Key Takeaways
- Michael Saylor shared his signature “Orange Dots” chart on social media, a pattern historically linked to upcoming Bitcoin acquisitions.
- The company’s Bitcoin treasury now stands at 815,061 BTC following a recent $2.54 billion purchase.
- Strategy’s preferred equity instrument STRC is currently trading slightly under its $100 par value threshold.
- Yield provider Saturn expanded its STRC holdings to $33 million total.
- Gold advocate Peter Schiff continues warning the STRC model represents “the most obvious Ponzi that has ever existed.”
Michael Saylor seems poised to announce another Bitcoin acquisition for Strategy. This past Sunday, April 26, the company’s co-founder shared the firm’s distinctive “Orange Dots” chart via his X account — a signal 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 patterns indicate a formal 8-K regulatory filing announcing the latest purchase could emerge as early as Monday.
Just days earlier, Strategy finalized its previous acquisition — scooping up 34,164 BTC for approximately $2.5 billion. This transaction elevated the company’s aggregate Bitcoin position to 815,061 BTC, currently worth around $63.6 billion based on prevailing market rates.
For context, the second-largest publicly listed Bitcoin treasury holder is Twenty One Capital, possessing merely 43,514 BTC.
Strategy’s mean acquisition price stands at roughly $75,528 per Bitcoin. With Bitcoin currently exchanging hands near $78,000, the company’s holdings have returned to profitability following a $14.5 billion unrealized deficit reported in Q1 2026 — triggered by Bitcoin’s descent from peaks exceeding $126,000 in October 2025 down to approximately $60,000 by February.
Bitcoin proponent Adam Livingston forecasts the enterprise could accumulate 1.2 million BTC before 2026 concludes, with price projections contingent upon sustained STRC capital formation.
STRC Hovers Below Par Value Amid Demand Uncertainty
The financing mechanism powering these acquisitions — STRC, Strategy’s Variable Rate Series A Perpetual Preferred Stock — has attracted mounting scrutiny. This instrument provides an 11.5% annualized yield distributed monthly and serves as a primary capital acquisition channel.
However, STRC has persistently traded marginally beneath its $100 par value benchmark, a metric investors monitor closely. Saturn, a yield-focused platform supported by STRC, recently augmented its position by $18 million, elevating its cumulative investment to $33 million. Even so, the trading price remains stubbornly below the $100 mark.
Certain market observers interpret this as evidence of softer-than-anticipated investor appetite. Members of the STRC investment community acknowledged the security was “still recovering at $99.64” entering the weekend.
Strategy’s Bitcoin accumulation velocity has also garnered notice for additional reasons. Per Bitcoin supporter Samson Mow, Strategy currently acquires Bitcoin at triple the network’s mining production rate — a tempo potentially capable of straining available exchange inventory.
Peter Schiff Amplifies ‘Death Spiral’ Concerns
Peter Schiff, a persistent cryptocurrency skeptic, has intensified his criticism of STRC lately. He contends the framework contains fundamental vulnerabilities.
“The assertion that Bitcoin needs only 2% annual appreciation to sustain STRC’s 11.5% yield indefinitely presumes MSTR ceases STRC issuance,” Schiff stated on X. He cautioned that escalating issuance volumes would necessitate accelerated Bitcoin price growth to maintain dividend payments.
Schiff proceeded to characterize STRC as “the most obvious Ponzi that has ever existed” and predicted the sole escape from a prospective death spiral would involve dividend suspension — an outcome he believes would trigger substantial losses across STRC, Strategy equity, and Bitcoin valuations.
He has additionally highlighted possible legal vulnerabilities for Saylor regarding the arrangement’s architecture.
Seeking Alpha analyst Rida Morwa voiced similar reservations, observing Strategy is “issuing preferred equity like it is going out of style” and noting the strategy requires either continuous equity issuance or asset liquidation to satisfy dividend obligations.
Strategy has not issued public statements addressing either criticism. The anticipated Monday 8-K filing should clarify whether another BTC acquisition has materialized.
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