Michael Saylor的策略暂停了每周的比特币购买，但总持仓量仍保持在762,099枚比特币

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Bitcoin treasury company Strategy paused its regular weekly bitcoin acquisitions between March 23 and March 29, according to an 8-K filing with the Securities and Exchange Commission on Monday.

It is the first time that Strategy has paused it's weekly acquisitions in just over a year, according to the firm's purchases page.

Strategy still holds a total of 762,099 BTC — worth around $51.6 billion — bought at an average price of $75,694 per bitcoin for a total cost of around $57.7 billion, including fees and expenses, according to the filing. Those holdings represent more than 3.6% of bitcoin’s 21 million total supply, which implies roughly $6.1 billion in unrealized losses tied to the position.

The firm's acquisitions are usually made using proceeds from at-the-market sales of its Class A common stock, MSTR, and perpetual preferred stocks. However, "Strategy did not sell any shares under its at-the-market offering program and did not purchase any bitcoin" last week, it said in the filing.

Strategy's STRK, STRC, STRF, and STRD perpetual preferred stock's respective $21 billion, $4.2 billion, $2.1 billion, and $4.2 billion ATM programs are in addition to the firm's "42/42" plan, which targets a total capital raise of $84 billion in equity offerings and convertible notes for bitcoin acquisitions through 2027.

Last week, Strategy extended those ATM programs to include up to an additional $21 billion of MSTR, alongside a further $21 billion of its STRC preferred stock and $2.1 billion of STRK preferred stock.

"If fully utilized, the $21 billion STRC program would add roughly $2.4 billion in annual dividend obligations," The Block research analyst Ivan Wu wrote at the time. "Combined with about $1 billion in existing payouts, Strategy's current cash reserves would cover only around eight months of dividends."

On Tuesday, analysts at research and brokerage firm Bernstein said Strategy's MSTR common stock could see 226% upside, maintaining an outperform rating and $450 price target, citing the company's resilience through bitcoin's roughly 50% drawdown from its October 2025 peak.

DAT struggles

According to Bitcoin Treasuries data, 195 public companies have adopted some form of bitcoin acquisition model. Tether-backed Twenty One, MARA, Metaplanet, Adam Back, and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company, Bullish, Riot Platforms, Coinbase, Hut 8, and Strive make up the remainder of the top 10, with 43,514 BTC, 38,689 BTC, 35,102 BTC, 30,021 BTC, 24,300 BTC, 18,005 BTC, 15,389 BTC, 13,696 BTC, and 13,628 BTC, respectively.

However, the value of many of the cohort's shares is down significantly from their summer 2025 peaks as their market cap-to-net asset value ratios sharply contracted, with Strategy itself down around 72%, for example. Strategy's mNAV currently sits at approximately 0.91, per Bitcoin Treasuries.

Strategy's stock fell 9.6% overall last week, dropping 5.2% on Friday to close at $126.03, according to The Block's MSTR price page. Bitcoin declined around 2.9% over the same period.

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source: https://www.tradingview.com/news/newsbtc:f15f30ffb094b:0-bitcoin-confirms-bearish-structure-after-98-000-rejection-here-s-the-next-potential-target/