Michael Saylor, Strategy's co-founder and executive chairman, posted the company's bitcoin acquisition tracker chart to X on Sunday morning with the caption "We're gonna need more charts." It is his customary signal that the largest corporate bitcoin holder may disclose a fresh purchase in the week ahead.

Saylor posting the orange-dot graphic has historically preceded a Monday 8-K filing confirming that Strategy bought BTC the prior week. He used similar teasers on June 7 and June 21, both followed by disclosed purchases.

The chart this time displays Strategy's holdings at a market value of about $50.8 billion, against a cost basis near $64.1 billion.

Strategy held 847,363 BTC (BTC) at an average cost of about $75,646 as of its June 22 disclosure, leaving the position roughly $13 billion underwater with bitcoin near $60,000. The Block has put the unrealized loss as high as $14 billion as the selloff has deepened.

The signal follows the firm's smallest recent acquisition. On June 22, Strategy disclosed a 520 BTC buy for about $35 million, a fraction of the prior weeks' pace, and added $300 million to its dollar reserve, lifting it to $1.4 billion.

The slower pace arrives as pressure builds on the funding model. Strategy's common stock, MSTR, fell to about $82 on Friday, its lowest level since February 2024, according to The Block's crypto equities page.

The firm's variable-rate STRC preferred stock, designed to trade near its $100 par value, fell to a record low around $71 last week. It carries an 11.5% annual dividend.

The combined slide pushed Strategy's enterprise mNAV below 1 for the first time, a measure comparing the company's full market value, including debt and preferred stock, with the value of its bitcoin. The market is now valuing the firm at less than the BTC it holds, which makes raising capital through new share sales harder.

Strategy's strategies draw criticism

The picture drew public criticism from a prominent figure in the industry. Ripple CEO Brad Garlinghouse told CNBC on Friday that Saylor's team "wasn't focused on the right stuff" and that the approach had hurt the broader market, pointing to STRC's discount as a sign of a flawed model.

Garlinghouse, who said he remains bullish on bitcoin even as his company champions XRP, argued that long-term value comes from utility rather than financial engineering.

On-chain analytics firm CryptoQuant urged Strategy on June 23 to pause buying and rebuild cash. The firm's head of research, Julio Moreno, said dividend obligations have quadrupled to about $1.2 billion a year while STRC coverage has dropped from more than seven years to roughly 14 months, and estimated Strategy needs about $2.8 billion in reserves to restore two years of coverage.

A Block Research analysis last week argued that MSTR common stock trades as a levered residual claim rather than discounted bitcoin, ranking behind roughly $6.7 billion of convertible debt and about $15.5 billion of perpetual preferred.

Saylor has framed the firm as a net accumulator, telling interviewers in early May that Strategy would buy "10 to 20" bitcoin for every coin it sells. The company recorded its first sale since 2022 on June 1, offloading 32 BTC for about $2.5 million to fund a STRC dividend, then resumed weekly buying.

Bitcoin was trading below $60,000 on Sunday, near its weakest levels since October 2024, according to The Block's Bitcoin Price page. A disclosed purchase this week would extend Strategy's accumulation streak even as the discount on its shares makes that funding harder to sustain.