Key Takeaways
- Michael Saylor shared his signature “Orange Dots” chart on social media, a pattern historically signaling upcoming Bitcoin acquisitions.
- The company’s Bitcoin treasury has reached 815,061 BTC following a recent $2.54 billion purchase.
- The firm’s preferred equity offering, STRC, continues hovering just under its $100 par threshold.
- Yield platform Saturn has expanded its STRC position to $33 million total investment.
- Gold advocate Peter Schiff has labeled STRC “the most obvious Ponzi” and predicts potential collapse scenarios.
Michael Saylor seems poised to execute another major Bitcoin acquisition. This past Sunday, April 26, the co-founder of Strategy shared the company’s distinctive “Orange Dots” visualization on X — a historical indicator that typically precedes official BTC purchase disclosures.
The message, labeled “The ₿eat Goes On,” displayed 107 separate Bitcoin transactions dating back to 2020. Historical trends indicate a regulatory 8-K disclosure announcing the latest 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 cumulative position to 815,061 BTC, currently valued at approximately $63.6 billion based on prevailing market rates.
For context, the second-largest corporate Bitcoin holder is Twenty One Capital, whose treasury contains merely 43,514 BTC.
Strategy’s acquisition cost average stands at roughly $75,528 per Bitcoin. With Bitcoin currently exchanging hands near $78,000, the corporate treasury has recovered profitability following a $14.5 billion paper loss during Q1 2026 — triggered by Bitcoin’s decline from peaks above $126,000 in October 2025 down to approximately $60,000 by February.
Bitcoin proponent Adam Livingston forecasts the corporation will reach 1.2 million BTC holdings before 2026 concludes, with projected valuations linked to ongoing STRC capital formation activities.
Preferred Stock Struggles to Maintain Par Value Amid Demand Concerns
The financing mechanism powering these acquisitions — STRC, Strategy’s Variable Rate Series A Perpetual Preferred Stock — has attracted heightened scrutiny. This instrument delivers an 11.5% annualized yield distributed monthly and serves as a primary fundraising channel.
However, STRC has persistently traded marginally beneath its $100 par benchmark, a critical indicator monitored by market participants. Saturn, a yield-generating platform supported by STRC holdings, recently expanded its investment by $18 million, elevating total exposure to $33 million. Nevertheless, the price remains stuck below the $100 threshold.
Certain market observers interpret this pricing dynamic as evidence of subdued institutional appetite. The STRC investor community acknowledged the security was “still recovering at $99.64” entering the weekend period.
Strategy’s acquisition velocity has sparked additional discussion. According to Bitcoin advocate Samson Mow, Strategy now purchases Bitcoin at triple the current mining production rate — a tempo potentially capable of straining available exchange inventories.
Prominent Skeptic Warns of Structural Collapse Risk
Peter Schiff, a vocal Bitcoin skeptic, has intensified his criticism of STRC recently. He contends the business model contains fundamental vulnerabilities.
“The assertion that Bitcoin needs merely 2% annual appreciation to sustain the 11.5% STRC yield indefinitely presumes MSTR halts STRC issuance,” Schiff posted on X. He cautioned that continued issuance would necessitate accelerating Bitcoin price gains to maintain dividend payments.
Schiff escalated his rhetoric, characterizing STRC as “the most obvious Ponzi that has ever existed” and proposing the sole escape from potential systemic failure would involve dividend cancellation — an outcome he predicts would trigger substantial losses across STRC holdings, Strategy shares, and Bitcoin valuations.
He has additionally raised questions regarding potential regulatory liabilities for Saylor connected to the instrument’s design.
Seeking Alpha analyst Rida Morwa expressed similar reservations, observing Strategy is “issuing preferred equity like it is going out of style” and noting the strategy requires either persistent equity offerings or asset liquidations to finance distributions.
Strategy has not issued public statements addressing these criticisms. The anticipated Monday 8-K filing should verify whether another BTC transaction has been executed.
