Key takeaways
- Strategy (MSTR) made no bitcoin purchase last week, ending a 13-week buying streak that added 90,831 BTC to its treasury since late December.
- The company holds 762,099 bitcoin at an average price of $75,694 per coin, while BTC trades near $66,600, putting Strategy billions underwater.
- MSTR stock has fallen roughly 77% from its November 2024 peak, and CEO Michael Saylor skipped his usual Sunday “orange dot” purchase signal on X.
- Instead of buying more bitcoin, Saylor promoted Strategy’s STRC perpetual preferred stock, which pays 11.5% annual dividends and has over $5 billion in notional value.
Published: March 29, 2026 UTC
Strategy, the largest corporate bitcoin holder in the world, appears to have paused its weekly bitcoin purchases for the first time since late December 2025. The halt snaps a 13-week buying streak during which the Tysons Corner, Virginia-based company acquired 90,831 BTC, according to its public purchase tracker.
Executive chairman Michael Saylor typically signals an upcoming purchase on X each Sunday, followed by a formal disclosure Monday morning. This weekend, no “orange dot” appeared. Saylor instead posted about Stretch (STRC), the company’s perpetual preferred equity offering that pays an 11.5% annual dividend and adjusts monthly to trade near its $100 par value.
Why the streak matters
Strategy has defined its corporate identity around bitcoin accumulation. The company holds 762,099 BTC at an average acquisition price of $75,694 per coin, a position worth roughly $50.7 billion at bitcoin’s current price near $66,600. That gap means the company is sitting on approximately $6.9 billion in unrealized losses on its bitcoin treasury.
The buying pause arrives as MSTR stock trades about 77% below its November 2024 all-time high. Bitcoin itself has struggled below $70,000 for most of March, weighed down by geopolitical tensions in the Middle East and renewed inflation fears that have shifted market expectations toward potential rate hikes rather than cuts.
The company’s most recent purchase came during the week ending March 22, when it added 1,031 BTC for $76.6 million at an average price of $74,326 each. That was already a sharp slowdown from the week prior, when it bought 22,337 BTC for $1.57 billion in its largest single-week acquisition of 2026.
Funding pressure builds
Strategy funds its bitcoin buys through a mix of convertible debt, at-the-market stock offerings, and preferred equity issuances. With MSTR shares down 77% from their peak and bitcoin trading below the company’s average cost basis, the economics of issuing new stock to buy BTC have worsened.
The shift in Saylor’s messaging toward STRC is telling. The perpetual preferred offering has generated over $5 billion in notional value since its July 2025 pricing. Strategy now has multiple preferred instruments trading on Nasdaq, including STRK, STRF, STRC, STRE, and STRD, each structured to attract a different type of fixed-income investor while funneling capital toward bitcoin purchases.
The pause also follows a Q4 2025 earnings report that disclosed a $17.44 billion unrealized loss on digital assets, a figure that shrank as bitcoin recovered from its January lows but remains in the billions. Strategy paid out roughly $140 million in preferred stock dividends last quarter, a growing cash obligation that competes with bitcoin accumulation for available capital.
What comes next
A single missed week does not confirm a strategy change. Saylor has paused purchases before, including earlier this year and in late 2025 near bitcoin’s all-time highs. Both times, buying resumed within two weeks.
The key question is whether bitcoin’s persistent trading below Strategy’s average cost basis changes the calculus. At $66,600, every new purchase lowers the average price and increases exposure. If bitcoin recovers above $75,000, the unrealized loss disappears. If it drops further, the pressure on MSTR’s balance sheet intensifies.
The broader bitcoin mining industry is also under strain, with public miners spending roughly $80,000 to produce one bitcoin last quarter while BTC trades well below that figure. Some miners have pivoted to AI computing to offset losses, signaling that bitcoin’s current price level is testing corporate holders across the sector.
Monday’s 8 a.m. ET disclosure window will be closely watched. If no purchase appears, it will mark the first time since December 2025 that Strategy sat out consecutive weeks, raising questions about whether the most aggressive corporate bitcoin buyer in history is recalibrating its approach.
FAQ
How much bitcoin does Strategy currently hold?
Strategy holds 762,099 BTC as of March 24, 2026, acquired at an average price of $75,694 per coin for a total cost basis of approximately $57.7 billion. The position makes Strategy the largest publicly traded corporate bitcoin holder in the world.
Why did Strategy pause its bitcoin purchases?
Strategy has not issued an official explanation. The pause follows a period of declining purchase sizes, bitcoin trading below the company’s average cost basis, MSTR stock down 77% from its peak, and growing preferred stock dividend obligations of roughly $140 million per quarter.
What is Strategy’s STRC preferred stock?
Stretch (STRC) is a perpetual preferred stock issued by Strategy that pays an 11.5% annual dividend, adjusted monthly to keep the share price near its $100 par value. The offering has accumulated over $5 billion in notional value and is one of several preferred instruments Strategy uses to raise capital.
