Saylor Teases New BTC Buys as MSTR Lags and ETH/MSTR Falls

Michael Saylor is hinting at fresh Bitcoin purchases just as Strategy’s stock slumps and its BTC stash keeps growing. At the same time, Ethereum’s value versus MSTR has fallen back to a long-term support zone last seen in 2018–2019, underscoring how strongly the market now favors the Bitcoin pro

Michael Saylor Hints at Fresh Bitcoin Buys With ‘Orange Dots’ Post

Michael Saylor signaled he may resume large Bitcoin purchases, sharing a new snapshot of the SaylorTracker portfolio chart on X. He captioned the post “Back to Orange Dots?” alongside the latest equity-value graph for Strategy’s BTC holdings.

Bitcoin Portfolio Value. Source: StrategyTracker / X

The chart shows Strategy’s Bitcoin position valued at about 57.8 billion dollars, with orange circles marking previous purchase points along the price curve. Saylor’s reference to returning to those “orange dots” suggests the company could be preparing additional buys after recent market volatility.

Strategy remains one of the largest corporate holders of Bitcoin, and its entry points have often drawn attention across the market. Saylor’s brief message did not confirm any new transaction, but it again highlighted the firm’s focus on expanding its BTC treasury over time.

MSTR Stock Slides as Investor Claims Shares Should Trade Higher Given Larger Bitcoin Holdings

An online commentator argued that Strategy’s stock should trade significantly above current levels, pointing to the company’s rising Bitcoin exposure. He noted that MSTR may open near 200 dollars per share while holding four times more Bitcoin than last year, based on figures shown in Google Finance’s six-month performance chart.

The chart compares Strategy’s share price, down about 54 percent over the period, with Bitcoin’s performance, which shows a decline of nearly 13 percent. The investor said the mismatch between Strategy’s BTC accumulation and its falling stock price suggests the market is undervaluing the company’s holdings.

Although he described the potential for a much higher valuation, the post did not include any new disclosures from Strategy. It instead highlighted the contrast between the firm’s growing BTC treasury and the sharp slide in its equity price over recent months.

ETH/MSTR Ratio Drops Back to Long-Term Support Zone

Analyst Benjamin Cowen highlighted the weekly ETH/MSTR chart, showing Ethereum’s value against Strategy stock sliding back to levels last seen in 2018–2019. The ratio has trended lower since its 2022 peak, with a steep decline through 2023 and 2024 as MSTR, a listed proxy for Bitcoin exposure, outperformed ETH.

ETH/MSTR Weekly Ratio at Multi-Year Support. Source: TradingView / Benjamin Cowen

The chart marks a horizontal support band with a yellow line, where the pair previously based before past advances. Price now sits directly on that area, indicating ETH has given up nearly all of its relative gains versus MSTR from the last cycle.

Cowen’s post underlines how aggressively the market has favored Strategy shares over Ethereum in recent years. The return to this multi-year support area signals an important point on the long-term relative-performance chart, though it does not imply any specific future move.