I see that Michael Saylor is signaling via a post on X that Bitcoin Strategy may enter a new buying cycle soon. The post shows a chart of Bitcoin accumulation with the message “Transition into a new century.” This is a signal that has occurred several times before the company announced additional BTC purchases.

Not long ago, he also posted an AI-generated image of himself holding an orange bag with the message “Need a bigger orange bag,” which appears to suggest that the company wants to increase its current Bitcoin holdings of 718,722 BTC.

What’s interesting is that this move coincides with Bitcoin Strategy increasing the STRC stock dividend rate to 11.5% in order to keep the trading price at $100. This is the seventh increase since STRC launched in July 2025. It appears the company is preparing for a cycle of large-scale investments.

From an investment perspective, the company’s Bitcoin assets are worth approximately $48 billion, with an average purchase price of $76,000. This means the company is facing an unrealized loss of about $6 billion. Even in this situation, Saylor continues to maintain a positive stance toward Bitcoin.

The company’s most recent purchase took place on February 23, when they bought 592 BTC for $39.8 million. Six days earlier, they bought 2,486 BTC for $168.4 million. This seems to be a cycle of continuous accumulation.

However, MSTR stock itself has fallen 26% over the past three months, which is more than Bitcoin’s 21% decline during the same period. The stock has continued to drop for the eighth consecutive month, but its market net asset value (NAV) remains at 1.256, indicating that the company still values its assets higher than its Bitcoin holdings.

The company confirms that there is no risk of a major liquidation unless Bitcoin drops to $8,000, which seems unlikely in the current cycle.

What to watch next is that 21Shares has just launched the 21shares Strategy Yield ETP on Euronext Amsterdam, giving European investors exposure to STRC. It appears that Bitcoin Strategy is building a framework for expansion in the next cycle.