Michael Saylor's 'Working ₿etter' post on X May 31 has investors watching for MicroStrategy's next Bitcoin move. The CEO's cryptic tweet comes after the company's longest weekly buying pause since October 2025. MicroStrategy currently holds 843,738 Bitcoin.
Seven-Day Buying Gap Breaks Rhythm
The firm hasn't added Bitcoin since May 18, ending a near-weekly acquisition streak. Historically, Saylor's similar posts precede disclosures within days. This pause stands out after months of consistent accumulation. The timing isn't great with cash reserves shrinking fast.
Cash Reserves Cut in Half
MicroStrategy spent $1.38 billion buying back convertible notes this month. That pushed cash reserves down to about $871 million from roughly $2 billion. The firm also deposited 411 Bitcoin into Coinbase Prime hours before reversing the move. That quick swap stopped speculation about an outright sale.
Dividend Vote Looms Large
A June 8 shareholder vote on shifting preferred dividend payments adds immediate pressure. Arca's Jeff Dorman warned the company's $15 billion preferred stock and $1.5 billion annual dividend obligations could break the accumulation model. He expects serious losses within four months. Saylor acknowledged at May's earnings that Bitcoin sales remain possible if capital dries up.
Investors now watch for either a Bitcoin purchase announcement or the June 8 dividend vote outcome as the next concrete development.
