Change of course at Saylor. On Sunday, he did not publish his famous orange circle — the signal that traders have been waiting for weekly since the end of December. Instead, all focus was on privileged STRC shares. This could mean that 13 weeks of continuous Bitcoin purchases have finally ended.

During this period, MicroStrategy accumulated about 90,831 BTC. Currently, the portfolio holds 762,099 bitcoins, purchased at an average of $75,694. But in recent weeks, the pace has sharply declined. From March 16-22, only 1,031 BTC were bought for $76.6 million — a drop compared to the previous two weeks, when volumes reached 22,337 BTC.

Interestingly, Saylor suddenly actively promotes STRC. He wrote about the volatility of these securities — lower than all components of the S&P 500, with an annual dividend yield of 11.5%. It sounds like promotion, but it’s actually a strategic shift. On March 23, the company announced a new ATM program for $42 billion — $21 billion for common MSTR shares, and another $21 billion for STRC.

STRC are perpetual preferred shares issued in July 2025. Nominal value of $100, with monthly dividends. The current yield is 11.5% — already the seventh month of growth. Previously, CFO Fong Le reported that the company is shifting from dependence on common shares to preferred shares as the main instrument for financing Bitcoin purchases. Interestingly, about 80% of STRC holders are crypto retail investors.

Against this backdrop, Bitcoin is under pressure. The price dropped to $78K, which is 38% below the all-time high of $126K in October 2025. MSTR shares fell 76-77% from their November 2024 peak. With a position of 762,099 bitcoins at an average price of $75,694, the total value is about $57.69 billion, but at the current price, it’s only $50.5 billion — an unrealized loss of over $7 billion.

This shows how heavily risk is concentrated in one company. Over the last 30 days, MicroStrategy bought about 45,000 BTC, while all other corporate treasuries combined bought only 1,000. Strategy now controls 76% of all corporate Bitcoin holdings.

The Monday 8-K filing will reveal whether purchases have truly ceased. There have been mixed signals before; the company could have been quietly buying. But if it is officially confirmed that there are no new positions, this will be the first break since December. It would mean a shift from aggressive accumulation at any cost to stabilizing STRC as the main source of funding.