- Strategy founder Michael Saylor posted a cryptic signal on Sunday, prompting analysts to call for clearer communication to support Bitcoin’s momentum.
- Strategy recently sold $216 million worth of Bitcoin, reducing its holdings to 843,775 tokens, as it shifts from its “never sell” stance to fund dividends.
- Standard Chartered’s Geoff Kendrick warns Saylor’s messaging is “muddying the waters,” but maintains a $100,000 year-end Bitcoin forecast.
Strategy founder and chairman Michael Saylor took to social media on Sunday with a cryptic post—“Orange dots tell only part of the story”—accompanying a chart from Saylortracker.com, a move that typically precedes news of a Bitcoin purchase. The largest digital asset treasury company, however, has recently shifted away from its long-time “never sell Bitcoin” approach, selling $216 million worth of Bitcoin earlier this month to fund dividends for STRC preferred stock holders, according to a July 6 SEC filing.
Days earlier, Strategy unveiled a capital framework allowing Bitcoin sales to back dividends, increased the annual dividend rate on its STRC preferred stock to 12%, and disclosed a $2.55 billion US dollar reserve. Standard Chartered’s global head of digital assets research, Geoff Kendrick, believes these actions—and Saylor’s communication style—are “muddying the waters for BTC near-term,” according to reports. Kendrick wrote that “effective communication of MSTR’s new strategy (using BTC to back STRC) is key to reassuring markets that wholesale selling is unlikely.”
Kendrick noted that the “never sell” approach limited what Strategy could do with its massive Bitcoin treasury, but the company has since sold BTC twice and announced a BTC monetization program. He sees the company’s market signaling improving soon, which should bring clarity to Bitcoin’s outlook, as StanChart maintains its $100,000 year-end forecast.
Meanwhile, Strategy’s common shares, trading under the MSTR ticker, have lost more than 70% of their value since July 2025, closing at $94.64 per share on Friday. The company is slated to report second-quarter earnings on July 30, with analysts forecasting $4.28 per share, though earnings have fallen short of forecasts in six of the last eight quarters, according to data.
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