Key Highlights
- Michael Saylor shared his signature “Orange Dots” chart on X, a pattern that typically signals an upcoming Bitcoin acquisition.
- The company’s Bitcoin treasury reached 815,061 BTC following a recent $2.54 billion purchase.
- The STRC preferred equity instrument, Strategy’s primary funding vehicle for BTC acquisitions, hovers slightly under its $100 par value.
- Saturn expanded its STRC holdings to $33 million total, adding $18 million to its position.
- Gold advocate Peter Schiff raised concerns about a possible “death spiral,” describing STRC as “the most obvious Ponzi that has ever existed.”
Michael Saylor seems poised to execute another Bitcoin acquisition. The Strategy co-founder published the company’s distinctive “Orange Dots” chart on X this past Sunday, April 26 — a gesture that historically foreshadows official BTC purchase disclosures.
The caption read “The ₿eat Goes On,” displaying 107 Bitcoin acquisitions dating back to 2020. Historical patterns indicate an 8-K regulatory filing could materialize Monday to confirm the transaction.
Strategy concluded its latest acquisition less than a week earlier — purchasing 34,164 BTC for over $2.5 billion. This expanded the company’s holdings to 815,061 BTC, representing approximately $63.6 billion at present market rates.
For context, Twenty One Capital holds the second-largest public Bitcoin treasury at 43,514 BTC.
Strategy’s average acquisition price stands at roughly $75,528 per coin. With Bitcoin currently trading around $78,000, the treasury has returned to profitability following a $14.5 billion unrealized deficit reported in Q1 2026 — triggered by Bitcoin’s decline from peaks above $126,000 in October 2025 to approximately $60,000 in February.
Bitcoin supporter Adam Livingston forecasts the company will reach 1.2 million BTC by year-end 2026, with price projections linked to ongoing STRC capital raises.
STRC Hovers Near Par Value Amid Demand Uncertainty
STRC, the Variable Rate Series A Perpetual Preferred Stock that fuels these acquisitions, continues attracting scrutiny. The security delivers an 11.5% annual yield distributed monthly and serves as Strategy’s principal capital-raising mechanism.
Yet STRC persists in trading marginally beneath its $100 par value, a benchmark investors monitor closely. Saturn, a yield platform utilizing STRC, recently injected $18 million into its holdings, elevating its total commitment to $33 million. The price remains stubbornly below $100 despite this capital influx.
Certain market observers interpret this as evidence of subdued demand. STRC community members acknowledged the stock was “still recovering at $99.64” entering the weekend.
Strategy’s Bitcoin accumulation velocity attracts attention for additional reasons. Bitcoin proponent Samson Mow notes Strategy currently acquires Bitcoin at triple the rate of new mining production — a tempo that could strain exchange inventories.
Gold Advocate Raises Sustainability Concerns
Peter Schiff, a persistent Bitcoin skeptic, has intensified his criticism of STRC recently. He contends the framework contains fundamental weaknesses.
“The assertion that Bitcoin requires only 2% annual appreciation to sustain the 11.5% STRC yield indefinitely presumes MSTR ceases STRC issuance,” Schiff stated on X. He cautioned that expanded issuance would demand accelerated Bitcoin price growth to maintain the yield structure.
Schiff escalated his language, characterizing STRC as “the most obvious Ponzi that has ever existed” and proposing that dividend cancellation represents the sole escape from a potential death spiral — an outcome he predicts would trigger substantial losses across STRC, Strategy shares, and Bitcoin valuations.
He has previously highlighted potential legal ramifications for Saylor regarding the structure.
Seeking Alpha analyst Rida Morwa raised parallel concerns, observing Strategy is “issuing preferred equity like it is going out of style” and that the strategy requires either sustained equity issuance or asset liquidation to support dividend obligations.
Strategy has issued no public response to either assessment. Monday’s anticipated 8-K filing should verify whether another BTC acquisition has transpired.
