Strategy's Saylor Defies Critics With New 'More Charts' Post as Bitcoin Battles for $60,000

Michael Saylor hints at new Bitcoin buys with a new "More Charts" post, but Strategy's own rule may have just blocked him amid a $13 billion paper loss.

Gamza Khanzadaev · 28 Jun 2026 · 5 min read

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Strategy’s Saylor Defies Critics With New ‘More Charts’ Post as Bitcoin Battles for $60,000

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By
Gamza Khanzadaev

Sun, 28/06/2026 – 15:14

Michael Saylor hints at new Bitcoin buys with a new “More Charts” post, but Strategy’s own rule may have just blocked him amid a $13 billion paper loss.

Strategy's Saylor Defies Critics With New 'More Charts' Post as Bitcoin Battles for $60,000

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The current week was marked for Strategy by harsh industry criticism, while Bitcoin struggled for the $60,000 level. Ahead of the weekly close, when the asset was fixed near $60,102, Michael Saylor published a chart of the company’s reserves on X with the caption “We’re gonna need more charts,” which some investors interpreted as a signal of new purchases.

However, the company’s financial reporting points to a serious crisis in its business model.

Strategy’s main problem right now, according to the consensus, is its massive loss. The company holds 847,363 BTC, but it bought them at an average price of $75,653 per coin. With Bitcoin currently trading near $60,000, Saylor’s unrealized loss exceeds $13 billion.

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Because of this, Strategy’s market capitalization has fallen to $29 billion, which is effectively 43% below the value of the Bitcoin on its balance sheet.

We’re gonna need more charts. pic.twitter.com/xVASOEnSw8

— Michael Saylor (@saylor) June 28, 2026

This imbalance has completely blocked Saylor’s financial flywheel. Under the company’s rules, it can issue new shares to buy cryptocurrency only when its market capitalization exceeds the value of the Bitcoin in reserve by at least 22%, meaning an mNAV multiple of 1.22x. Right now, this figure has fallen to 0.99x.

This means issuing new shares is now unprofitable — it would simply dilute investors’ stakes, and management is obliged under its own rules to stop purchases.

The situation is made worse by a lack of free cash. Preferred shares STRC have collapsed to a quarter below par, falling to $74.57, while the company’s remaining dollar cash reserves of $1.4 billion, against annual obligations of $1.2 billion, are enough for only 14 months of dividend payments.

Wall Street puts a $3 billion target on Strategy’s Bitcoin

Against this backdrop, institutional players are openly demanding Saylor’s capitulation. Grayscale Head of Research Zach Pandl said Strategy should sell at least $3 billion worth of Bitcoin to cover short-term debt. Ripple CEO Brad Garlinghouse also criticized Saylor, saying his debt schemes harm the market by turning Bitcoin into a hostage of one corporation.

Saylor himself insists that the company does not face liquidation as long as the asset’s price stays above $8,000. However, the TradingView technical chart shows that breaking even will be difficult, as the main volume zones and resistance levels remain far above — at $67,098 and $75,682.