Strategy (MSTR) Stock Jumps Back Into Buy Mode After Bitcoin Pause

TLDR

• Michael Saylor posted “Back to Work” on X on April 5, signaling a likely return to Bitcoin buying after a one-week pause.
• Strategy’s last BTC purchase was March 23 — roughly $77 million worth at $74,326 per coin.
• The firm holds 762,099 BTC at an average cost of $75,694, currently underwater at ~$69,100 per BTC.
• Based on funds raised through its STRC preferred stock, estimates suggest Strategy may be set to buy at least 1,821 BTC.
• Strategy’s market cap sits near $41.4 billion, with an enterprise value of approximately $57.3 billion.

Strategy (MSTR) is trading at approximately $318 at time of writing, down roughly 20% year-to-date in line with broader BTC weakness.

Strategy Inc, MSTR

Michael Saylor is back. The Strategy executive chairman posted “Back to Work” on X on April 5, alongside a chart from StrategyTracker showing the firm’s full Bitcoin reserve history. It’s a move the market has learned to read well.

Saylor’s “orange dot” posts — named for the dots marking each BTC acquisition on his chart — have historically lined up with purchase announcements. This one was no different in tone, arriving after a quiet week that had traders watching closely.

The pause itself was confirmed in a Form 8-K filed with the SEC. For the week ending March 29, Strategy reported zero Bitcoin purchases and zero share sales. The company stated plainly that it “did not sell any shares under its at-the-market offering program and did not purchase any bitcoin” during that period.

That was a rare break. Strategy had been buying BTC every week this year before March 23, when it picked up around $77 million worth at $74,326 a coin. The streak ending grabbed attention — but the “Back to Work” post suggests it’s back on.

How Strategy Funds Its Bitcoin Buys

The firm’s main tool for funding purchases is its perpetual preferred stock, STRC, which trades close to its $100 par value and pays a monthly adjusted dividend. Strategy issues new STRC, collects the proceeds, and routes that money into Bitcoin.

According to estimates from STRC.LIVE, funds raised in the week ending April 3 could support a purchase of at least 1,821 BTC. That would put the next buy somewhere in the range of $125 million at current prices.

Strategy isn’t slowing down on the capital side either. In late March, the firm announced plans to raise $44.1 billion — primarily through sales of MSTR common stock and STRC — to fund ongoing BTC accumulation.

Where the Numbers Stand

Strategy holds 762,099 BTC in total, acquired at an average cost of around $75,694 per coin. With Bitcoin trading near $69,100, the position is currently in the red.

The broader picture on Bitcoin: it’s up 1.2% over the past 30 days, but down 20.9% year-to-date, weighed down by macro pressure and geopolitical uncertainty.

Strategy’s market cap is near $41.4 billion. Its enterprise value comes in at roughly $57.3 billion. The BTC reserve itself is valued at approximately $50.9 billion based on a market price near $67,335 per coin.

Implied volatility on MSTR sits near 66%, with annualized historical volatility above 70%. The company carries notable leverage metrics tied directly to its BTC holdings and capital structure.

A new purchase announcement is expected Monday, consistent with how Strategy has typically timed its SEC disclosures.

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