Saylor's 'Better' Post Hints at Another Bitcoin Buy as Strategy's Capital Model Shows Strain
Michael Saylor posted 'Working ₿etter' on X on May 31, sparking speculation of another Bitcoin acquisition. Strategy has historically filed an 8-K within days of similar posts. As of May 31, the company holds 843,738 BTC worth ~$62.24B at an average cost of $75,701. The post follows a 13-day buying pause—the longest in recent months—and last week's brief Coinbase Prime deposit of 411 BTC later withdrawn. Amid growing scrutiny, Strategy spent $1.38B in May buying back $1.5B of its 2029 convertible notes, reducing its USD reserve to ~$871M from $2B. Arca's Jeff Dorman warned that ~$15B in preferred stock and ~$1.5B in annual dividends strain the accumulation model. Saylor acknowledged at Q1 2026 earnings that Bitcoin sales remain an option. A June 8 vote on preferred dividend frequency adds pressure. The post may precede a formal acquisition filing or be routine communication.
Key facts
- Saylor posted 'Working ₿etter' on May 31, a historic prelude to Bitcoin purchases.
- Strategy holds 843,738 BTC, valued at $62.24B, with a 13-day buying pause.
- Company spent $1.38B buying back notes, reducing cash reserves to $871M.
- Arca CIO warns preferred stock dividends strain Strategy's accumulation model.
- June 8 vote on preferred dividend frequency adds capital deadline pressure.