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Saylor skips the "orange dot" as Strategy spotlights STRC preferred stock, raising questions over a Bitcoin buying pause
Michael Saylor, executive chairman of Strategy (formerly MicroStrategy), did not post his customary Sunday "orange dot" hint that typically precedes a new Bitcoin purchase disclosure. Instead, he used the day to promote the company's perpetual preferred stock, STRC—a shift that may signal the first interruption in Strategy's 13-week streak of BTC accumulation that began in late December.
Over that buying run, Strategy added roughly 90,831 BTC. The company's dashboard shows that as of March 22 it held 762,099 Bitcoin acquired for about $57.69 billion, implying an average cost of roughly $75,694 per coin. With Bitcoin recently around $66,389–$67,000, the position sits on an unrealized loss of more than $7 billion, with market value near $50.5 billion.
Whether purchases truly paused should become clearer in Strategy's Form 8-K expected Monday. In prior weeks, traders treated the Sunday post as a reliable prelude to a Monday morning filing confirming the size and price of fresh BTC buys.
Buying has already been decelerating. CoinDesk reported that in the week of March 16–22, Strategy bought only 1,031 BTC for $76.6 million at an average price of about $74,326, funded via at-the-market (ATM) sales of common stock. That compares with 17,994 BTC (about $1.28 billion) and 22,337 BTC (about $1.57 billion) in the two preceding weeks, with the latter described as the largest weekly purchase since 2026.
Saylor's posts on Sunday centered on STRC, which he said has shown lower volatility over the past 30 days than every S&P 500 constituent and major asset classes, while offering an 11.5% annualized dividend yield. He also argued that the annualized Bitcoin return needed to sustain STRC's dividend is only about 2.13%, well below Bitcoin's historical performance.
The emphasis on STRC comes as Strategy ramps up a large new ATM program. On March 23, the company announced a $42 billion ATM plan comprising $21 billion of MSTR common shares and $21 billion of STRC preferred shares, plus an additional $2.1 billion of STRK preferred shares under the ATM facility.
STRC, launched in July 2025, is a perpetual preferred with $100 par value, monthly dividends, and a rate that can be adjusted by up to ±0.25 percentage points each month. The annualized dividend yield has climbed to 11.5%, marking the seventh straight monthly increase. CEO Phong Le said in February the company is moving away from relying primarily on common equity issuance and toward preferred stock as its main funding tool for Bitcoin purchases.
Yahoo Finance-cited data indicates roughly 80% of STRC holders are retail crypto investors rather than institutions. In March 2026, Strategy raised about $1.2 billion through an STRC ATM to buy Bitcoin, the first time preferred shares overtook common stock as the primary funding source—a dynamic that also ties STRC's fundraising capacity more directly to retail confidence in Bitcoin.
The possible pause comes amid broader weakness: Bitcoin is down roughly 47% from its October 2025 peak near $126,000. MSTR shares are down about 76% to 77% from their November 2024 high.
Strategy's dominance in corporate Bitcoin buying has also intensified. A CryptoQuant report this week said Strategy bought about 45,000 BTC over the past 30 days, while all other corporate treasury buyers combined purchased only around 1,000 BTC. Strategy is estimated to hold roughly 76% of all corporate-treasury Bitcoin, while other companies' share has fallen from a peak of 95% to about 2%, underscoring that what has been framed as "broadening institutional ownership" has become increasingly concentrated in a single name.
A missing Sunday post does not guarantee a pause. Strategy has altered its signaling before and could still confirm new buys in Monday's 8-K. The company also briefly paused purchases in early July and early October 2025 before resuming. If Monday's filing shows no new BTC added, it would mark the first official halt since December and could indicate a shift in Strategy's approach—from aggressive, at-all-costs accumulation toward a phase that prioritizes stabilizing STRC as a core funding engine.