Strategy (MSTR) Stock: Michael Saylor Signals Another Bitcoin Buy as STRC Debate Heats Up

TLDR

• Michael Saylor posted his “Orange Dots” chart on X, a move that has historically preceded Bitcoin purchases.
• Strategy now holds 815,061 BTC after spending $2.54 billion on its most recent buy.
• STRC, Strategy’s preferred equity instrument used to fund BTC purchases, is trading marginally below its $100 par value.
• Saturn, a STRC-backed yield provider, increased its total investment in STRC to $33 million.
• Peter Schiff has warned of a potential “death spiral,” calling STRC “the most obvious Ponzi that has ever existed.”

Michael Saylor appears to be gearing up for yet another Bitcoin purchase. On Sunday, April 26, the Strategy co-founder posted his company’s “Orange Dots” chart on X — a move that has historically preceded a formal BTC acquisition announcement.

The post, captioned “The ₿eat Goes On,” showed 107 Bitcoin transactions since 2020. Past pattern suggests an 8-K filing confirming a new buy could arrive Monday.

Less than a week ago, Strategy completed its most recent purchase — 34,164 BTC for more than $2.5 billion. That brought its total holdings to 815,061 BTC, valued at roughly $63.6 billion at current prices.

Strategy Inc, MSTR

To put that in perspective, the next closest publicly traded Bitcoin treasury company is Twenty One Capital, which holds just 43,514 BTC.

Strategy’s average cost basis sits at approximately $75,528 per coin. With Bitcoin trading near $78,000 at time of writing, the treasury is back above water after recording a $14.5 billion unrealized loss in Q1 2026 — the result of Bitcoin falling from above $126,000 in October 2025 to around $60,000 in February.

Bitcoin advocate Adam Livingston projects the company is on track to accumulate 1.2 million BTC by end of 2026, with price target projections tied to the continued STRC fundraising mechanism.

STRC Trading Below Par as Demand Questions Mount

The vehicle Strategy uses to fund these purchases — STRC, its Variable Rate Series A Perpetual Preferred Stock — has drawn increasing attention. The instrument offers an 11.5% annual yield paid monthly, and has been a key capital-raising tool.

But STRC has continued to trade just below its $100 par value, which is a closely watched threshold for investors. Saturn, a yield provider backed by STRC, recently added $18 million to its position, bringing its total stake to $33 million. Despite that, the price hasn’t cleared $100.

Some analysts have pointed to this as a sign of weaker-than-expected demand. The STRC community itself noted the stock was “still recovering at $99.64” heading into the weekend.

Strategy’s BTC buying pace is also drawing attention for another reason. According to Bitcoin advocate Samson Mow, Strategy is now absorbing Bitcoin at three times the rate of newly mined supply — a pace that could pressure exchange balances.

Peter Schiff Raises ‘Death Spiral’ Warning

Peter Schiff, a longtime Bitcoin critic, has sharpened his attacks on STRC in recent days. He argues the model is fundamentally flawed.

Schiff went further, calling STRC “the most obvious Ponzi that has ever existed” and suggesting the only exit from a potential death spiral would be to cancel the dividend — an outcome he says would cause major losses across STRC, Strategy stock, and Bitcoin prices.

He has also previously flagged potential legal exposure for Saylor related to the structure.

Seeking Alpha contributor Rida Morwa echoed some concerns, noting Strategy is “issuing preferred equity like it is going out of style” and that the plan depends on either continued equity issuance or asset sales to fund dividends.

Strategy has not responded publicly to either critique. The expected Monday 8-K filing will likely confirm whether another BTC purchase has taken place.

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