‘Stretch the orange dots’ – Saylor hints Strategy’s Bitcoin spree isn’t over

Michael Saylor never misses a chance to talk about his firm, Strategy. In his latest post on X, he once again highlighted the company’s long-term plan of continuously buying Bitcoin [BTC].

He said, 

Saylor even added a chart highlighting the company’s Bitcoin purchases over several years, hinting that the buying is far from over. For context, every orange dot in the chart represents one Bitcoin purchase made by Strategy.

Strategy’s Bitcoin buying spree

So far, there have been 102 purchase events by mid-March 2026. The orange line shows how Bitcoin’s price has moved over time, while a green dashed line shows Strategy’s average buying price, which is around $75,863.

When Saylor says “stretch the orange dots,” he means people should zoom out and look at the bigger picture instead of focusing on short-term price changes.

That said, Strategy currently holds 738,731 BTC, which is about 3.5% of Bitcoin’s total supply of 21 million coins. With Bitcoin trading near $73,000, the message suggests that Strategy may continue buying more Bitcoin and adding more “orange dots” in the future.

Analysts are divided 

Needless to say, the company’s strategy is not only based on spare cash. According to analyst Lark Davis, Strategy has created a financial loop to keep buying Bitcoin.

It raises money by selling new shares or issuing convertible debt, and then uses that money to buy more BTC. In simple terms, it turns its stock into a tool to accumulate Bitcoin.

Remarking on which, Davis added, 

Investors appear to support this strategy, as the company’s stock MSTR recently rose to about $139.67, showing confidence in its Bitcoin-focused approach.

Strategy vs other Bitcoin DATs

While Strategy remains the largest corporate holder of Bitcoin, several other companies are beginning to adopt a similar strategy.

MARA Holdings ranks second with 53,822 BTC, followed by Twenty One Capital with 43,514 BTC, and Metaplanet with 35,102 BTC. 

In fact, if Strategy continues buying Bitcoin at the same pace, analysts believe that by March 2027, it could even hold more Bitcoin than the estimated 1.1 million BTC believed to belong to Satoshi Nakamoto.

However, while some people support Strategy’s aggressive Bitcoin approach, others strongly criticize it. One of the loudest critics is Peter Schiff, who argues that the strategy is risky.

He recently noted that even after buying more Bitcoin at lower prices, the company is still about 5% down on its latest purchase.

Supporters understand Saylor’s plan

Supporters, however, say the strategy is more complex. Finance expert Rajat Soni explains that Strategy raises money by issuing financial products and then uses those funds to buy more Bitcoin.

One example is STRC (Variable Rate Perpetual Stretch Preferred Stock), which offers investors an 11.5% dividend, with the funds used to acquire additional BTC.

In simple terms, the company is using leverage, money from investors, to expand its Bitcoin holdings. STRC investors receive stable dividends and priority claims, while MSTR shareholders benefit from the potential upside of Bitcoin.

Because of this structure, critics sometimes compare the model to a risky financial scheme. However, Strategy’s goal remains the same – to keep accumulating Bitcoin. 

Ultimately, whether the strategy succeeds or fails will depend on Bitcoin’s long-term price.

Final Summary

• Saylor’s message suggests the company is focused on accumulation, not short-term market swings.
• While supporters call it visionary, critics warn that heavy leverage could create risks.