Michael Saylor’s Strategy filed an 8-K with the SEC on Monday confirming it made no bitcoin purchases between March 23 and March 29 — the first pause in weekly acquisitions in just over a year.
Holdings and unrealized losses
Strategy still holds 762,099 BTC, acquired at an average price of $75,694 per coin for a total cost of around $57.7 billion including fees.
Those holdings represent more than 3.6% of bitcoin’s 21 million total supply, and at current prices imply roughly $6.1 billion in unrealized losses.
The firm stated in the filing that it “did not sell any shares under its at-the-market offering program and did not purchase any bitcoin” during the week, with acquisitions typically funded through ATM sales of its Class A common stock and perpetual preferred shares.
Capital programs and dividend pressure
Last week, Strategy extended its ATM programs to include up to an additional $21 billion of MSTR stock, alongside a further $21 billion of STRC preferred stock and $2.1 billion of STRK preferred stock.
The Block research analyst Ivan Wu noted at the time:
“If fully utilized, the $21 billion STRC program would add roughly $2.4 billion in annual dividend obligations. Combined with about $1 billion in existing payouts, Strategy’s current cash reserves would cover only around eight months of dividends.”
These programs sit on top of the firm’s broader “42/42” plan targeting $84 billion in total capital raises through 2027.
Stock performance and broader treasury landscape
Strategy’s MSTR stock fell 9.6% last week, closing at $126.03 on Friday, while bitcoin declined around 2.9% over the same period.
The stock is down roughly 72% from its summer 2025 peak, with Strategy’s market cap-to-net asset value ratio currently sitting at approximately 0.91.
Analysts at Bernstein maintained an outperform rating on MSTR with a $450 price target, citing the company’s resilience through bitcoin’s roughly 50% drawdown from its all-time high.
Across the broader bitcoin treasury landscape, 195 public companies have now adopted some form of bitcoin acquisition model, with Twenty One Capital, MARA, and Metaplanet among the top holders behind Strategy.
