Michael Saylor Teases Mysterious ‘Green Dots’ on Bitcoin Chart — What Do They Mean?
Billionaire Michael Saylor ignited contemporary hypothesis this week after sharing a Bitcoin chart that includes a brand new set of mysterious inexperienced dots, prompting questions throughout the market about what they signify and whether or not they sign one other wave of aggressive shopping for.
The chart, posted alongside new information on Strategy’s quickly increasing Bitcoin place, confirmed a complete of 87 buy occasions, bringing the corporate’s holdings to 649,870 BTC value about $59.45 billion at a median price of $74,433 per coin.
The acquainted orange dots mirrored every particular person accumulation since 2020, whereas the inexperienced dotted line captured speedy consideration as merchants debated its which means.
Analysts Clarify MicroStrategy’s ‘Green Dot’ Metric
Analysts later clarified that the inexperienced dotted line represents Strategy’s common buy worth, a rolling determine that updates solely when new Bitcoin is acquired.
It displays the corporate’s dynamic price foundation relatively than Bitcoin’s worth or any type of prediction.
With every new purchase, the road shifts relying on whether or not Bitcoin was bought above or beneath the earlier common.
Because Strategy’s positions are massive, some shopping for occasions have pushed the road sharply greater, particularly between 2024 and 2025, when the agency accelerated accumulation throughout Bitcoin’s run towards the $100,000 area.
The chart confirmed that Strategy’s portfolio stays worthwhile, with the Bitcoin stack up 22.9% as of Nov. 30.
Bitcoin has been buying and selling within the $95,000 to $110,000 vary in late 2025, preserving the corporate comfortably above its $74,433 common price.
Yet whereas the holdings present positive factors and the “inexperienced line” hints at extra aggressive shopping for in line with some analysts, Strategy’s inventory has fallen greater than 60% from latest highs, and this disconnect is feeding new questions in regards to the long-term sustainability of Saylor’s technique.
Strategy Signals It May Sell Bitcoin if Market Pressures Mount
In a improvement that marks a shift from years of strict “by no means promote” messaging, Strategy quietly acknowledged that Bitcoin gross sales at the moment are attainable beneath particular stress circumstances.
CEO Phong Le said the corporate would take into account promoting a few of its holdings provided that two occasions happen without delay: if Strategy’s market-to-net-asset-value ratio falls beneath one and if the corporate can’t increase new capital.
Le famous that he doesn’t need to be the chief who sells Bitcoin however added that monetary self-discipline should take precedence in a hostile market.
He described a situation the place promoting a portion of the treasury turns into mathematically justified to guard what he calls “Bitcoin yield per share,” particularly if issuing new fairness turns into extra dilutive than liquidating a small fraction of BTC.
The firm’s mNAV is at the moment 1.01, however this stage has been unstable all through 2025.
Earlier within the 12 months, the ratio traded as high as 3.3, however by mid-November it slipped under 1.0 for the first time since Strategy started buying Bitcoin.
A drop beneath one means the market values the corporate at lower than the price of its Bitcoin holdings, undermining the premium that permits Strategy to boost capital cheaply.
Le warned that if the corporate can’t entry money whereas working beneath that threshold, promoting turns into an possibility of final resort.
Strategy’s $21B Fundraising Stands Firm as Bitcoin Drops 32% From All-Time High
Despite these dangers, Strategy has raised $21 billion so far in 2025, almost matching its 2024 whole.
The firm secured $11.9 billion via frequent fairness, $6.9 billion via most well-liked fairness, and $2 billion by way of convertible debt throughout seven totally different securities.
Investor urge for food stays sturdy, even because the agency faces roughly $800 million in annual dividend obligations tied to its most well-liked shares.
Le stated the plan is to keep up these funds utilizing capital raised at a premium, including that constant dividend efficiency helps strengthen market confidence.
Strategy additionally introduced a brand new “BTC Credit” dashboard final week to reassure traders amid risky market motion.
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