Strategy could still buy Bitcoin

Does the bear market scare Michael Saylor? The question seems almost ridiculous as the man seems insensitive to the ups and downs of the market. While investors flee risky assets, he continues to display a disconcerting serenity on the networks. His latest message, “The Second Century Begins,” immediately sparked a reaction from the crypto community. A new bitcoin purchase is being prepared at Strategy. Nothing seems to be able to stop this well-oiled machine.

The Saylor ritual: buy BTC at all costs, crypto better watch out

First, let's look at the signal that fools no one in the industry. Michael Saylor posted his famous “ The Second Century Begins ”, accompanied by Strategy’s accumulation chart. For those in the know, this means thata bitcoin purchase is imminent. The hundred and first, to be exact, since the first purchase in August 2020.

Next, let's look at the figures for the last known purchase, made between February 23 and March 1. Strategy acquired 3,015 BTC for over $204 million. The average price paid is $67,700 per bitcoin. The company's cash position now stands at 720,737 BTC, or approximately $48.7 billion at current prices.

Still, Strategy's overall average purchase price is $75,985. Concretely, the company is today in a position of latent capital loss on all of its assets. But Saylor continues to move forward, imperturbable, without ever looking in the rearview mirror. It draws on debt and STRC preferred stock, the volume of which soared to $260 million on March 6. The machine never stops, regardless of market conditions.

Asked about mergers and acquisitions, he recently confided:

These things tend to stretch out over six to nine months or a year. An idea that seems good at first may no longer be so six months later.

Bitcoin under geopolitical tension: why Saylor superbly ignores the bear market

While Strategy is buying, the economic environment around it is seriously deteriorating. Tensions between the United States and Iran have escalated in recent days, raising fears of open conflict in the Middle East. This type of event traditionally weighs on risky assets, and bitcoin was no exception to this rule.

The queen crypto slipped below $70,000, struggling to maintain this important psychological threshold for investors. It remains far from its peak in October 2025, which peaked at $126,000.

At the same time, spot bitcoin ETFs have been experiencing massive outflows for several months. The figures speak for themselves: 7 billion dollars in November, 2 billion in December, 3 billion in January. Institutional investors are withdrawing their money without any apparent qualms.

On the macroeconomic side, inflation remains sticky while unemployment is rising dangerously. Liquidity is tight across all financial markets. Even BlackRock, the world's largest asset manager, recently limited withdrawals from some funds.

In this context of generalized distrust of crypto, Saylor's purchases appear to be an act of faith disconnected from immediate realities.

The Saylor strategy in key figures

• 720,737 bitcoins: the quantity held by Strategy, valued at $48.7 billion;
• $75,985: the company's overall average purchase price across all its acquisitions;
• $67,551: the current price of bitcoin, well below the cost price of Strategy;
• $260 million: the volume of STRC preferred shares traded on March 6;
• 3,015 bitcoins: the size of the last confirmed purchase, made during the last week of February.

Crises are tough, but not everyone in the industry reads them the same way. Willy Woo, a respected analyst, sees the current rebounds as mere temporary illusions before a new fall. Meanwhile, Saylor continues to stack bitcoins like there is no tomorrow. Who will be right in this war of visions?