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Michael Saylor has hinted at another major Bitcoin purchase despite Strategy (formerly MicroStrategy) facing investor lawsuits over a $5.9 billion Q1 unrealized loss.
The lawsuits allege that Strategy’s executives misled shareholders and profited from insider stock sales ahead of the loss disclosure.
Michael Saylor, co-founder and Executive Chairman of Strategy, has sparked speculation of another Bitcoin purchase after posting a cryptic message on X on Sunday. The post featured a chart of Strategy’s previous Bitcoin buys with the caption:
Nothing Stops This Orange,
widely interpreted as a signal that another major Bitcoin acquisition is on the horizon.
Saylor’s social media hints have historically preceded Strategy’s Bitcoin purchases, and investors are once again watching closely. Strategy remains the largest corporate holder of Bitcoin, with a staggering 592,100 BTC currently valued at approximately $59.7 billion. At the time of Saylor’s post, Bitcoin was trading just under $101,000.
However, the teaser comes at a tense time for Saylor and his company. Just days earlier, Strategy and its top executives were named in a shareholder lawsuit following the announcement of a $5.9 billion unrealized loss on their Bitcoin holdings in Q1 2025.
Filed by investor Abhey Parmar in a Virginia federal court, the suit alleges that Strategy’s leadership—including Saylor, CEO Phong Le, CFO Andrew Kang, and several board members—breached fiduciary duties and misled shareholders.
The lawsuit centers around a recent accounting policy change. In January, Strategy adopted a new Financial Accounting Standards Board (FASB) rule allowing crypto to be reported at fair market value on corporate balance sheets.
While this approach was seen as a positive step for financial transparency, it resulted in a sharp write-down of Bitcoin holdings for Q1. When the results were reported in April, Strategy disclosed a $5.9 billion unrealized loss, triggering a nearly 9% drop in its stock price.
The lawsuit claims Strategy’s leadership failed to disclose the full implications of this change and downplayed Bitcoin’s inherent volatility. “The Company’s profitability when applying its bitcoin-driven investment strategy and treasury options were substantially less profitable than represented,” Parmar’s complaint alleges.
Adding to the controversy, Strategy’s executives are also accused of profiting from “lucrative insider sales” prior to the public release of the Q1 results. Parmar alleges that the leadership team collectively earned $31.5 million through stock sales made while share prices were “artificially inflated.”
This is not the first legal challenge Strategy has faced over its Bitcoin strategy. A separate class-action lawsuit filed in May similarly accused the firm of misrepresenting the risks and financial impact of the new accounting approach. In response, Strategy has stated it plans to “vigorously defend against these claims.”
Despite the legal hurdles, Strategy’s stock (MSTR) has shown resilience, climbing nearly 28% year-to-date after rebounding from an April low of $238.
