MicroStrategy executive chairman Michael Saylor signaled the company may have added to its Bitcoin holdings despite a weekend market drop that pushed the firm’s BTC position into an unrealized loss of roughly 10%. Saylor posted “The Orange March Continues” to X alongside a familiar chart showing about $52 billion of Bitcoin purchases since August 2020 — a chart he frequently shares as a bullish signal to investors.
The potential buy would follow large acquisitions earlier this month, including 17,994 BTC on March 9 and 22,337 BTC on March 16, amounting to roughly $2.9 billion in purchases. The activity comes amid heightened U.S.–Iran military tensions and concerns about a prolonged energy and oil crisis, backdrop factors that have weighed on risk assets.
Bitcoin slid about 4% to $67,725 on Sunday before partially recovering to about $68,100 at the time of reporting. With MicroStrategy’s average cost per Bitcoin near $75,696, the company is down more than 10% on its BTC exposure, according to BitcoinTreasuries.
MicroStrategy has been funding many purchases through high-yield perpetual preferred stock offerings such as STRC, which pay monthly dividends while allowing the company to add Bitcoin without diluting MSTR common shares. The firm paused that preferred-stock funding last week after failing to raise fresh capital through the vehicle.
Shares of MicroStrategy (MSTR) declined 6.6% last week to $135.66, wiping out some earlier gains; the stock remains far below its $434.20 all-time high, down about 68.7%. Other companies with large corporate Bitcoin treasuries have seen even steeper drops, prompting renewed questions about the sustainability of large corporate crypto allocations.
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