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Strategy shares ended Friday lower as Bitcoin pulled back and Michael Saylor posted a signal that traders associate with new company purchases. MSTR closed at $177.42, down 5.11%.
Saylor shared his ‘Big Dot Energy’ orange-dot chart on May 17. The chart tracks Strategy’s Bitcoin purchases over the past six years, with each dot showing a transaction size.
Strategy stock fell as Bitcoin moved lower across the broader crypto market. Bitcoin dropped toward $76,000 during early Monday trading after reaching nearly $83,000 days earlier.
The move erased Bitcoin’s gains from early May. TradingView data showed BTC falling about 7% over three days, reaching its lowest level in two weeks.
Crypto liquidations also increased during the decline. Market data showed that more than $607 million in long positions were liquidated within 24 hours. Bitcoin long liquidations accounted for about $190 million.
The sell-off followed renewed US-Iran tension. US President Donald Trump said the ‘clock is ticking’ for Iran after delays in peace talks. Oil prices also rose as traders reacted to supply concerns.
Saylor’s orange-dot post drew attention because similar posts had appeared before Strategy announced Bitcoin purchases. The latest post used the phrase ‘Big Dot Energy.’
Strategy made its most recent Bitcoin purchase the previous Monday. The company bought about $43 million worth of BTC after Saylor shared a similar orange-dot post one day earlier.
The company currently holds 818,869 BTC. At Bitcoin prices near $77,996, those holdings are worth about $67.2 billion.
Strategy raised $2.03 billion through its STRC at-the-market offering last week. At current prices, that amount could purchase more than 25,000 BTC.
Bitcoin’s decline also followed weaker exchange-traded fund flows. SoSoValue data showed that Bitcoin ETFs recorded their weakest week since early February.
About 13,000 BTC exited ETF provider addresses during the week. Ark Invest led the withdrawals, with more than 4,000 BTC leaving its addresses. Social interest also weakened during the market decline. Bitcoin social volume fell below typical bear-market levels, according to the provided market data.
Analysts cited technical weakness after Bitcoin broke below $77,000. Some traders identified $76,000 as a key near-term level. A loss of that area could expose lower zones near $71,000 to $73,000, followed by $65,000.
Strategy is also asking shareholders to approve a change to STRC dividend payments. The proposal would shift dividends from monthly payouts to twice-monthly payments.
The proxy voting period ends on June 8, 2026. If shareholders approve the proposal, Strategy plans to make its first semi-monthly dividend payment on June 15.
STRC preferred shares carry an 11.50% annual dividend rate. The company adjusts the rate monthly to keep STRC near its $100 par value.
Retail investors control about 80% of the circulating STRC shares. Furthermore, Strategy has scheduled a live session with Saylor and CEO Phong Le on Wednesday at 5 p.m. Eastern Time to discuss the vote.
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