Strategy co-founder Michael Saylor signaled an imminent Bitcoin purchase on Sunday, posting “think bigger” alongside the company’s BTC acquisition tracker that has preceded every major purchase since 2020.
The company has made 105 bitcoin purchases since it began accumulating in August 2020. The most recent, on April 6, added 4,871 BTC for $329.8 million. Total holdings stand at 766,970 BTC acquired at a blended cost of $75,644, approximately $5,000 above the current market price and representing $14.5 billion in unrealized losses that Strategy disclosed in a first-quarter SEC filing.
MSTR is buying at a rate that eclipses new supply. The strategy accumulated 46,233 BTC in March, while miners produced around 16,200 BTC, meaning a single company absorbed nearly three times the bitcoin that the entire global mining network generated during the same period.
Meanwhile, Saylor also revealed that Strategy’s break-even annual rate of return on its STRC preferred stock product is approximately 2.05%. If bitcoin appreciates faster over time, the company can cover its preferred dividends indefinitely without issuing new MSTR shares.
This figure quantifies both the attractiveness and fragility of the financing model. A 2% hurdle is low by Bitcoin’s historical standards, but it assumes that Bitcoin never goes sideways or declines for an extended period of time while dividends continue to accumulate.
STRC is the mechanism that operates the buying machine. The preferred stock product saw hundreds of millions in new inflows around its recent ex-dividend date, providing the capital needed for continued accumulation. The strategy continues to buy as long as investor appetite for STRC persists.
Bitcoin traded at $71,800 on Monday, according to CoinDesk data, up 7.9% for the week and above $70,000 for the fourth straight day since the Iran ceasefire was announced.
Whether Saylor’s “thinking bigger” will result in a purchase big enough to move the market depends on size. At Strategy’s recent rate of over 40,000 BTC per month, the next deposit could bring total holdings past 800,000 before the end of April.
