Strategy Resumes Bitcoin Acquisition Strategy After Brief Hiatus

MicroStrategy restarts its corporate Bitcoin acquisition strategy using STRC preferred shares, aiming to buy over 1,111 BTC this week after a one-week halt ended a 13-week streak.

Following a one-week pause, the corporate Bitcoin acquisition strategy championed by Strategy appears to be back in motion. The mechanism enabling this is the company's preferred share series, STRC. Executive Chairman Michael Saylor confirmed on April 1st that the dividend rate for these shares would stand at 11.50% for the month of April.

Closing just above its $100 par value on Tuesday, the STRC share price reached a level that permits the company to issue new shares. This fundraising capability is crucial for mobilizing fresh capital dedicated to purchasing Bitcoin. According to data estimates from STRC.LIVE, Strategy had accumulated sufficient funds by Tuesday evening to acquire more than 1,111 BTC this week.

A Symbolic Pause Ends a 13-Week Streak

Although brief, the recent interruption was notable. It marked the first week since late December in which Strategy did not add to its Bitcoin holdings. Prior to this pause, the company had engaged in a relentless 13-week accumulation spree, amassing a total of 90,831 BTC. Observers interpreted a shift in Saylor's social media communication as a signal; instead of the customary "Orange Dot" post on X denoting a weekly purchase, he focused commentary on the STRC offering, suggesting preparations for the next buying cycle were underway.

March Dominance Contrasts with Persistent Share Price Weakness

The scale of Strategy's influence on the institutional Bitcoin market was starkly evident in March. The company's acquisitions totaled 44,377 BTC, representing a staggering 94% of all publicly reported corporate purchases for the month. This spending was financed through two primary channels: approximately $1.18 billion raised from sales of STRC shares and an additional $396 million generated from its MSTR at-the-market (ATM) equity offering program. A single weekly purchase of 22,305 BTC ranks among the largest in the firm's history.

Despite this aggressive and dominant buying activity, Strategy's common stock has faced significant headwinds. The share price has declined for nine consecutive months. Since the start of 2026, it is down approximately 19%, and its loss over the preceding twelve-month period approaches 62%.

Underwater Treasury and Leveraged Structure Pose Risks

A clear structural risk for Strategy lies in its cost basis for Bitcoin. The company's treasury holds 762,099 BTC with an average purchase price of $75,694 per coin. With Bitcoin currently trading around $71,500, this positions the entire holdings at an unrealized loss. Compounding this risk is the leveraged structure used to finance the acquisitions. The company carries roughly $8.2 billion in debt through convertible notes and multiple series of preferred stock.

Whether the resumed accumulation strategy can close the gap to its break-even cost basis will depend heavily on Bitcoin's price trajectory in the coming weeks. A further critical factor is the duration for which capital markets remain willing to fund Strategy's appetite for issuing new securities to fuel its Bitcoin purchases.