Michael Saylor, co-founder of Bitcoin treasury company Strategy, signaled the company is acquiring more BTC as the price pulled back from a local high above $73,000. On Sunday he posted “Think bigger” alongside Strategy’s BTC purchase-history chart, a graphic often associated with imminent buys.
Strategy’s most recent purchase was on April 6, when it bought 4,871 BTC for more than $329.8 million, bringing its total holdings to 766,970 BTC, valued at roughly $54.5 billion at the time of publication. The Tysons Corner, Virginia–based company has continued to accumulate BTC despite a bear market that pushed prices to two-year lows and left its treasury underwater.
Strategy reported an average acquisition cost of $75,644 per BTC and nearly $14.5 billion in unrealized losses on its BTC holdings for Q1 2026, according to an SEC filing. Even so, Strategy has been buying faster than miners produce new supply: miners produced about 16,200 BTC in March, while Strategy accumulated about 46,233 BTC that month—almost three times newly mined supply—prompting some analysts to warn of a potential supply squeeze.
Saylor has framed Bitcoin as “digital capital,” saying the four-year cycle is dead and that price will be driven by capital flows, with banks and digital credit determining Bitcoin’s trajectory. With 766,970 BTC, Strategy is the largest corporate BTC treasury by holdings; the next largest reported holder, Twenty One Capital, has about 43,514 BTC.
Strategy’s continued accumulation contrasts with signs of capitulation elsewhere in the industry. MARA Holdings, for example, sold 15,133 BTC in March for roughly $1.1 billion to repurchase $1 billion of zero-coupon convertible notes at a discount—moves MARA’s chairman and CEO Fred Thiel said improved financial flexibility and strategic optionality as the company expands into digital energy and AI/HPC infrastructure.
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