Author: Deep Tide TechFlow

Michael Saylor, the Executive Chairman of Strategy (formerly MicroStrategy), did not release the customary "Orange Dot" Bitcoin purchase signal this Sunday, instead focusing entirely on promoting the company's perpetual preferred stock STRC, suspected to disrupt the continuous Bitcoin accumulation rhythm that began in late December last year. During this round of accumulation, Strategy has purchased approximately 90,831 BTC in total. The company currently holds 762,099 BTC at an average cost of around $75,694, while the current price of Bitcoin is approximately $66,389, indicating a substantial paper loss. Monday's 8-K filing will confirm whether the purchasing has indeed paused.

Strategy may have interrupted its weekly Bitcoin accumulation rhythm for the first time since late December last year.

According to BeInCrypto reports on March 29, Saylor did not post his iconic "Orange Dot" purchase tracking chart on the X platform this Sunday but instead turned all attention to the company's perpetual preferred stock Stretch (code STRC). Over the past 13 weeks, this signal has become a reliable indicator for traders to judge whether Strategy is about to increase its Bitcoin holdings: signaling on Sunday and submitting the 8-K filing to confirm purchase details on Monday morning.

This silence breaks a highly aggressive accumulation cycle.

In the past 13 weeks, 90,000 BTC were purchased, and the last week saw a significant reduction in volume

Since initiating this continuous accumulation at the end of December last year, Strategy has accumulated approximately 90,831 bitcoin. According to the company's official data panel, as of March 22, Strategy holds 762,099 BTC, with a total cost of approximately $57.69 billion, and an average purchase price of about $75,694.

However, the intensity of the accumulation has noticeably diminished in the last few weeks. According to CoinDesk, from March 16 to 22, Strategy only bought 1,031 BTC, costing $76.6 million with an average price of about $74,326, all funded through ordinary stock ATM (at market price issuance). In contrast, the purchase sizes for the previous two weeks were 17,994 BTC (approximately $1.28 billion) and 22,337 BTC (approximately $1.57 billion), with the latter being the largest single-week purchase since 2026.

The trajectory is clear: from aggressive purchases of billions to $76 million in "drizzle," and now to a possible pause this week.

Saylor shifts the spotlight to STRC; $42 billion ATM plan has just been launched

Saylor stated on X platform this Sunday that STRC's volatility over the past 30 days is lower than all S&P 500 components and all major asset classes, while offering an annualized dividend yield of 11.5%. In another post, he argued that the annualized return rate of Bitcoin needed to maintain the STRC dividend is only about 2.13%, far below Bitcoin's historical performance.

This "promotion" action is not coincidental. On March 23, Strategy announced a new ATM issuance plan amounting to $42 billion, with $21 billion allocated for MSTR common stock, another $21 billion for STRC preferred stock, and an additional $2.1 billion in STRK preferred stock ATM quota.

STRC is the perpetual preferred stock launched by Strategy in July 2025, with a par value of $100, and dividends paid monthly, with a rate that can be adjusted ±0.25 percentage points each month. The current annualized dividend rate has risen to 11.5%, marking the seventh consecutive month of increases. CEO Phong Le previously stated in February that the company is shifting from relying on common stock issuance to using preferred stock as the primary financing tool for Bitcoin purchases.

According to data cited by Yahoo Finance, approximately 80% of STRC holders are retail investors rather than institutional investors. In March 2026, Strategy raised about $1.2 billion for Bitcoin purchases through STRC's ATM sales, marking the first time preferred stock surpassed common stock as a primary source of financing. However, this also means that STRC's financing capability is directly linked to retail investors' confidence in Bitcoin.

Bitcoin drops to the $66,000 range; Strategy faces deep paper loss

At the time of the silence signal, Bitcoin was in a slump. As of the time of writing, Bitcoin is priced around $67,000, down about 47% from its historical high of approximately $126,000 in October 2025. MSTR's stock price has fallen about 76% to $77 from its peak in November 2024.

With 762,099 BTC held at an average price of $75,694, Strategy's total cost for Bitcoin holdings is approximately $57.69 billion, while the market value at current prices is about $50.5 billion, indicating a paper loss exceeding $7 billion.

The broader context is that corporate Bitcoin purchases have been highly concentrated in Strategy alone. According to a report from CryptoQuant this week, Strategy purchased about 45,000 BTC in the past 30 days, while all other corporate treasury companies combined only bought about 1,000 BTC. Strategy currently holds about 76% of the total corporate treasury Bitcoin, with other companies' purchasing shares plummeting from a peak of 95% to 2%. This trend, marketed by the market as "broadening institutional holdings," has actually evolved into a concentrated risk for a single company.

The answer will be revealed in Monday's 8-K filing

The absence of a post on Sunday does not necessarily mean a pause in purchases. Strategy has previously shown signal changes, and the company may quietly confirm new purchases in Monday's 8-K filing. Additionally, Strategy had briefly paused purchasing in early July and early October 2025, both being temporary adjustments.

However, if Monday's filing confirms that there have been no new holdings, this will mark the first official interruption since last December and may signify a turning point in Strategy's financing strategy—from reckless aggressive accumulation to a critical juncture in stabilizing STRC as a new financing engine.