Billionaire Michael Saylor has stirred significant conversation in the cryptocurrency community after recently sharing a Bitcoin chart featuring a series of new green dots. Traders and analysts are speculating about the meaning of these dots, particularly in light of fresh data regarding MicroStrategy’s rapidly expanding Bitcoin holdings. According to the chart, MicroStrategy has recorded a total of 87 purchase events, culminating in a substantial holding of 649,870 BTC valued at approximately $59.45 billion, based on an average purchase price of $74,433 per coin.
The chart distinguishes between familiar orange dots, which symbolize individual Bitcoin acquisitions since 2020, and the newly introduced green dotted line that caught the attention of many traders. Analysts quickly clarified that this green line signifies MicroStrategy’s rolling average purchase price, updating only with new Bitcoin buys. Essentially, it illustrates the company’s dynamic cost basis rather than representing Bitcoin’s market price or any predictive analytics regarding future trends. Notably, this line has seen substantial upward movements during significant accumulation periods, particularly between 2024 and 2025, when the price of Bitcoin surged towards the $100,000 mark.
As of November 30, MicroStrategy’s Bitcoin holdings are reportedly profitable, reflecting a 22.9% gain. Bitcoin’s trading range between $95,000 and $110,000 late in 2025 keeps MicroStrategy comfortably above its average buy price. However, a stark contrast arises with the company’s stock performance, which has plummeted over 60% from recent peaks. This disconnect raises important questions about the longevity and viability of Saylor’s aggressive Bitcoin accumulation strategy.
In a noteworthy shift from its longstanding policy of “never sell,” MicroStrategy has now indicated that it may consider liquidating some Bitcoin holdings if certain unfavorable conditions arise. CEO Phong Le shared that sales would only be contemplated if the company’s market-to-net-asset-value (mNAV) ratio falls below one, coupled with an inability to raise new capital. While Le expressed reluctance about selling Bitcoin, he underscored the need for financial discipline in challenging market conditions. He posited that selling a portion of the company’s treasury could become a necessary measure to safeguard “Bitcoin yield per share,” especially if the issuance of new equity proves more detrimental than liquidating a fraction of BTC.
Currently, MicroStrategy’s mNAV hovers at 1.01, though this metric has proven unstable throughout 2025. Earlier in the year, the ratio peaked at 3.3 before dipping below 1.0 for the first time since the company began accumulating Bitcoin. A decline beneath this threshold implies that the market values the company lower than its Bitcoin holdings, undermining the premium that facilitates low-cost capital raising.
Despite these challenges, MicroStrategy has successfully raised $21 billion in 2025, nearly mirroring the total raised in 2024. The fundraising included $11.9 billion through common equity, $6.9 billion through preferred equity, and $2 billion through convertible debt across seven different securities. Investor interest remains robust, even as the company faces $800 million in annual dividend obligations tied to preferred shares. Le emphasized the importance of maintaining dividend payments through capital raised at a premium, asserting that consistent dividend performance bolsters market confidence. Additionally, the company has launched a new “BTC Credit” dashboard to reassure investors amid the fluctuating market landscape.
