Is Strategy Buying Bitcoin Again? Saylor’s ‘Green Dots’ Suggest Yes

[Ben Graham]

Michael Saylor’s recent post has stirred fresh buy speculation around Strategy’s Bitcoin holdings. He shared a portfolio chart and wrote, “What if we start adding green dots?” — a line that many investors read as a nudge toward new purchases. According to the chart, Strategy’s Bitcoin stash is valued at close to $60 billion, reflecting a total of 649,870 Bitcoins acquired across 87 distinct buys.

Saylor’s Comment Spurs Market Talk

The company’s tracker shows each past purchase as an orange dot. The idea of green dots implies new markers — new buys — could appear if Strategy chooses to add more Bitcoin. That signal comes at a time when volatility has returned to crypto markets, making any hint of institutional accumulation a headline-worthy event.

CEO Lays Out When Sales Might Happen

According to Strategy’s CEO Phong Le, selling would be a last resort. Le told listeners on a podcast that the firm will only sell its Bitcoin in extreme conditions — chiefly if market values drop below net asset value (NAV) and fresh capital cannot be raised.

What if we start adding green dots? pic.twitter.com/a19bD33KzD

— Michael Saylor (@saylor) November 30, 2025

Reports indicate the company expects to meet yearly preferred-share dividend obligations of about $750 million to $800 million by raising capital when its stock trades above NAV. Le said this approach lets the firm keep building its holdings while meeting payouts.

Debt And Dividend Plans Remain Front And Center

Based on company materials, the firm says it can maintain dividends even in stress. Strategy recently rolled out a BTC Credit dashboard aimed at giving investors clearer visibility into how the company can service its liabilities over the long term.

Company figures show the average purchase price sits near $74,000. The dashboard suggests that, according to the firm’s math, dividend payments could be sustained for decades even if Bitcoin traded around the firm’s average cost.

Market Slide Tests Confidence

After touching highs above $126,000 in October, Bitcoin fell sharply and dropped below $86,000 in early Asian trading on December 1, sliding as much as 6% in a single session.

BREAKING: Bitcoin falls -$4,000 in 2 hours as mass liquidations return.

$400 million worth of levered longs have been liquidated over the last 60 minutes. pic.twitter.com/qKB7MYJapu

— The Kobeissi Letter (@KobeissiLetter) December 1, 2025

Other tokens moved lower too — Ethereum slipped more than 7% to about $2,800 during the same period. Analysts link the sell-off to a broader “risk-off” mood, with jitters around inflation and central bank policy weighing on risky assets.

Strategy’s Positioning Amid The Pullback

Strategy said it had faced pressure earlier when Bitcoin traded near $90,000, a stretch that briefly put its Nasdaq-100 membership at risk. Even so, company leaders continue to stress a long-term approach to holding Bitcoin.

The recent public hint from Saylor and Le’s comments on selling policies together signal that Strategy is keeping the door open to buy on dips, while also setting clear lines about when selling would be considered.

The coming weeks will test whether those green dots appear on the company’s tracker and whether market conditions give large holders the chance to add to their positions.

Featured image from Unsplash, chart from TradingView