Michael Saylor, co-founder and executive chairman of Strategy (NASDAQ: MSTR), has once again shared his company’s Bitcoin purchase history chart on social media, a move that has reliably preceded a new acquisition announcement across 107 transactions since 2020, giving the crypto market a fairly reliable leading indicator that another substantial Bitcoin purchase is imminent.
Strategy completed its most recent BTC acquisition less than a week before the social media post, purchasing 34,164 BTC at an average price of approximately $74,395 per coin for a total outlay of $2.54 billion, a transaction that brought the company’s total holdings to 815,061 BTC with a cumulative cost basis of roughly $61.56 billion and an average acquisition price of $75,528 per coin.
The timing of Saylor’s tracker post is notable because it arrives at a moment when Strategy’s Bitcoin position has just crossed back into unrealised profit territory, with Bitcoin (BTC) trading above the $78,000 level at the time of publication and therefore above the company’s average cost basis for the first time in several months, following a Q1 period during which BTC’s decline from above $90,000 generated an unrealised loss of $14.5 billion that attracted intense criticism.
Strategy now holds more than 3.8 percent of Bitcoin’s total fixed supply of 21 million coins, making it comfortably the largest publicly traded corporate Bitcoin holder in the world, with its nearest competitor Twenty One Capital holding only 43,514 BTC, a gap so large that Saylor’s company occupies a categorically different position in the Bitcoin corporate treasury landscape.
Bitcoin advocate Samson Mow has argued that Strategy’s BTC demand is outpacing the newly mined supply threefold, a rate that could create a supply shock if the number of coins remaining on exchanges continues to decline as institutional accumulation accelerates across both corporate treasury programmes and regulated ETF vehicles.
The capital mechanism funding Strategy’s continued accumulation is its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), an instrument that Saylor has described as a yield-producing credit vehicle that allows the company to leverage capital markets access into compounding Bitcoin acquisition, and that Bitcoin advocate Adam Livingston has argued will drive the company’s holdings toward 1.2 million BTC by end of 2026.
Not everyone is enthusiastic about the model. Seeking Alpha blogger Rida Morwa said last week: “MSTR is issuing preferred equity like it is going out of style, and its plan is to either keep issuing equity or to sell its assets to pay the dividends. This would be a wonderful plan if you knew that Bitcoin is going to be $100,000 next year.”
The circularity of Morwa’s critique and the structural argument Saylor makes for the model ultimately rest on the same variable: Bitcoin’s long-term price trajectory, with bulls arguing the accumulation strategy creates compounding institutional demand that is itself a positive catalyst for the price, and bears arguing the preferred stock issuance creates a financial obligation that could become untenable if Bitcoin declines significantly and stays low.
Livingston’s projection of Bitcoin reaching $1 million through the STRC mechanism is at the most optimistic end of a very wide range of analyst forecasts, but his underlying point that Strategy’s continued capital markets access enables perpetual accumulation until some constraint bites is a mechanical observation that is difficult to dispute in the near term while demand for MSTR equity and preferred instruments remains intact.
