Original title:《Saylor halts his routine Bitcoin buying for the first time in 13 straight weeks, pivots to pushing perpetual preferred stock STRC》

Original source: Deep Tide TechFlow

BlockBeats Note (律动 BlockBeats): On March 30, Strategy announced that in the past week it had not bought any Bitcoin. It still holds 762,099 BTC worth more than $51.5 billion. This will be Strategy’s first official interruption of Bitcoin purchases since December last year. The following is the original text:

Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy), did not publish his customary “Orange Dot” Bitcoin buying signal this Sunday. Instead, he focused on strongly promoting the company’s perpetual preferred stock STRC, seemingly interrupting the pace of its Bitcoin accumulation for 13 consecutive weeks since the end of last December. During this accumulation phase, Strategy bought a total of about 90,831 BTC. The company currently holds 762,099 BTC, with an average cost of about $75,694, while Bitcoin is currently trading at about $66,389—resulting in a substantial unrealized loss on paper. The Monday 8-K filing will confirm whether purchases are truly paused.

Strategy may have first interrupted its weekly Bitcoin accumulation pace since the end of last December.

According to a March 29 report by BeInCrypto, Saylor did not post his signature “Orange Dot” (Orange Dot) purchase-tracking chart on the X platform this Sunday. Instead, he shifted all attention to the company’s perpetual preferred stock Stretch (ticker STRC). Over the past 13 weeks, this signal has become a reliable tell for traders to gauge whether Strategy is about to add to its Bitcoin holdings: the chart is posted on Sunday, and on Monday morning the 8-K filing is submitted to confirm purchase details.

What this silence breaks is an extremely aggressive accumulation cycle.

Buying 90,000 BTC in 13 weeks—last week saw a major reduction in volume

In this round of consecutive accumulation that began at the end of last December, Strategy has accumulated purchases of about 90,831 BTC. Based on the company’s official data dashboard, as of March 22, Strategy held 762,099 BTC, with total cost of about $57.69 billion and an average purchase price of about $75,694.

But the pace of accumulation has clearly diminished in the last few weeks. According to a CoinDesk report, during the week of March 16 to March 22, Strategy purchased only 1,031 BTC, spending $76.6 million, with an average price of about $74,326. All of it was financed through ordinary-share ATM (issued at market price). In the two preceding weeks, the purchase sizes were 17,994 BTC (about $1.28 billion) and 22,337 BTC (about $1.57 billion), with the latter being the largest single-week purchase since 2026.

From an aggressive sweep at the multi-billion-dollar level, to “small change” at $76 million, and then to a potential pause this week—the shrinking trajectory is clearly visible.

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

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

The timing of this “pitch” is not coincidental. On March 23, Strategy just announced a new ATM issuance plan totaling $42 billion: $21 billion for MSTR’s common stock, $21 billion for STRC’s preferred stock, and an additional $2.1 billion in ATM capacity for STRK’s preferred stock.

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

According to data cited by Yahoo Finance, about 80% of STRC holders are crypto retail investors rather than institutional investors. In March 2026, Strategy raised about $1.2 billion through STRC’s ATM sales to purchase Bitcoin—marking the first time preferred stock has surpassed common stock to become the primary source of financing. But this also means STRC’s financing capacity is directly tied to retail investors’ confidence in Bitcoin.

Bitcoin falls into the $66,000 range; Strategy shows deep unrealized losses on paper

As the silence signal appears, Bitcoin is in a slump. As of the time of publication, Bitcoin is quoted at about $67,000, down about 47% from Bitcoin’s historical high of roughly $126,000 in October 2025. MSTR’s share price is down about 76% from its November 2024 peak to $77.

Based on the 762,099 holdings and a $75,694 average cost, Strategy’s total cost for its Bitcoin holdings is about $57.69 billion, while the market value calculated at the current price is about $50.5 billion—an unrealized loss of more than $7 billion on paper.

The broader context is that corporate Bitcoin purchases are highly concentrated in Strategy alone. According to a CryptoQuant report this week, in the past 30 days Strategy bought about 45,000 BTC, while all other corporate treasury firms combined bought only about 1,000 BTC. Strategy currently holds about 76% of the total corporate-treasury Bitcoin supply, and other companies’ purchase share has fallen from 95% at its peak to 2%. Marketed as a trend to “broaden the institutional holding base,” it has in reality evolved into a concentration risk for a single company.

The Monday 8-K filing will reveal the answer

The absence of the post on Sunday does not necessarily mean purchases have been paused. Strategy has seen signal changes before; the company could quietly confirm new purchases in Monday’s 8-K filing. In addition, Strategy previously briefly paused purchases in early July 2025 and again in early October—both times being temporary adjustments.

But if Monday’s filing confirms there are no new positions, this would be the first official interruption since December last year. It may also mark a turning point in Strategy’s financing strategy—a key juncture shifting from aggressive accumulation at all costs to a stable new financing engine: STRC.

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