Michael Saylor posted his signature Bitcoin chart to X on Sunday, hinting that Strategy may have bought more bitcoin despite a weekend market drop that has pushed the company’s holdings roughly 10% into the red.
Saylor captioned the post “The Orange March Continues,” a phrase he typically uses to signal a recent or upcoming purchase.
Strategy’s mounting losses
With an average cost basis of around $75,696 per bitcoin, Strategy is currently sitting on a significant unrealized loss as bitcoin trades near $68,100.
The company has already spent roughly $2.9 billion on bitcoin this month alone, including 17,994 BTC acquired on March 9 and 22,337 BTC on March 16.
Those purchases came even as bitcoin fell 4% to $67,725 on Sunday before partially recovering.
Funding challenges emerge
Strategy had been financing much of its buying through high-yield perpetual preferred stock offerings, including its Stretch (STRC) instrument, which pays investors monthly dividends while avoiding dilution of common MSTR shares.
Last week, however, the company halted purchases through STRC after failing to raise fresh capital from the offering.
MSTR shares fell 6.6% last week to $135.66, erasing much of the double-digit gains made earlier in the month.
The stock has now fallen 68.7% from its all-time high of $434.20, after being one of the top performers in the US market from January 2023 through July 2025.
Broader pressure on crypto treasuries
The backdrop includes heightened US-Iran military tensions, which have rattled energy markets and weighed on risk assets broadly.
Other corporate bitcoin treasury stocks have been hit even harder than Strategy, raising questions about the long-term sustainability of the corporate bitcoin treasury model.
Strategy remains by far the largest corporate holder of bitcoin, with its roughly $52 billion in total purchases since August 2020 tracked closely by the Strategy bitcoin treasury data.
