Michael Saylor teases another Bitcoin buy as Strategy stock extends losses

Strategy Executive Chairman Michael Saylor hinted on March 22 that the company bought additional Bitcoin, as the token traded near $68,100 after a weekend sell-off. At that level, the firm’s average purchase price of $75,696 per Bitcoin implies a paper loss of more than 10%.

Any new purchase would follow two large additions this month: 17,994 Bitcoin on March 9 and 22,337 Bitcoin on March 16, lifting its holdings to 761,068 BTC. Bitcoin fell 4% to $67,725 on Sunday before later recovering to around $68,100.

Saylor wrote “The Orange March Continues” on X and posted a chart of Strategy’s cumulative Bitcoin purchases since August 2020. The chart indicated roughly $52 billion in total buys over that period.

Strategy has financed much of its accumulation through high-yield perpetual preferred stock offerings such as Stretch (STRC), which pay monthly dividends and allow the company to expand its Bitcoin treasury without issuing additional MSTR common shares. The company paused funding through STRC last week after it was unable to raise new capital from the preferred stock.

Strategy shares declined 6.6% last week to $135.66, paring part of the gains earlier in March. The stock is 68.7% below its all-time high of $434.20.

The weekend decline in risk assets followed heightened military tensions between the United States and Iran. Since launching its Bitcoin strategy in 2020, Strategy has regularly added to its holdings and reported purchases through executive updates and company disclosures.