Key Highlights
- Michael Saylor shared his signature “Orange Dots” visualization on X, a reliable indicator of forthcoming Bitcoin acquisitions.
- The company’s Bitcoin reserves reached 815,061 BTC following a recent $2.54 billion purchase.
- Strategy’s preferred stock instrument STRC continues hovering slightly beneath its $100 par value benchmark.
- Yield platform Saturn expanded its STRC holdings to $33 million total.
- Gold advocate Peter Schiff issued warnings about a possible “death spiral,” labeling STRC “the most obvious Ponzi that has ever existed.”
Michael Saylor seems poised to execute another substantial Bitcoin acquisition. Late Sunday, April 26, the Strategy executive chairman shared the company’s distinctive “Orange Dots” visualization on X — a signal that has reliably foreshadowed official BTC purchase disclosures in the past.
The social media update, titled “The ₿eat Goes On,” displayed 107 separate Bitcoin transactions executed since 2020. Historical trends indicate an 8-K regulatory filing announcing the latest acquisition could materialize as early as Monday.
Just days earlier, Strategy finalized its previous transaction — acquiring 34,164 BTC for approximately $2.5 billion. This expansion elevated the company’s aggregate Bitcoin position to 815,061 BTC, currently worth an estimated $63.6 billion based on prevailing market rates.
For context, the second-largest corporate Bitcoin holder, Twenty One Capital, possesses merely 43,514 BTC — a fraction of Strategy’s reserves.
Strategy’s average acquisition price stands at roughly $75,528 per Bitcoin. With Bitcoin currently trading around $78,000, the corporate treasury has recovered from a significant unrealized $14.5 billion deficit reported in Q1 2026 — stemming from Bitcoin’s dramatic descent from above $126,000 in October 2025 to approximately $60,000 by February.
Bitcoin supporter Adam Livingston forecasts the enterprise will accumulate 1.2 million BTC before 2026 concludes, with valuation projections closely linked to ongoing STRC capital-raising activities.
STRC Struggles to Maintain Par Value Amid Demand Concerns
The financing mechanism Strategy employs for these acquisitions — STRC, its Variable Rate Series A Perpetual Preferred Stock — has attracted mounting scrutiny. This security provides an 11.5% annualized dividend distributed monthly and serves as a primary capital generation tool.
However, STRC has persistently traded marginally beneath its $100 par value, a critical benchmark investors monitor closely. Saturn, a yield-focused investment platform utilizing STRC, recently increased its holdings by $18 million, elevating total exposure to $33 million. Nevertheless, the share price remains stuck below the $100 threshold.
Certain market observers interpret this stagnation as evidence of subdued institutional appetite. The STRC investor community acknowledged the security was “still recovering at $99.64” entering the weekend.
Strategy’s Bitcoin accumulation velocity is attracting notice for additional reasons. According to Bitcoin proponent Samson Mow, Strategy currently purchases Bitcoin at triple the rate of new mining production — a pace potentially capable of straining available exchange inventories.
Peter Schiff Issues ‘Death Spiral’ Cautionary Statement
Peter Schiff, a prominent Bitcoin skeptic, has intensified his criticism of STRC recently. He contends the business model contains fundamental vulnerabilities.
“The assertion that Bitcoin merely needs 2% annual appreciation to sustain the 11.5% STRC yield indefinitely presumes MSTR halts STRC issuance,” Schiff stated on X. He cautioned that accelerating issuance would necessitate proportionally faster Bitcoin price growth to maintain dividend payments.
Schiff escalated his rhetoric, characterizing STRC as “the most obvious Ponzi that has ever existed” and projecting that the sole escape from a potential collapse would involve dividend suspension — an outcome he predicts would trigger cascading losses across STRC, Strategy equity, and Bitcoin valuations.
He has additionally highlighted potential regulatory liability for Saylor connected to the preferred stock architecture.
Seeking Alpha analyst Rida Morwa expressed parallel reservations, observing that Strategy is “issuing preferred equity like it is going out of style” and that the strategy hinges on perpetual equity offerings or asset liquidations to fund ongoing distributions.
Strategy has remained publicly silent regarding these criticisms. The anticipated Monday 8-K disclosure should verify whether another Bitcoin purchase has indeed occurred.
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