Strategy has not made additional bitcoin purchases for 4 consecutive weeks, but Chairman Michael Saylor (마이클 세일러) left a message that appeared to hint at the possibility of buying again, drawing market attention. Still, recent suggestive posts from Saylor have repeatedly not led to actual purchases, leaving investors divided over how to interpret them.

CoinPost, a blockchain media outlet, reported on July 27 that Saylor on July 26 shared on X, formerly Twitter, a chart showing Strategy’s bitcoin purchase history and wrote, "It needs another color."

The chart showed Strategy has bought bitcoin a total of 113 times so far and holds 843,775 BTC. The value of the holdings is about $54.4 billion at current market prices. An SEC filing dated July 20 showed Strategy’s cumulative bitcoin acquisition cost was $63.69 billion, with an average purchase price of $75,476 per bitcoin. With bitcoin trading around $64,600 at the time of reporting, the unrealised loss was estimated at about $9.3 billion.

The post is seen as an extension of the suggestive messages Saylor has posted every Sunday. Recently, though, such posts have not been followed by bitcoin purchases the next day. Strategy said in four SEC filings released on June 29 and July 6, 13 and 20 that it made no additional bitcoin purchases.

The most recent actual purchase was 520 BTC made from June 15 to 21. The company spent about $34.9 million to buy bitcoin at an average price of $67,068. Since then, it has appeared to focus on adjusting its capital structure and securing cash liquidity rather than buying more bitcoin.

There have also been cases where Saylor’s posts conflicted with subsequent disclosures. He wrote on June 28, "We need more charts," but the next day’s disclosure was not a bitcoin purchase but a new capital management system. After a July 5 post, the market expected additional buying, but what was announced instead was the largest bitcoin sale in the company’s history.

Color-based hints have also been repeated in the past. After posting in November last year, "How about adding a green dot," Saylor the next day announced an additional purchase of 130 BTC and the creation of a $1.44 billion dollar reserve. In January this year, he also hinted at a choice between bitcoin purchases and expanding dollar assets through a post that said, "Orange or green."

Recent disclosures have also appeared to put more weight on securing liquidity. Strategy said in a filing on July 20 that it raised $263.5 million through sales of MSTR shares and that its dollar reserve increased to $3.23 billion.

It also recently disclosed a new metric showing the net value of its bitcoin holdings excluding debt and preferred shares. The company explained that the metric provides a figure closer to the bitcoin value effectively held by shareholders.

The market is watching whether the "another color" mentioned by Saylor means a resumption of bitcoin purchases or hints at another strategy related to managing dollar assets or the capital structure. As several recent suggestive posts led to outcomes different from expectations, investors are expected to look to follow-up SEC filings to confirm the real intent this time as well.