Strategy could buy Bitcoin again

Is the bear market scary for Michael Saylor? The question seems almost ridiculous since the man appears insensitive to the market’s fluctuations. While investors flee risky assets, he continues to display a disconcerting serenity on social networks. His latest message, “The Second Century Begins,” immediately sparked reactions from the crypto community. A new bitcoin purchase is underway at Strategy. Nothing seems able to stop this well-oiled machine.

The Saylor ritual: buy BTC at all costs, crypto better behave

First, let’s observe the signal that deceives no one in the industry. Michael Saylor posted on X his famous ” The Second Century Begins “, accompanied by Strategy’s accumulation chart. For insiders, this means an imminent bitcoin purchase. The hundred and first, very exactly, since the first purchase in August 2020.

Next, let’s look at the figures of the latest known purchase, made between February 23 and March 1. Strategy acquired 3,015 BTC for over $204 million. The average price paid was $67,700 per bitcoin. The company’s treasury now reaches 720,737 BTC, approximately $48.7 billion at the current price.

However, Strategy’s overall average purchase price is $75,985. Concretely, the company is currently in unrealized loss on all its holdings. But Saylor continues undeterred, never looking back. He draws on debt and the preferred STRC shares, with volumes rising to $260 million on March 6. The machine never stops, whatever the market conditions.

When asked about mergers and acquisitions, he recently said: 

These things tend to stretch over six to nine months or a year. An idea that seems good at first might no longer be so six months later. 

Bitcoin under geopolitical tension: why Saylor ignores the bear market superbly

While Strategy is buying, the economic environment around it is seriously deteriorating. Tensions between the United States and Iran have intensified in recent days, raising fears of an open conflict in the Middle East. Such events traditionally weigh on risky assets, and bitcoin has been no exception to this rule.

The queen crypto slipped below $70,000, struggling to maintain this important psychological threshold for investors. It remains far from its October 2025 peak, which reached $126,000. 

At the same time, bitcoin spot ETFs have suffered massive outflows for several months. The numbers speak for themselves: $7 billion in November, $2 billion in December, $3 billion in January. Institutional investors are pulling their money without apparent qualms.

On the macroeconomic side, inflation remains sticky while unemployment rises dangerously. Liquidity tightens across financial markets. Even BlackRock, the world’s largest asset manager, recently restricted withdrawals from certain funds.

In this context of widespread distrust towards crypto, Saylor’s purchases appear as an act of faith disconnected from immediate realities. 

Saylor strategy in key figures

• 720,737 bitcoins: quantity held by Strategy, valued at $48.7 billion;
• $75,985: company’s overall average purchase price across all acquisitions;
• $67,551: current bitcoin price, well below Strategy’s cost price;
• $260 million: volume of STRC preferred shares traded on March 6;
• 3,015 bitcoins: size of the last confirmed purchase, made during the last week of February.

Crises are tough, but not everyone reads them the same way in the industry. Willy Woo, a respected analyst, sees the current rebounds as mere temporary illusions before a new drop. Meanwhile, Saylor continues stacking bitcoins as if tomorrow doesn’t exist. Who will be right in this war of visions?