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. Related Reading: Bitcoin ETFs Gaining Ground, Could Soon 
Surpass Gold—Analyst Saylor&#8217;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 — &#8220;back to work&#8221; — 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&#8217;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&#8217;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. Related Reading: XRP Eyes $8.30 Target As Rare Chart Pattern Emerges 
From Prolonged Decline 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

Strategy Signals Fresh Bitcoin Buy As Saylor Tweets ‘Back To Work’

Bitcoin hit a session peak of $70,275, pushing its market cap back above $1.4 
trillion. The broader crypto economy climbed to $2.46 trillion. Key Takeaways: 
Bitcoin hit $70,275 on April 6, lifting market cap above $1.4T and triggering 
$325M liquidations. WTI crude swung from $112.24 to $109 before rebounding 
above $110 as Tehran rejected U.S. […]

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