Strategy (formerly MicroStrategy) appears to have broken its 13-week Bitcoin buying streak, with no purchase recorded in the week ending March 28, 2026. The pause signals a shift in the company's strategy, marked by Executive Chairman Michael Saylor's absence of his usual weekly "Orange Dot" Bitcoin post — a signal markets have come to rely on as confirmation of continued accumulation. During its buying run, Strategy purchased approximately 90,831 BTC, but now holds over 760,000 BTC at an average cost of US$75,000 per coin, currently underwater as Bitcoin trades near US$66,389.
The timing coincides with a significant restructuring of how Strategy funds its Bitcoin operations. CEO Phong Le announced the company is shifting away from relying primarily on common stock issuance and instead turning to preferred shares for future fundraising. Strategy filed a US$42 billion at-the-market program split equally between common stock and STRC perpetual preferred shares, each allocated US$21 billion. While this approach reduces dilution to common shareholders, it introduces a fixed cost: STRC carries an 11.5% annual dividend obligation that has risen for seven consecutive months since its July 2025 launch.
This transition reflects a broader trade-off for the company. Rather than chase Bitcoin price movements with equity-based buying power, Strategy now faces recurring cash obligations regardless of market conditions. With Bitcoin holding below its average acquisition price, the company's balance sheet remains heavily exposed to price movements, making the stability of preferred share funding increasingly important.
Source: Strategy Pauses Bitcoin Buying Streak After Months of Accumulation — Crypto News Australia
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