[DigitalToday reporter Yoonseo Lee] Market attention is growing over whether Strategy will return to buying more bitcoin.

On July 19 (local time), blockchain outlet U.Today reported that Michael Saylor (마이클 세일러), who leads Strategy, posted a chart of the company’s cryptocurrency holdings on X, formerly Twitter, and wrote, "What’s next?"

The post fueled discussion over Strategy’s next move. The company is known for aggressive bitcoin purchases, but based on the current valuation of its holdings, it has entered a loss zone worth billions of dollars.

According to Strategy Tracker, the company holds 843,775 BTC on its balance sheet. That is about 4 percent of global bitcoin supply. The holdings are valued at about $54.28 billion, but with an average purchase price of $75,653 and bitcoin trading around $64,000, it is sitting on roughly 15 percent, or around $5 billion, in unrealised losses.

In the market, interpretations of Saylor’s wording are split. Optimists see it as a signal that the company will buy again in a further downturn. As the possibility of low-price buying through new debt financing is being discussed, investors are watching Monday’s market open and new filings with the U.S. Securities and Exchange Commission (SEC).

More recently, Strategy has shown moves that differ somewhat from its previous stance of "never selling bitcoin". Strategy has not bought bitcoin since June 22, and it also carried out sales of its bitcoin holdings that had been treated as a taboo.

The company recently sold 3,588 BTC, and the most recent transaction was the sale of 2,225 BTC on July 6. The funds were used to pay shareholder dividends and build a $2.55 billion reserve. It has shifted some weight from aggressive bitcoin expansion toward securing cash-like buffer assets.

In this situation, Saylor’s post shows the company is carrying two tasks at the same time. Strategy must maintain its status as Wall Street’s leading bitcoin bull, while also managing its financial obligations during a market downturn. It has entered a phase of adjusting capital management scenarios between billions of dollars in losses and fiat-currency buffer assets.

The next point to watch is clear. Whether Strategy returns to aggressive buying, or continues cautious management based on the cash-like safety net it has already secured, is expected to be revealed in upcoming filings and trading flows.

What's next? pic.twitter.com/bNl0xX0obw