Michael Saylor never misses an opportunity to talk about his company Strategy. In his last post on [BTC].
He said,
Stretch the orange dots.
Saylor even included a chart highlighting the company’s Bitcoin purchases over several years, indicating that the buying is far from over. For context, each orange dot in the graph represents one Bitcoin purchase made by Strategy.
Strategy’s Bitcoin buying spree
So far, 102 purchase events have occurred as of mid-March 2026. The orange line shows how Bitcoin’s price has evolved over time, while a green dotted line shows Strategy’s average purchase price, which is around $75,863.
When Saylor say “Stretch the orange dots,” he means for people to zoom out and look at the bigger picture instead of focusing on short-term price changes.
That said, Strategy currently owns 738,731 BTC, which is approximately 3.5% of Bitcoin’s total supply of 21 million coins. With Bitcoin trade Near $73,000, the post suggests that Strategy may continue to buy more Bitcoin and add more “orange dots” in the future.
Analysts are divided
It goes without saying that the company’s strategy is not only based on extra money. According to analyst Lark Davis, Strategy has created a financial loop to keep buying Bitcoin.
It raises money by selling new shares or issuing convertible debt, and then uses that money to buy more BTC. In simple terms, it turns its shares into a tool to accumulate Bitcoin.
A comment on that, Davis added,
It only works if Bitcoin continues to rise. That means it’s either the biggest trade in history… or the most transparent gamble ever.
Investors appear to be backing this strategy, as the company’s MSTR stock recently did rose to around $139.67, showing confidence in the Bitcoin-focused approach.
Strategy vs. Other Bitcoin DATs
While Strategy remains the largest corporate holder of Bitcoin, several other companies are start to follow a similar strategy.
MARA Holdings is in second place with 53,822 BTC, followed by Twenty One Capital with 43,514 BTC and Metaplanet with 35,102 BTC.
If Strategy continues to buy Bitcoin at the same pace, analysts believe that by March 2027 there could be even more Bitcoin in supply than the estimated 1.1 million BTC believed to belong to Satoshi Nakamoto.
While some people support Strategy’s aggressive Bitcoin approach, others strongly criticize it. One of the loudest critics is Peter Schiff, who says the strategy is risky.
He recently noted that even after buying more Bitcoin at lower prices, the company is still down about 5% from its last purchase.
Supporters understand Saylor’s plan
However, proponents say the strategy is more complex. Financial expert Rajat Soni explains that strategy raises money by issuing financial products and then uses that money to buy more Bitcoin.
An example is STRC (Variable Rate Perpetual Stretch Preferred Stock), which offers investors an 11.5% dividend, with the money used to acquire additional BTC.
Simply put, the company uses leverage, money from investors, to expand its Bitcoin holdings. STRC investors receive stable dividends and priority claims, while MSTR shareholders benefit from the potential upside of Bitcoin.
Because of this structure, critics sometimes compare the model to a risky financial plan. However, Strategy’s goal remains the same: to continue collecting Bitcoin.
Whether the strategy succeeds or fails will ultimately depend on Bitcoin’s long-term price.
Final summary
- Saylor’s message suggests the company is focused on accumulation, not short-term market fluctuations.
- While supporters call it visionary, critics warn that heavy leverage could come with risks.