Michael Saylor’s Strategy Sits Out Bitcoin Dip, Reports $5.9B Loss

Strategy, the Bitcoin-heavy holding firm led by Michael Saylor, opted not to add to its crypto reserves last week despite a drop in BTC price below $80,000.

In a new SEC filing dated April 7, the company confirmed it made no new Bitcoin purchases between March 31 and April 6, nor did it sell any class A shares typically used to fund BTC buys.

The decision is a rare pause for the company, which aggressively accumulated 528,185 BTC at an average price of $67,458, totaling $35.6 billion. Last week’s price dip — from $87,000 to just under $79,000 — put Strategy’s holdings deep into the red, leading to a reported unrealized loss of $5.91 billion for Q1 2025. The firm expects a partial offset from a $1.69 billion income tax benefit.

Strategy’s last buy came at the end of March when it scooped up 22,000 BTC, shortly before volatility returned to the market. Bitcoin surged to $87,100 on April 2 before retreating sharply, largely in response to U.S. President Donald Trump’s sweeping tariff announcement that spooked risk markets across the board.

While Strategy held off on fresh accumulation, Saylor stayed vocal. “Bitcoin is most volatile because it is most useful,” he posted on April 3, adding that fiat capital continues to face systemic risks including taxes, regulation, and obsolescence. “Bitcoin offers resilience in a world full of hidden risks,” he wrote.

The company’s no-buy week comes amid broader questions about its long-term strategy and reliance on market timing. Despite the unrealized Q1 losses, Strategy remains the largest public corporate holder of Bitcoin — a position that continues to draw both support and skepticism from investors and analysts alike.

Michael Saylor said last month that his company is looking to raise up to $21 billion to expand its BTC holdings.

The company signed a sales agreement allowing it to issue 8% Series A perpetual strike preferred stock to fund Bitcoin acquisitions and other corporate expenses.

Under the ATM Program, Strategy plans to gradually sell shares based on market conditions, ensuring a measured approach to capital raising. The firm’s SEC filing confirms that the proceeds will go toward Bitcoin purchases and working capital.

The company has ambitious targets for 2025, aiming for a 15% BTC yield, after achieving 74% in 2024. It is also advancing its “21/21 plan”, which involves raising $21 billion in equity and $21 billion in fixed-income securities over three years to continue accumulating Bitcoin.

MicroStrategy made consistent Bitcoin acquisitions over the past three months, spending nearly $20 billion in that time. During a recent investor meeting, Michael Saylor said the company aims to offer investors returns and volatility at roughly 1.5 times that of Bitcoin itself.

Formerly known as MicroStrategy, the firm has been instrumental in driving Bitcoin adoption among traditional finance (TradFi) firms like Tesla and Japan’s Metaplanet.