Michael Saylor’s Technique filed an 8-Ok with the SEC on Monday confirming it made no bitcoin purchases between March 23 and March 29 — the primary pause in weekly acquisitions in simply over a yr.
Holdings and unrealized losses
Technique nonetheless holds 762,099 BTC, acquired at a mean value of $75,694 per coin for a complete price of round $57.7 billion together with charges.
These holdings symbolize greater than 3.6% of bitcoin’s 21 million whole provide, and at present costs indicate roughly $6.1 billion in unrealized losses.
The agency acknowledged within the submitting that it “didn’t promote any shares beneath its at-the-market providing program and didn’t buy any bitcoin” through the week, with acquisitions sometimes funded by means of ATM gross sales of its Class A typical inventory and perpetual most well-liked shares.
Capital packages and dividend strain
Final week, Technique prolonged its ATM packages to incorporate as much as an extra $21 billion of MSTR inventory, alongside an additional $21 billion of STRC most well-liked inventory and $2.1 billion of STRK most well-liked inventory.
The Block analysis analyst Ivan Wu famous on the time:
“If totally utilized, the $21 billion STRC program would add roughly $2.4 billion in annual dividend obligations. Mixed with about $1 billion in present payouts, Technique’s present money reserves would cowl solely round eight months of dividends.”
These packages sit on high of the agency’s broader “42/42” plan concentrating on $84 billion in whole capital raises by means of 2027.
Inventory efficiency and broader treasury panorama
Technique’s MSTR inventory fell 9.6% final week, closing at $126.03 on Friday, whereas bitcoin declined round 2.9% over the identical interval.
The inventory is down roughly 72% from its summer time 2025 peak, with Technique’s market cap-to-net asset worth ratio at the moment sitting at roughly 0.91.
Analysts at Bernstein maintained an outperform ranking on MSTR with a $450 value goal, citing the corporate’s resilience by means of bitcoin’s roughly 50% drawdown from its all-time excessive.
Throughout the broader bitcoin treasury panorama, 195 public firms have now adopted some type of bitcoin acquisition mannequin, with Twenty One Capital, MARA, and Metaplanet among the many high holders behind Technique.