Strategy (formerly MicroStrategy) founder Michael Saylor purchased 1,031 bitcoin (BTC) last week at an average price of $74,326.
Saylor’s buy was in the 80th percentile of the available range and BTC traded between $67,354 and $76,013 during that period.
It wasn’t a fluke.
Year-to-date across his 12-weekly SEC Form 8-K disclosures totaling 89,599 BTC purchases for $7.25 billion this year, Strategy has consistently bought in the top half of each week’s trading range.
This is according to our analysis of the company’s own SEC filings and corresponding BTC market data.
Strategy’s 2026 purchases of BTC landed above the midpoint of each purchase period’s trading range 80% of the time.
Saylor buys BTC near the top
The pattern holds even when weighting for size. Indeed, Strategy’s two largest purchases of the year, 22,337 BTC in the week ending March 15 and 22,305 BTC in the week ending January 19, both cleared above the midpoint of each week’s range.
The January purchase, disclosed on January 20, cost $95,284 per coin while BTC traded between $90,016 and $97,939 that week.
That placed Strategy at the 66th percentile of the range on its $2.1 billion purchase.
In early February, the firm bought 1,142 BTC at $78,815 during a week when BTC ranged from $59,930 to $79,301. Embarrassingly, that’s the 97th percentile or nearly the worst prices Strategy could have paid.
BTC spent most of that week at much lower prices, but Saylor paid near the ceiling.
Only three of the 12 weekly purchases landed below the midpoint of the range. Worse, those three combined for just 16,705 BTC, or 18.6% of total volume purchased year to date.
‘I’m going to be buying the top forever’
Saylor has acknowledged his approach openly. “I’m going to be buying the top forever,” he posted on X.
Of course, that statement is supposed to reference the slow and long-term price appreciation of BTC, not the literal reality that Saylor is buying near the top of BTC trading ranges.
The numbers confirm it. Strategy’s volume-weighted average purchase price for 2026 is $80,929. BTC currently trades near $70,000, leaving the company’s entire 2026 buying program roughly $1 billion underwater.
The company now holds 762,099 BTC acquired for a blended average of $75,694. At today’s prices, that treasury has an unrealized loss of over $4 billion.
The company’s MSTR common stock, which opened 2026 at $154.59, opened for trading this morning at $138.92, a 10% year-to-date decline.
Each Monday, Saylor discloses the prior week’s purchases via an 8-K filing. The day prior, on Sundays, he usually hints at the purchase by posting some sort of vague yet eminently obvious reference to “orange dots” on his SaylorTracker.
Protos previously noted a similar pattern in April 2025 when Strategy paid well into the top third of the weekly range while BTC spent most of the week near its lows.
Read more: We calculated the present value of STRC — it’s bad for MSTR
To be fair, buying above the midpoint doesn’t automatically mean poor execution. No one knows the best price in advance.
Over the counter desks also handle large blocks at negotiated prices, and Strategy’s large size limits its ability to cherry-pick intraday lows. Strategy also seems to often buy early in the week, and for whatever reason, BTC has traded higher during early weekdays in 2026 than later weekdays.
Still, the consistency of the pattern across 12 consecutive weeks and nearly 90,000 BTC is difficult to dismiss.
Strategy spent $5.8 billion, or 80% of its 2026 outlay, at prices in the upper half of each week’s range.
Saylor, for his part, keeps posting orange dots on Sundays and expensive, top-of-range BTC buys on Monday.
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Source: https://protos.com/buying-the-dip-strategy-prefers-the-top-of-the-range/
