Key Takeaways
- Michael Saylor shared his characteristic “Orange Dots” chart on social media, a signal that has traditionally indicated incoming Bitcoin acquisitions.
- The company’s Bitcoin treasury now stands at 815,061 BTC following a recent $2.54 billion investment.
- The firm’s preferred equity offering, STRC, continues hovering just under its $100 par value benchmark.
- Yield platform Saturn boosted its STRC holdings to $33 million total.
- Gold advocate Peter Schiff issued stern warnings about what he terms a looming “death spiral,” describing STRC as an unmistakable Ponzi structure.
Michael Saylor seems poised to execute another Bitcoin acquisition for Strategy. This past Sunday, April 26, the company’s co-founder shared the now-familiar “Orange Dots” visualization on X — a telltale indicator that has consistently signaled upcoming BTC transaction announcements.
The message, titled “The ₿eat Goes On,” displayed 107 separate Bitcoin transactions executed since 2020. Historical patterns indicate an official 8-K regulatory filing could materialize as soon as Monday.
Just days earlier, Strategy finalized its latest acquisition — purchasing 34,164 BTC for over $2.5 billion. This transaction elevated the company’s complete Bitcoin position to 815,061 BTC, representing approximately $63.6 billion at present market valuations.
For context, the second-largest corporate Bitcoin holder is Twenty One Capital, controlling a comparatively modest 43,514 BTC.
Strategy’s aggregate cost basis calculates to roughly $75,528 per Bitcoin. With Bitcoin currently exchanging hands near $78,000, the portfolio has recovered from the $14.5 billion unrealized deficit recorded during Q1 2026 — stemming from Bitcoin’s descent from October 2025’s $126,000 peak to approximately $60,000 by February.
Bitcoin proponent Adam Livingston forecasts the organization could amass 1.2 million BTC before 2026 concludes, contingent on sustained STRC fundraising operations.
STRC Struggles Below Par Value Amid Demand Concerns
The financing mechanism enabling these acquisitions — STRC, Strategy’s Variable Rate Series A Perpetual Preferred Stock — has attracted mounting scrutiny. This instrument delivers an 11.5% annualized return distributed monthly and serves as a primary capital generation vehicle.
However, STRC has persistently traded marginally beneath its $100 par value, a critical benchmark monitored by market participants. Saturn, a yield-focused investment platform utilizing STRC exposure, recently expanded its position by $18 million, elevating total holdings to $33 million. Nevertheless, the security remains unable to breach the $100 threshold.
Certain market observers interpret this pricing pattern as evidence of subdued demand. Members of the STRC investor community acknowledged the instrument was “still recovering at $99.64” entering the weekend.
Strategy’s Bitcoin accumulation velocity warrants attention for additional reasons. Per Bitcoin advocate Samson Mow’s analysis, Strategy currently purchases Bitcoin at triple the network’s mining production rate — a tempo that could constrain exchange inventory levels.
Peter Schiff Sounds Alarm on Structural Vulnerabilities
Gold proponent and Bitcoin skeptic Peter Schiff has intensified his criticism of STRC’s architecture recently. He contends the framework contains inherent flaws.
“The assertion that Bitcoin needs merely 2% annual appreciation to sustain the 11.5% STRC yield indefinitely presumes MSTR ceases STRC issuance,” Schiff stated on X. He cautioned that expanded issuance would demand accelerated Bitcoin price growth to maintain yield payments.
Schiff escalated his rhetoric, characterizing STRC as “the most obvious Ponzi that has ever existed” and proposing the sole escape from a potential collapse would involve dividend cancellation — an outcome he predicts would trigger substantial losses across STRC, Strategy equity, and Bitcoin valuations.
He has additionally suggested potential legal ramifications for Saylor concerning the structure’s design.
Seeking Alpha analyst Rida Morwa expressed parallel reservations, observing Strategy is “issuing preferred equity like it is going out of style” and that the strategy requires either continuous equity offerings or asset liquidation to sustain dividend obligations.
Strategy has not issued public commentary addressing these criticisms. The anticipated Monday 8-K filing should clarify whether another Bitcoin purchase has occurred.
