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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