With Bitcoin worth nearly $69,000, Strategy is facing an unrealized loss on its large cryptocurrency holdings, but the company’s founder shows no signs of backing down.
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Saylor’s Orange Dot returns
Michael Saylor posted what followers immediately recognized: the orange dot chart his company uses to indicate a new round of Bitcoin purchases.
The post, shared on X this weekend, included a simple caption: “back to work” – after Strategy sat idle the week before without making a single purchase.
The company is expected to confirm the exact amount acquired when it publishes its weekly announcement on Monday.
Strategy, a new name from MicroStrategy, now has 762,099 shares Bitcoin. At today’s prices, these coins are only worth almost $51 billion. The company paid an average of $75,699 per coin, meaning the current market price leaves it underwater by about 11%.
Get to work. pic.twitter.com/mbZTWiNUct
— Michael Saylor (@saylor) April 5, 2026
Dilution Risk Overshadows the Bitcoin Bet
To keep buying, Strategy relies on selling shares – both common stock and preferred stock – to raise cash. Reports indicate the company still has billions of dollars in at-the-money stock offerings available.
One preferred stock program, known as STRC, recently raised enough money to purchase more than 1,800 Bitcoin on its own.
But the math is becoming harder to ignore. Strategy’s intrinsic value premium has fallen below 1, meaning the market no longer values the shares above the value of the Bitcoin they actually hold.
When that premium disappears, it becomes more difficult to directly buy shares instead of Bitcoin. Continued share sales are a drain on existing shareholders by increasing the total number of shares in circulation.
If Bitcoin were to climb back to its all-time high of $126,300, the company’s current stock would be worth more than $96 billion — a number that makes the dilution argument easier to stomach for trading believers.
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Stock chart flashing warning signs
The technical picture for MSTR is grim by most standard standards. The stock traded at $120 late last week, down from an all-time high of $542. It has fallen below a key support level at $2320 – a low it reached in March last year.
A death cross has formed on the chart, with the 50-day moving average below the 200-day moving average. The stock has also remained below its Supertrend indicator since August, a pattern that conventional technical analysis says indicates a continued downtrend.
Featured image from Pexels, chart from TradingView