On Sunday, Michael Saylor, co-founder of Strategy, hinted at another impending Bitcoin purchase, accompanying his tweet with a ‘think bigger’ message and the firm’s BTC acquisition tracker, which has consistently signaled major buys since 2020.
Saylor tweeted: “Think ₿igger.pic.twitter.com/L1yH3n0k7t”
Since initiating its Bitcoin accumulation in August 2020, the company has executed 105 purchases. Its latest transaction on April 6 involved acquiring 4,871 BTC for $329.8 million. The firm’s current holdings total 766,970 BTC, with an average cost basis of $75,644—approximately $5,000 above today’s market value—equating to $14.5 billion in unrealized losses as reported in a first-quarter SEC filing.
In March alone, Strategy purchased 46,233 BTC, significantly outpacing the new supply generated by miners, which was about 16,200 BTC. This means that one company absorbed nearly three times the Bitcoin produced globally during that period.
Saylor revealed that Strategy’s STRC preferred equity product requires an annual return rate of roughly 2.05% to break even on dividends. If Bitcoin’s appreciation exceeds this threshold over time, Strategy could indefinitely cover its preferred dividends without issuing new shares of MSTR.
This breakeven point highlights the dual nature of the funding model: while a 2% hurdle is relatively low by historical Bitcoin standards, it presupposes continuous upward movement in Bitcoin prices and compounding dividends without significant downturns.
The STRC equity product has attracted substantial new investments around recent ex-dividend dates, enabling continued accumulation. Strategy’s purchasing strategy depends on sustained investor interest in STRC.
As of Monday, Bitcoin was trading at $71,800 according to CoinDesk data, marking a 7.9% increase over the week and maintaining levels above $70,000 for four consecutive days following an announcement of an Iran ceasefire.
The impact of Saylor’s ‘think bigger’ statement on market movement hinges on purchase size. At Strategy’s current acquisition pace of over 40,000 BTC per month, future filings might see total holdings exceed 800,000 before April concludes.