Strategy executive chair Michael Saylor has hinted that his company made additional Bitcoin purchases following a weekend market decline that has pushed the firm’s overall position into a loss exceeding 10%. Saylor posted the phrase ‘The Orange March Continues’ to X on Sunday, accompanied by a chart tracking Strategy’s Bitcoin acquisitions since August 2020, which now total roughly $52 billion. The post is widely interpreted by investors as a signal that the company has bought, or intends to buy, more Bitcoin.
Any new purchase would follow an already active month of acquisitions for Strategy. The company bought 17,994 Bitcoin on March 9 and a further 22,337 Bitcoin on March 16, amounting to a combined $2.9 billion spent on the cryptocurrency this month alone. These moves reflect the firm’s continued commitment to expanding its Bitcoin treasury even during periods of price weakness.
The latest activity comes against a backdrop of heightened military tensions between the United States and Iran, which have stoked fears of a prolonged energy and oil crisis. Bitcoin fell 4% to $67,725 on Sunday before partially recovering to $68,100. With Strategy’s average cost per Bitcoin sitting at approximately $75,696, the company is currently down more than 10% on its holdings, according to data from BitcoinTreasuries.
Strategy has been financing a significant portion of its Bitcoin purchases through high-yield perpetual preferred stock offerings, including a product known as Stretch (STRC). This approach allowed the company to offer investors monthly dividends while building its Bitcoin reserves without diluting common shareholders of MSTR. However, the company halted funding through STRC last week after it was unable to raise fresh capital from the preferred stock instrument.
Shares of Strategy fell 6.6% last week to $135.66, erasing a portion of the double-digit gains the stock had recorded earlier in the month, according to Google Finance data. The company had been among the top performers in the US stock market from January 2023 through July 2025, but its shares have since declined 68.7% from their all-time high of $434.20. The retreat underscores the volatility associated with companies that have adopted large-scale Bitcoin treasury strategies.
Other corporate Bitcoin treasury stocks have experienced even steeper declines, a trend that prompted questions last year about the long-term sustainability of corporate cryptocurrency holdings. Strategy’s situation is being closely watched as a bellwether for this broader investment model. The combination of falling Bitcoin prices, stalled capital-raising efforts, and declining share value has intensified scrutiny of the approach Saylor has championed.
Originally reported by CoinTelegraph.
