Michael Saylor announced on Monday that Strategy had carried out another massive Bitcoin buy. The multi-billion-dollar Bitcoin purchase did not come as a surprise to the market, given that the company had already been raising more money to buy BTC leading up to the day. However, what is interesting is how much BTC the public company now holds and what it means in comparison to other counterparts with large holdings in the market.

Strategy’s BTC Holdings Have Now Crossed 800,000 BTC

With the most recent buy, where the company bought 34,164 BTC, it has now seen its Bitcoin holdings cross the 800,000 BTC mark for the first time. According to the announcement, this latest BTC buy had set the company back a whopping $2.54 billion with an average price of $74,395 per Bitcoin.

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This brought the company’s total holdings to 815,061 BTC, with the total purchase history coming out to $61.56 billion spent so far. This buy also brought down the company’s average buy price for its BTC holdings to $75,527, decreasing its total entry point.

With the holdings now sitting above 815,000 BTC, though, this means that Strategy has actually surpassed BlackRock when it comes to BTC holdings. Previously, BlackRock had dominated the market as Spot Bitcoin ETFs gained popularity rapidly, and BlackRock’s holdings grew very fast.

However, at the time of writing, the BlackRock IBIT total BTC holdings sit below 800,000, at 798,062, according to data from Bitbo. This is a small gap, but it shows how Strategy’s BTC buys have continued to balloon, going toe-to-toe with BlackRock, which is a company that handles over $12 trillion in assets.

Will Michael Saylor Stop Buying Bitcoin?

In the past, Michael Saylor has said that Strategy’s move to buy Bitcoin as a treasury asset was not a short-term plan, and this has been proven over the years. The company began buying Bitcoin back in 2020, and five years on, it is still buying BTC and remains the company with the largest BTC holdings in the world.

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In an interview with CNBC back in February, Saylor reiterated his stance on Bitcoin, explaining that the company does not plan to sell its Bitcoin holdings anytime soon. So far, the company has not made its exit plan, or if there is one, public yet. So for now, the focus remains on the company’s BTC buys rather than a possible sell.

Featured image from Dall.E, chart from TradingView.com

With Bitcoin trading near $69,000, Strategy is sitting on an unrealized loss on its large cryptocurrency holdings, yet the company’s founder shows no sign of pulling back.

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Saylor’s Orange Dot Returns

Michael Saylor posted what followers recognized immediately: the orange dot chart his company uses to signal a fresh round of Bitcoin buying.

The post, shared on X over the weekend, came with a simple caption — “back to work” — after Strategy sat out the previous week without making a single purchase.

The company is expected to confirm the exact amount acquired when it releases its weekly disclosure on Monday.

Strategy, which rebranded from MicroStrategy, now holds 762,099 Bitcoin. At current prices, those coins are worth just close to $51 billion. The company paid an average of $75,699 per coin, meaning the current market price leaves it underwater by about 11%.

₿ack to Work. pic.twitter.com/mbZTWiNUct

— Michael Saylor (@saylor) April 5, 2026

Dilution Risk Shadows The Bitcoin Bet

To keep buying, Strategy relies on selling shares — both common stock and preferred shares — to raise cash. Reports indicate the company still has billions of dollars in at-the-money share offerings available.

One preferred share program, known as STRC, recently pulled in enough funds to purchase more than 1,800 Bitcoin on its own.

But the math is getting harder to ignore. Strategy’s net asset value premium has slipped below 1, which means the market is no longer valuing the stock above the worth of the Bitcoin it actually holds.

When that premium disappears, the case for buying the stock instead of Bitcoin directly becomes harder to make. Continued share sales chip away at existing shareholders by increasing the total number of shares in circulation.

If Bitcoin were to climb back to its record high of $126,300, the company’s current stash would be worth more than $96 billion — a number that makes the dilution argument easier to stomach for believers in the trade.

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Stock Chart Flashes Warning Signs

The technical picture for MSTR is grim by most standard measures. The stock traded at $120 at the end of last week, down from an all-time high of $542. It has broken below a key support level at $2320 — a floor it held as recently as March of last year.

A death cross has formed on the chart, with the 50-day moving average crossing beneath the 200-day moving average. The stock has also stayed below its Supertrend indicator since August, a pattern that signals a sustained downward trend under conventional technical analysis.

Featured image from Pexels, chart from TradingView