Massive Treasury Accumulation Model Continues

On X, Saylor used the phrase “Expand Orange Dots” in his eleventh 2026 post, a pattern typically associated with Strategy’s Bitcoin purchases. Since late 2020, the company has accumulated 738,731 BTC through 102 purchases. The total cost basis is approximately $56.04 billion, with an average entry price of $75,863 per coin. At current prices, the position shows an unrealized loss of around $3 billion (5.4%), yet the broader accumulation strategy continues despite market fluctuations.

Historically, Saylor signaled purchases on Sundays, months before official announcements. This latest hint follows Strategy’s purchase of 17,994 BTC last week and shows the company continues its long-term accumulation plan.

Market Structure and Liquidity Trends

Strategy continues to finance Bitcoin purchases through debt and equity. Treasury companies may experience declines in net asset value during market drops, but this approach remains active. Investors speculate Strategy may have bought over 1,000 BTC this week, supported by stock sale programs providing additional funding. This has increased demand for STRC preferred shares among investors seeking indirect Bitcoin exposure.

Activity in MSTR Shares

Short positions have increased recently in Saylor’s strategy, reflecting bearish bets on the company’s Bitcoin exposure. Analyst Darkfost notes that long-term holders still control roughly 79% of circulating Bitcoin, contrasting with the 2021 cycle when supply held by long-term holders fell from 82% to 70% within six months. In the current cycle, supply transfers occur in multiple waves, and short-term investors gradually become long-term holders.

Meanwhile, MSTR shares reacted to recent developments, closing Friday at $137.34 and trading after hours at $138.40. Intra-day, the stock fluctuated between $138.44 and $147.26, with an average volume of 24.52 million shares. Of course, the fine line between corporate treasury management and individual investor psychology will become clearer in the coming days as official data is released.

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Strategy’s move also aligns with the recent acceleration in corporate Bitcoin buying. The idea of holding BTC on company balance sheets is back on the table. Macro signals from the US are mixed, interest-rate expectations remain cloudy. After the latest jobs data, volatility in risk assets picked up. Right at this point, Strategy’s financing structure becomes more visible.

In short, while continuing its BTC accumulation strategy, the company is turning to new tools designed to partially shield investors from volatility.

Why Is MSTR Sliding While Bitcoin Falls?

In Phong Le’s interview with Bloomberg Television, the standout topic was “Stretch (STRC).” Strategy is preparing to issue more STRC perpetual preferred stock (perpetual preferred shares) to fund BTC purchases.

Le described the structure like this:

“We’ve engineered something for investors who want access to digital capital without that volatility.”

The critical detail here is STRC’s monthly-adjusted dividend structure. The goal is to keep the price trading around $100. Currently, the monthly reset dividend rate stands at 11.25%.

STRC closing at $100 today also sent a symbolic signal: more BTC buying is likely on the way from Strategy.

Looking at the company’s recent financing activity, the picture is somewhat fragmented. Roughly $370 million in MSTR common stock sales and just $7 million in preferred shares were used for recent BTC purchases. So STRC still represents a small slice. But Le’s message is clear: that slice will grow.

At this point, Michael Saylor also stepped in. Strategy’s executive chairman reiterated that the company has no plans to sell its BTC holdings.

MSTR Under Pressure: Another 5% Lower

Market sentiment is even more tense.

MSTR shares dropped another 5.16% on Wednesday to $126.14. Year to date, the stock is down about 20%. Since the October crypto crash, the picture is harsher: losses are approaching 70%.

Strategy’s market capitalization has fallen to around $40 billion during this period.

Bitcoin’s slide from a peak above $126,000 to below $65,000 has directly impacted the company’s balance sheet. In Q4 2025 earnings:

• Net loss: $12.4 billion
• Loss per share: $42.93
• Unrealized loss from digital assets: $17.4 billion

This quarter doesn’t look much different. Strategy is currently sitting on nearly $6 billion in unrealized losses on its BTC positions.

BTC purchases funded through ongoing share dilution are naturally weighing on investor psychology. Analysts are cutting targets. Volatility isn’t just showing up in crypto—it’s echoing across the MSTR chart as well.

Bitcoin Holds the $66K Zone

Bitcoin has slipped another 1% over the past 24 hours and is trading around $66,803 at the time of writing. The intraday range stands between $65,757 and $68,650.

What’s notable: trading volume is up more than 20%. Dip buyers are active. Still, on-chain data tells a more cautious story.

According to Glassnode, Bitcoin is showing structural weakness. Price remains defensive within the $60K–$72K range. Spot volumes are reactive, futures markets are cooling, and treasury outflows are suppressing demand.

CoinGlass data paints a similar picture. Selling pressure returned in derivatives markets over the past few hours. Total BTC futures open interest rose 1% over 24 hours but dropped 1% in the last four hours to $45.21 billion, with declines seen on both CME and Binance.

A Small Side Note

Strategy’s approach is increasingly shifting away from a traditional corporate model toward a kind of “Bitcoin proxy.” Tools like STRC aim to soften that structure. Will it work? Time will tell.

What’s clear is this: despite short-term balance-sheet pain, Phong Le and Michael Saylor are not backing away from their long-term BTC thesis. MSTR is swinging, Bitcoin is choppy, investors are uneasy. Yet Strategy is holding its course.

The market, for now, remains unconvinced.

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$7.37 Billion Net Worth and Rising

MicroStrategy co-founder and executive chairman Michael Saylor has entered the Bloomberg Billionaire 500 Index with an estimated net worth of $7.37 billion. Since January, his fortune has increased by 15.8%, driven largely by a 12% climb in MicroStrategy stock.

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According to Bloomberg, around $650 million of Saylor’s wealth is in cash, while $6.72 billion is tied to MicroStrategy equity. On Friday, company shares closed at $335.87, reflecting the firm’s continued prominence in the market.

Among Crypto Billionaires

Saylor joins a growing list of crypto billionaires on Bloomberg’s index. Coinbase CEO Brian Armstrong ranks 234th with a net worth of $12.8 billion, while Binance founder Changpeng “CZ” Zhao holds the 40th spot at $44.5 billion.

Notably, former FTX CEO Sam Bankman-Fried was once included before the exchange’s collapse in November 2022.

MicroStrategy’s Bitcoin Strategy

MicroStrategy remains famous for its bold Bitcoin acquisition strategy. The company holds around 659,739 BTC — roughly 3.42% of the total circulating supply. Executives insist their large-scale purchases do not impact Bitcoin’s market price directly.

Despite strong performance earlier in the year, MicroStrategy shares have declined 12.4% over the past 30 days. Moreover, the firm’s exclusion from the S&P 500 in August left some investors disappointed, even though it remains part of the Nasdaq 100.

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Strong BTC Performance, Massive Unrealized Loss

In its May 1 earnings release, the firm said its Bitcoin yield translated to more than 61,000 BTC, valued at approximately $5.8 billion. CFO Andrew Kang stated that the company now aims for a 25% Bitcoin yield and $15 billion in gains by year’s end.

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However, Strategy reported $111.1 million in revenue, down 3.6% year-over-year and about 5% below analyst expectations. Its net loss hit a staggering $4.2 billion, or $16.49 per share, far worse than the expected $0.11 per-share loss. This was mainly due to a $5.9 billion unrealized loss on its Bitcoin holdings.

New Capital, Stock Slightly Up

To continue purchasing Bitcoin, Strategy announced a $21 billion stock offering, a bold move despite its Q1 losses.

Shares of MSTR closed 0.39% higher at $381.60 on May 1, slipping slightly to $378.50 in after-hours trading. The stock is up 31.5% year-to-date but remains below its November high of $470.

Since 2020, Strategy has acquired more than 550,000 BTC, with an average price of around $68,500. The firm’s Bitcoin holdings now exceed $53 billion in market value.

Strategy remains the largest Bitcoin-holding public company. Public firms hold over $73 billion in BTC, while institutional funds manage an additional $128 billion, per BitcoinTreasuries.NET.

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