Bitcoin : Saylor maintains his strategy despite a record loss

Michael Saylor puts pressure back on bitcoin at a time when the market doubts. His message published on March 22 revives a very simple idea: at Strategy, the decline has not broken the appetite to buy.

An unrealized loss that does not change the plan

Michael Saylor implies that a new billion could soon be injected into bitcoin, while the last officially declared position of Strategy reaches 761,068 BTC. The total cost of this reserve amounts to 57.61 billion dollars, i.e., an average purchase price of 75,696 dollars per bitcoin.

With bitcoin priced at 68,172 dollars on March 23, this stock is worth about 51.88 billion dollars. The latent unrealized loss thus emerges around 5.73 billion dollars, nearly 10% of the acquisition cost. The figure of 5 billion mentioned in market comments is therefore not exaggerated. (

That is the heart of the subject. At Strategy, the decline is not seen as a stop signal. It is treated as a continuity zone. The latent loss exists, but it does not seem to have the power to break the narrative built by Saylor around bitcoin.

The “Orange March” message is no coincidence

On March 22, Michael Saylor published his current slogan on X: “The Orange March Continues.” This is not a communication detail. Indeed, this type of message often serves as a preamble to a more formal announcement about Strategy’s purchases.

The market pays attention because the pace has intensified. We note 3,015 BTC announced on March 2, then 17,994 bitcoin on March 9, before 22,337 BTC confirmed on March 16. This last operation is well documented in an 8-K filing submitted to the SEC.

A useful nuance must therefore be maintained. The additional billion remains, at this stage, a credible anticipation and not a new regulatory confirmation in the sources cited here. But the market now knows Saylor’s rhythm, and it is precisely for this reason that the simple message is enough to restart the speculative engine.

STRC, the real fuel of the Bitcoin bet

The novelty is not only in the desire to buy. It is also in the tool that enables continuation. Between March 9 and 15, Strategy sold 11,818,467 STRC shares and 2,833,668 MSTR shares as part of its ATM programs, totaling 1.576 billion dollars. In the same document, the company specifies that the week’s bitcoin purchases were financed by these sales.

STRC deserves some attention. On its site, Strategy presents this preferred perpetual share as an instrument with a variable dividend, currently set at 11.50% annualized, paid monthly in cash and adjusted each month. In other words, it is not just another ticker. It is a central piece of the mechanism.

The scheme then becomes clear. Saylor transforms the market’s appetite for its shares into purchasing power on bitcoin. The real boldness is not only to buy in the red. It consists of having built a financial architecture capable of prolonging this bet when many would have already slowed down.