Original author: Shenchao TechFlow
Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy), did not issue the customary "orange dot" Bitcoin purchase signal this Sunday, instead fully promoting the company’s perpetual preferred stock, STRC, seemingly interrupting a 13-week consecutive streak of Bitcoin acquisitions since late December. During this period, Strategy accumulated approximately 90,831 BTC. The company currently holds 762,099 Bitcoin with an average cost basis of about $75,694, while Bitcoin is currently trading at approximately $66,389, resulting in a significant unrealized loss. The upcoming 8-K filing on Monday will confirm whether the purchases have indeed been paused.
The strategy may have interrupted the weekly Bitcoin accumulation trend that began at the end of last December.
According to BeInCrypto on March 29, Saylor did not post his signature "Orange Dot" Bitcoin purchase tracker on X this Sunday; instead, he shifted all attention to the company’s perpetual preferred stock, Stretch (ticker: STRC). Over the past 13 weeks, this signal has served as a reliable indicator for traders that Strategy is about to increase its Bitcoin holdings: a post on Sunday, followed by an 8-K filing on Monday morning confirming purchase details.
This silence was broken by a highly aggressive buying period.
Bought 90,000 BTC over 13 weeks; volume significantly decreased in the final week.
Since the continuous buying spree began at the end of last December, Strategy has accumulated approximately 90,831 Bitcoin. According to the company’s official data dashboard, as of March 22, Strategy holds 762,099 BTC with a total cost of approximately $57.69 billion, at an average purchase price of about $75,694.
However, the pace of purchases has significantly slowed in the past few weeks. According to CoinDesk, during the week of March 16–22, Strategy purchased only 1,031 BTC for $76.6 million, at an average price of approximately $74,326, all funded through common stock ATM (at-the-market) offerings. In contrast, the previous two weeks saw purchases of 17,994 BTC (approximately $1.28 billion) and 22,337 BTC (approximately $1.57 billion), with the latter being the largest weekly buy since 2026.
From aggressive buying in the billions of dollars, to a mere $76 million "drop in the bucket," and now a possible pause this week, the pattern of decreasing volume is clear.
Saylor turns the spotlight on STRC as the $42 billion ATM plan has just launched.
Saylor posted on X this Sunday that STRC has had lower volatility over the past 30 days than all S&P 500 components and all major asset classes, while offering an annualized dividend yield of 11.5%. He also argued in another post that the annualized Bitcoin return required to sustain STRC’s dividend is only about 2.13%, significantly below Bitcoin’s historical performance.
The timing of this "offering" was no coincidence. On March 23, Strategy announced a new ATM offering of $42 billion, consisting of $21 billion in MSTR common shares, $21 billion in STRC preferred shares, and an additional $2.1 billion in STRK preferred shares under the ATM facility.
STRC is a perpetual preferred stock launched by Strategy in July 2025, with a par value of $100, monthly dividend payments, and an interest rate adjustable by up to ±0.25 percentage points each month. The current annualized dividend yield has risen to 11.5%, marking the seventh consecutive monthly increase. CEO Phong Le previously stated in February that the company is shifting from relying on common stock issuance to using preferred stock as its primary financing tool for Bitcoin purchases.
According to data cited by Yahoo Finance, approximately 80% of STRC holders are retail crypto investors, not institutional investors. In March 2026, Strategy raised approximately $1.2 billion through an ATM offering of STRC to purchase Bitcoin, marking the first time preferred shares surpassed common shares as the primary source of financing. However, this also means that STRC’s fundraising capacity is directly tied to retail investors’ confidence in Bitcoin.
Bitcoin has dropped to the $66,000 range, resulting in significant unrealized losses for Strategy.
As the silence signal emerges, Bitcoin is in a slump. As of press time, Bitcoin is trading at approximately $67,000, down about 47% from its all-time high of around $126,000 in October 2025. MSTR shares have declined by approximately 76% to 77% from their November 2024 peak.
Based on a position of 762,099 BTC and an average cost of $75,694, Strategy's total cost basis for Bitcoin is approximately $57.69 billion, while the current market value is around $50.5 billion, resulting in an unrealized loss of over $7 billion.
On a broader scale, corporate Bitcoin purchases have become highly concentrated in Strategy alone. According to a CryptoQuant report this week, Strategy purchased approximately 45,000 BTC over the past 30 days, while all other corporate treasury firms combined bought only about 1,000 BTC. Strategy currently holds roughly 76% of all corporate treasury Bitcoin, with other companies’ share plummeting from a peak of 95% to just 2%. What the market has promoted as a trend of “broadening institutional ownership” has effectively become a concentrated risk tied to a single company.
The Monday 8-K filing will reveal the answer.
The absence of a Sunday post does not necessarily mean that purchases have been paused. Strategy has previously experienced changes in signals, and the company may quietly confirm new purchases in its Monday 8-K filing. Additionally, Strategy briefly paused purchases in early July and early October 2025, both instances being temporary adjustments.
However, if Monday’s filing confirms no new positions were added, this would be the first official pause since December last year and could mark a turning point for the Strategy funding approach—shifting from aggressive,不惜一切代价的增持 to a new phase focused on stabilizing STRC as a key funding engine.