Saylor's doing it again. Michael Saylor just posted Strategy's Orange Dots chart on X yesterday with the caption 'The Beat Goes On' — and if you've been following this saga, you know what that usually means. Bitcoin buy incoming.

The pattern's pretty consistent at this point. That chart showing 107 BTC transactions since 2020 historically signals an 8-K filing is coming, probably today. Last time around, Strategy dropped $2.54 billion to grab 34,164 Bitcoin. Now they're sitting on 815,061 BTC — roughly $63.6 billion worth at current prices around $80K.

For context, the next closest public company treasury holds maybe 43,514 BTC. Strategy's basically in a league of its own. Their average cost basis is around $75,528 per coin, so even with the recent volatility, they're printing unrealized gains right now.

But here's where it gets interesting. The whole machine runs on STRC — Strategy's perpetual preferred stock that offers 11.5% annual yield. It's supposed to be the funding mechanism for all these Bitcoin purchases. Except STRC keeps trading just below that $100 par value threshold, and nobody seems to want to push it higher. Even when yield providers like Saturn dumped another $18 million into it recently, the price barely budged. Still sitting around $99.64.

Some people are reading that as a demand problem. Others, like Peter Schiff, are way more aggressive with their criticism. He's calling the whole structure a Ponzi scheme, warning about a potential death spiral if the dividend gets cut. He's not wrong that there's a dependency loop here — Strategy keeps needing to issue more equity or sell assets to fund those dividends.

Meanwhile, Saylor's apparently absorbing Bitcoin three times faster than new supply's hitting the market, according to some analysts. That's the kind of buying pressure that could start moving things.

The 8-K filing should tell us today whether another purchase actually happened. Either way, the STRC debate is definitely heating up.