Michael Saylor is putting pressure back on bitcoin at a time when the market is in doubt. His message published on March 22 relaunches a very simple idea: at Strategy, the decline has not broken the purchasing appetite.
In brief
- Michael Saylor is already relaunching the idea of a new massive purchase of bitcoin.
- Strategy officially holds 761,068 BTC despite an unrealized capital loss that exceeds $5 billion
- The driving force behind betting now relies as much on market finance as on conviction.
A capital loss that does not change the plan
Michael Saylor hints that a new billion could soon be injected into bitcoin, as Strategy's last officially reported position reaches 761,068 BTC. The total cost of this reserve amounts to $57.61 billion, or an average purchase price of $75,696 per bitcoin.
With bitcoin listed at $68,172 as of March 23, this stock is worth approximately $51.88 billion. The latent loss therefore stands at around $5.73 billion, or nearly 10% of the acquisition cost. The figure of 5 billion put forward in market comments is therefore not exaggerated. (
This is the heart of the matter. At Strategy, the decline is not read as a signal to stop. It is treated as a zone of continuity. The latent loss exists, but it does not seem to have the power to break the narrative constructed by Saylor around bitcoin.
The “Orange March” message is not trivial
On March 22, Michael Saylor published his slogan of the moment on X: “The Orange March Continues”. This is not a communication detail. Indeed, this type of message often serves as a preamble to a more formal announcement surrounding Strategy purchases.
The market is paying attention because the pace has tightened. We note 3,015 BTC announced on March 2, then 17,994 bitcoin on March 9, before 22,337 BTC confirmed on March 16. This last operation is well documented in an 8-K filing submitted to the SEC.
We must therefore maintain a useful nuance. The additional billion remains, at this stage, a credible anticipation and not a new regulatory confirmation in the sources cited here. But the market now knows Saylor's music, and that is precisely why the simple message is enough to get the speculative machine running again.
STRC, the real fuel for Bitcoin betting
Novelty is not only found in the desire to buy. It is also found in the tool that allows you to continue. Between March 9 and 15, Strategy sold 11,818,467 STRC shares and 2,833,668 MSTR shares under its ATM programs, for a total of $1.576 billion. In the same document, the company specifies that the bitcoin purchases of the week were financed by these sales.
STRC is worth a look. On its site, Strategy presents this perpetual favorite security as a variable dividend instrument, currently set at 11.50% annualized, paid monthly in cash and adjusted monthly. In other words, it's not just another ticker. It is a central piece of mechanics.
The diagram then becomes clear. Saylor is turning market appetite for his stocks into buying power on bitcoin. True audacity is not just buying in the red. It consists of having put together a financial architecture capable of extending this bet when many would have already slowed down.
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