12:05 p.m
4
min read ▪ by
Michael Saylor is pushing back on Bitcoin at a time when the market is in doubt. His report, published on March 22, brings to life a very simple idea: in the Strategy, the downturn has not broken the appetite to buy.
In short
- Michael Saylor is already reviving the idea of a massive new bitcoin purchase.
- Strategy Officially Holds 761,068 BTC Despite Latent Unrealized Loss Over $5 Billion
- The engine of the bet now remains on both market funding and conviction.
An unrealized loss that does not change the plan
Michael Saylor suggests that a new billion could soon be pumped into Bitcoin, while the strategy’s last officially declared position stands at 761,068 BTC. The total cost of this reserve is $57.61 billion, i.e. an average purchase price of $75,696 per bitcoin.
With bitcoin priced at $68,172 on March 23, the stock is worth about $51.88 billion. The hidden unrealized loss thus amounts to around 5.73 billion dollars, almost 10% of the acquisition cost. So the 5 billion figure mentioned in the market comments is not an exaggeration. (
That’s the crux of the matter. In the strategy, the decline is not seen as a stop signal. It is treated as a continuity zone. The hidden loss exists, but it doesn’t seem like it has the power to break the narrative Saylor has created around Bitcoin.
The “Orange March” message is no accident
On March 22, Michael Saylor posted his current tagline 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 of Strategy purchases.
The market is paying attention as the pace has picked up. We saw 3,015 BTC announced on March 2nd, then 17,994 BTC on March 9th, before 22,337 BTC confirmed on March 16th. This latest operation is well documented in the 8k filing filed with the SEC.
Therefore, a useful nuance must be maintained. An additional billion remains a plausible expectation at this stage and not a new regulatory confirmation in the sources listed here. However, the market now knows Saylor’s rhythm, and it is for this reason that a simple message is enough to restart the speculative engine.
STRC, the true fuel of the bitcoin stake
The novelty is not only in the desire to buy. It is also in the tool that allows the continuation. Between March 9 and 15, Strategy sold 11,818,467 STRC shares and 2,833,668 MSTR shares for a total of $1.576 billion under its ATM programs. In the same document, the company specifies that the weekly purchases of bitcoins were financed from these sales.
STRC deserves some attention. On its website, Strategy presents this preferred perpetual stock 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 the central part of the mechanism.
The scheme will then be clear. Saylor is transforming the market’s appetite for its stock into the purchasing power of Bitcoin. Real courage is not just buying in the red. It lies in building a financial architecture capable of expanding this bet when many would have already slowed down.
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Lydia, a teacher and IT engineer, discovers Bitcoin in 2022 and dives into the world of cryptocurrencies. It popularizes complex topics, deciphers Web3 challenges and defends the vision of an open, inclusive and decentralized digital future.
DISCLAIMER OF LIABILITY
The views, thoughts and opinions expressed in this article are solely those of the author and should not be taken as investment advice. Before making any investment decision, do your own research.
