The company bought nearly three times more bitcoin than miners produced in March and is signaling it isn’t done, even as its holdings remain billions underwater.

What to know:

• Michael Saylor signaled that Strategy is preparing another major bitcoin purchase, teasing it with a «think bigger» post that has preceded past acquisitions.
• Strategy now holds 766,970 bitcoin bought at an average price of $75,644, leaving it with about $14.5 billion in unrealized losses even as it continues to buy at a pace far exceeding new supply.
• The company is funding its accumulation through its STRC preferred equity product, which requires only about a 2.05 percent annual bitcoin return to cover dividends but could be vulnerable if prices stagnate or fall for an extended period.

Strategy co-founder Michael Saylor signaled an imminent bitcoin purchase on Sunday, posting «think bigger» alongside the company’s BTC acquisition tracker that has preceded every major buy since 2020.

The company has made 105 bitcoin purchases since it began accumulating in August 2020. Its most recent, on April 6, added 4,871 BTC for $329.8 million. Total holdings stand at 766,970 BTC acquired at a blended cost basis of $75,644, roughly $5,000 above the current market price and representing $14.5 billion in unrealized losses that Strategy disclosed in a first-quarter SEC filing.

MSTR is buying at a pace that dwarfs new supply. Strategy accumulated 46,233 BTC in March, while miners produced approximately 16,200 BTC, meaning a single company absorbed nearly three times the bitcoin that the entire global mining network generated in the same period.

Meanwhile, Saylor also disclosed that Strategy’s breakeven annual return rate on its STRC preferred equity product is approximately 2.05%. If bitcoin appreciates faster than that over time, the company can cover its preferred dividends indefinitely without issuing new MSTR shares.

The number quantifies both the appeal and the fragility of the funding model. A 2% hurdle is low by historical bitcoin standards, but it assumes bitcoin never goes sideways or down for an extended period while the dividends keep compounding.

STRC is the mechanism that makes the buying machine run. The preferred equity product saw hundreds of millions in new inflows around its recent ex-dividend date, providing the capital for continued accumulation. Strategy keeps buying as long as investor appetite for STRC holds.

Bitcoin traded at $71,800 on Monday, according to CoinDesk data, up 7.9% on the week and holding above $70,000 for the fourth consecutive day since the Iran ceasefire was announced.

Whether Saylor’s «think bigger» translates into a purchase large enough to move the market depends on the size. At Strategy’s recent pace of 40,000-plus BTC per month, the next filing could push total holdings past 800,000 before the end of April.