TLDR
- Michael Saylor posted his signature “orange dot” chart on X on March 22, hinting at another Bitcoin purchase
- Strategy holds 761,068 BTC at an average cost of $75,696 per coin — currently running at a 10% loss
- The company has bought $2.9 billion in Bitcoin this month alone, including two large purchases on March 9 and March 16
- MSTR stock dropped 6.6% last week to $135.66, now down 68.7% from its all-time high of $434.20
- Strategy halted fundraising through its STRC preferred stock offering last week after failing to raise fresh capital
Michael Saylor took to X on Sunday, March 22, posting his well-known orange dot chart with the caption “The Orange March Continues.” The post is widely read by investors as a signal that Strategy has bought — or is about to buy — more Bitcoin.
The Orange March Continues. pic.twitter.com/NRaDL5AGXV
— Michael Saylor (@saylor) March 22, 2026
The chart showed Strategy’s total Bitcoin reserve value at $52.36 billion, covering 761,068 BTC accumulated since August 2020.
It’s a big number, but right now it’s underwater. With an average acquisition cost of $75,696 per coin and Bitcoin trading around $68,100, Strategy is sitting on a paper loss of more than 10%.
Bitcoin dropped 4% to $67,725 on Sunday before recovering slightly. Heightened military tensions between the US and Iran were cited as a contributing factor in the weekend sell-off.
Strategy’s purchases this month have been anything but small. The company picked up 17,994 BTC on March 9 and followed that with 22,337 BTC on March 16 — totalling $2.9 billion in Bitcoin bought in a matter of weeks.
MSTR Gives Back Recent Gains
MSTR fell 6.6% last week, closing at $135.66. That erased much of the double-digit recovery the stock had staged earlier in the month.
The stock has now lost 68.7% from its all-time high of $434.20. It was one of the top performers in the US market from January 2023 through July 2025.
Market cap sits at $46.8 billion, with an enterprise value of $62.8 billion. The gap between those two numbers reflects the $8.25 billion in total debt on Strategy’s balance sheet.
The company holds $2.25 billion in USD reserves alongside that debt load. Net leverage is listed at 11%.
Implied volatility on MSTR stands at 55%, with 30-day and one-year historical volatility both at 74%. Open interest in MSTR derivatives has reached $38.1 billion, pointing to heavy positioning around the stock.
Funding Troubles at STRC
Strategy had been using high-yield perpetual preferred stock offerings to fund Bitcoin purchases without diluting MSTR common stock. One such vehicle, Stretch (STRC), offered monthly dividends to investors.
Last week, the company halted new fundraising through STRC after it was unable to raise fresh capital. That puts pressure on how Strategy finances future purchases.
Trading volume in MSTR reached $3.82 billion last week, well above its 30-day average of $2.85 billion.
Despite the losses and funding setback, Saylor’s post on Sunday suggests the accumulation strategy is not changing course.
As of March 22, 2026, Strategy’s 761,068 BTC position remains the largest corporate Bitcoin treasury in existence.
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