Billionaire Michael Saylor has sparked speculation in the cryptocurrency market after sharing a Bitcoin chart that features a set of enigmatic green dots. Traders and investors alike are questioning what these dots signify, with many speculating whether they indicate a new wave of aggressive Bitcoin purchases by Saylor’s company, MicroStrategy.
The chart revealed that MicroStrategy has executed 87 purchase events, amassing a total of 649,870 BTC valued at approximately $59.45 billion, with an average acquisition cost of $74,433 per coin. Alongside the visual representation of MicroStrategy’s Bitcoin strategy, which included orange dots to represent individual accumulations dating back to 2020, the green line particularly caught attention as traders engaged in debates about its implications.
Market analysts have since clarified that the green dotted line illustrates MicroStrategy’s average purchase price, which dynamically updates only when new Bitcoin is acquired. This figure serves as a rolling cost basis rather than a forecast of future price movements. As MicroStrategy has made substantial purchases, some transactions have significantly influenced this rolling average, especially during the 2024-2025 period, coinciding with Bitcoin’s approach to the $100,000 mark.
As of November 30, this strategy appears profitable, with Bitcoin’s price hovering between $95,000 and $110,000, comfortably above the company’s average cost. However, alongside these gains, concerns have emerged regarding the long-term viability of Saylor’s approach. MicroStrategy’s stock has plummeted by over 60% from its recent peaks, raising questions about the disconnect between the firm’s assets and market perception.
In a notable shift from its previous “never sell” stance, MicroStrategy has indicated that selling some of its Bitcoin holdings may be a possibility under certain circumstances. CEO Phong Le stated that such sales would only be considered if two conditions arise: the company’s market-to-net-asset-value (NAV) ratio falls below one, and it is unable to raise additional capital. Le expressed hesitance about being the executive to sell Bitcoin but emphasized the need for financial discipline, especially in unfavorable market conditions. He posited that divesting a portion of the treasury might become necessary to preserve what he terms “Bitcoin yield per share,” particularly if raising new equity comes at a steeper cost than liquidating some BTC.
Currently, MicroStrategy’s market-to-NAV ratio sits at 1.01 but has fluctuated throughout 2025. Earlier in the year, this ratio reached as high as 3.3, but it dipped below the critical threshold of 1.0 for the first time since the company began accumulating Bitcoin. A ratio under one indicates that the market has valued the company at less than its Bitcoin assets, challenging the premium that has eased the firm’s capital-raising efforts.
Despite these challenges, MicroStrategy has managed to raise $21 billion in 2025, nearly matching the total from 2024. The firm secured this capital through a mixture of common equity, preferred equity, and convertible debt across various securities. Investor interest remains robust, even as MicroStrategy grapples with significant annual dividend obligations tied to its preferred shares. Le reiterated that the firm intends to uphold these obligations with capital raised at advantageous rates, underscoring that a consistent dividend performance helps bolster market confidence.
Additionally, the company recently introduced a new “BTC Credit” dashboard aimed at reassuring investors amid ongoing market volatility, signaling a proactive approach amid changing conditions.
