Key Takeaways
- Michael Saylor shared his signature “Orange Dots” chart on social media, a signal that has traditionally indicated an upcoming Bitcoin acquisition.
- The company’s Bitcoin reserves have reached 815,061 BTC following a recent $2.54 billion acquisition.
- The firm’s preferred equity offering, STRC, continues trading slightly beneath its $100 par threshold.
- Yield platform Saturn has expanded its STRC holdings to $33 million through additional purchases.
- Gold advocate Peter Schiff has issued stark warnings about STRC, characterizing it as “the most obvious Ponzi that has ever existed.”
Michael Saylor seems poised to execute another substantial Bitcoin acquisition. This past Sunday, April 26, the Strategy co-founder shared the company’s signature “Orange Dots” visualization on X — a pattern that has consistently foreshadowed official BTC purchase disclosures.
The message, titled “The ₿eat Goes On,” displayed 107 separate Bitcoin acquisitions dating back to 2020. Historical trends indicate that an official 8-K regulatory filing announcing the purchase could materialize as early as Monday.
Just days earlier, Strategy finalized its latest acquisition — 34,164 BTC worth over $2.5 billion. This transaction elevated the company’s aggregate Bitcoin position to 815,061 BTC, currently valued at approximately $63.6 billion based on prevailing market prices.
For context, the second-largest corporate Bitcoin holder is Twenty One Capital, whose reserves total merely 43,514 BTC.
Strategy’s average acquisition price stands at roughly $75,528 per Bitcoin. With Bitcoin currently hovering around $78,000, the company’s holdings have recovered from an earlier unrealized loss of $14.5 billion reported in Q1 2026 — a consequence of Bitcoin’s precipitous decline from above $126,000 in October 2025 to approximately $60,000 by February.
Cryptocurrency supporter Adam Livingston forecasts that Strategy is positioned to accumulate 1.2 million BTC before 2026 concludes, contingent upon the ongoing effectiveness of its STRC capital-raising strategy.
STRC Struggles to Maintain Par Value Amid Demand Concerns
The financial instrument powering these acquisitions — STRC, Strategy’s Variable Rate Series A Perpetual Preferred Stock — has attracted considerable scrutiny. This security provides an 11.5% annual dividend distributed monthly and has become central to the company’s fundraising operations.
However, STRC has persistently traded marginally beneath its $100 par value, a critical benchmark for market participants. Saturn, a yield-focused platform utilizing STRC, recently expanded its holdings by $18 million, elevating its total investment to $33 million. Nevertheless, the trading price remains stubbornly below the $100 mark.
Certain market observers interpret this pricing dynamic as evidence of softer institutional appetite. Members of the STRC investor community acknowledged the instrument was “still recovering at $99.64” entering the weekend.
Strategy’s Bitcoin accumulation velocity has also attracted notice for additional reasons. Per Bitcoin proponent Samson Mow, Strategy is currently acquiring Bitcoin at triple the rate of new mining production — a tempo that could potentially strain available exchange inventory.
Bitcoin Skeptic Warns of Unsustainable Financial Model
Peter Schiff, a prominent Bitcoin detractor, has intensified his criticism of STRC recently. He contends the underlying mechanism contains fundamental structural weaknesses.
“The assertion that Bitcoin merely needs to appreciate 2% annually to indefinitely support the 11.5% STRC dividend presumes Strategy ceases additional STRC issuance,” Schiff stated on X. He cautioned that escalating issuance volumes would necessitate proportionally higher Bitcoin price gains to maintain dividend sustainability.
Schiff escalated his rhetoric further, labeling STRC “the most obvious Ponzi that has ever existed” and predicting that the sole escape from a potential collapse would involve dividend cancellation — a scenario he claims would trigger substantial losses across STRC holders, Strategy shareholders, and Bitcoin valuations broadly.
He has additionally raised concerns about possible legal ramifications for Saylor connected to the preferred stock structure.
Seeking Alpha analyst Rida Morwa voiced similar reservations, observing that Strategy is “issuing preferred equity like it is going out of style” and that the business model necessitates either continuous equity offerings or asset liquidations to sustain dividend payments.
Strategy has not issued public statements addressing these criticisms. The anticipated Monday 8-K disclosure will presumably verify whether another Bitcoin purchase has been executed.
