Strategy (MSTR) Stock: Saylor Signals Another Bitcoin Buy as Losses Hit $14.5B

TLDR

• Michael Saylor posted “think bigger” on Sunday, signaling an imminent Bitcoin purchase — a move that has preceded every major buy since 2020.
• Strategy holds 766,970 BTC at an average cost of $75,644, roughly $5,000 above current market price.
• The company reported $14.5 billion in unrealized losses on its BTC holdings for Q1 2026.
• In March, Strategy bought 46,233 BTC — nearly three times the 16,200 BTC miners produced that month.
• The STRC preferred equity product only needs a 2.05% annual BTC return to cover dividends, funding continued accumulation.

Michael Saylor posted two words on Sunday: “Think bigger.” He included Strategy’s BTC acquisition chart alongside it — the same image he has posted before every major Bitcoin purchase since 2020. The market got the message.

Strategy made its most recent purchase on April 6, picking up 4,871 BTC for $329.8 million. That brought total holdings to 766,970 BTC. The company has now completed 105 Bitcoin transactions since it began accumulating in August 2020.

The average cost per coin sits at $75,644. Bitcoin was trading around $71,800 on Monday, according to CoinDesk data — putting Strategy’s entire treasury underwater by roughly $5,000 per coin.

Strategy Inc, MSTR

In a Q1 SEC filing, Strategy disclosed nearly $14.5 billion in unrealized losses on its BTC holdings. That number is not small. Yet the company shows no signs of slowing down.

Buying Faster Than Miners Can Produce

In March alone, Strategy accumulated 46,233 BTC. The entire global mining network produced approximately 16,200 BTC in the same period. One company absorbed nearly three times the new supply.

That pace has led some analysts to flag a potential Bitcoin supply squeeze. If Strategy continues buying at this rate, available BTC on the open market could tighten considerably.

Bitcoin held above $70,000 for four consecutive days as of Monday, buoyed by the announcement of an Iran ceasefire. The weekly gain stood at 7.9%.

How Strategy Funds the Machine

The buying is financed largely through Strategy’s STRC preferred equity product. The key number: a 2.05% annual Bitcoin return is all that’s needed to cover preferred dividends indefinitely, without issuing new MSTR shares.

That’s a low hurdle by Bitcoin’s historical standards. But it comes with a catch — the model is vulnerable if Bitcoin trades sideways or falls for a sustained period while dividends keep compounding.

STRC saw hundreds of millions in fresh inflows around its recent ex-dividend date. That capital goes straight toward more BTC. The buying machine keeps running as long as investor appetite for STRC holds.

Strategy remains the largest corporate Bitcoin holder by a wide margin. The next closest is Twenty One Capital at 43,514 BTC — less than 6% of Strategy’s stack.

Not everyone in the sector is staying the course. MARA Holdings sold 15,133 BTC in March for roughly $1.1 billion, using the proceeds to buy back zero-coupon convertible notes at a discount. CEO Fred Thiel cited “financial flexibility” as the reason.

If Strategy maintains its recent pace of 40,000-plus BTC per month, total holdings could pass 800,000 BTC before the end of April.

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