Strategy Pauses Bitcoin Buying Streak After Months of Accumulation

• Strategy appears to have made no Bitcoin purchases in the week ending March 28, 2026, breaking 13 consecutive weeks of accumulation totaling roughly 90,831 BTC.
• Executive Chairman Michael Saylor skipped his weekly “Orange Dot” Bitcoin post, instead promoting STRC perpetual preferred stock — the signal markets read as a pause.
• CEO Phong Le confirmed Strategy is shifting its primary funding model to preferred shares, backed by a new US$42 billion (AU$67 billion) at-the-market program carrying an 11.5% annual dividend obligation.

Strategy (formerly MicroStrategy) may have broken its weekly Bitcoin (BTC) buying pattern for the first time in months, with no clear sign of a new purchase heading into the final days of March.

The company’s buying routine had become highly predictable. Michael Saylor usually posts his Bitcoin tracker on X each Sunday, then Strategy follows with a Monday morning SEC filing showing the latest purchase. That sequence did not happen over the March 28 weekend. 

Rather than share the familiar chart, Saylor used the post to highlight STRC, the company’s perpetual preferred stock. Strategy has not formally said it stopped buying, and no SEC filing has confirmed a pause, but the missing signal suggests the streak may have ended after 13 straight weeks.

Read more: Analyst Says Bitcoin Eyes $80K as Key Level Faces Breakout Pressure

A New Funding Structure

The timing matters because Strategy is also changing how it raises money for future Bitcoin acquisitions. 

Chief executive Phong Le said the company is shifting away from relying mainly on common stock and plans to lean more heavily on preferred shares instead. 

On March 23, it filed a US$42 billion (AU$61 billion) at-the-market program split equally between MSTR common shares and STRC perpetual preferred shares, with US$21 billion (AU$30 billion) allocated to each. Another US$2.1 billion (AU$3 billion) facility was set up for the STRK preferred series.

That change reduces dependence on common equity dilution, but it brings a new fixed cost. STRC carries an annual dividend of 11.5%, and that rate has increased for seven consecutive months since the product launched in July 2025. The goal is to keep STRC trading close to its US$100 (AU$145) par value and make funding more predictable. 

The trade-off is that a larger preferred share base creates recurring cash obligations regardless of where Bitcoin trades.

Strategy’s balance sheet remains heavily tied to the asset’s price. The company holds over 760K BTC bought at an average cost of US$75K (AU$109K) per coin. 

With Bitcoin near US$66,389 (AU$96,264) at the time of the apparent pause, the position was worth about US$50.6 billion (AU$73 billion), below the average purchase price.

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