Strategy executive chair Michael Saylor hinted his company bought more Bitcoin despite a weekend market tumble that pushed the firm’s Bitcoin position into a loss of about 10%. Saylor posted “The Orange March Continues” to X alongside a chart showing Strategy’s roughly $52 billion of Bitcoin purchases since August 2020 — a chart he often shares as a signal the company has bought or plans to buy more Bitcoin and which investors view as bullish.
The move would add to sizable purchases this month, including 17,994 BTC on March 9 and 22,337 BTC on March 16, totaling about $2.9 billion. The activity comes amid heightened US–Iran military tensions and worries of a prolonged energy and oil crisis. Bitcoin fell about 4% to $67,725 on Sunday before partially recovering to roughly $68,100 at the time of reporting.
With Strategy’s average cost per Bitcoin near $75,696, the company is down more than 10% on its BTC exposure, according to BitcoinTreasuries. Strategy had been funding many purchases through high-yield perpetual preferred stock offerings such as STRC, which pay monthly dividends while growing the Bitcoin treasury without diluting MSTR common shares. The company halted funding via STRC last week after failing to raise fresh capital from the preferred stock.
Strategy (MSTR) shares fell 6.6% last week to $135.66, erasing some earlier gains; the stock remains down about 68.7% from its $434.20 all-time high. Other corporate Bitcoin treasury stocks have taken even bigger hits, prompting questions about the sustainability of corporate crypto treasuries.
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