raise capital for its Bitcoin buys. The first debt maturity for these instruments is scheduled for some time this month, Le said. 

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