Strategy (NASDAQ:MSTR) added 4,871 Bitcoin for $329.9 million last week at $67,718 per coin, bringing total holdings to 766,970 Bitcoin (CRYPTO: BTC) with an average cost basis of $75,644.
The Accumulation Machine
Last week’s purchases were mostly funded through $227.3 million in sales of the company’s STRC preferred stock. The remainder came from $72 million in common stock sales.
A CryptoQuant report flagged Strategy’s 30-day accumulation at roughly 44,000 BTC through late March, making it one of only two institutional channels absorbing supply at scale alongside spot ETFs, which purchased approximately 50,000 BTC over the same period.
At 766,970 BTC, Strategy holds roughly 3.8% of Bitcoin’s total circulating supply of 20.01 million coins and remains by far the largest corporate holder of the asset.
The $5 Billion Underwater Position
Strategy has spent roughly $58.02 billion on bitcoin at an all-in average cost basis of $75,644 per coin.
At Bitcoin’s current price near $69,120, the entire position is underwater by roughly 8%, translating to about $5 billion in unrealized losses on paper.
The company continues buying despite the unrealized losses, signaling confidence in long-term Bitcoin appreciation even as short-term price action remains weak.
The Technical Squeeze
From October 2025 highs near $340, MSTR has lost roughly 65% of its value—a brutal markdown that mirrors Bitcoin’s weakness but amplified.
The Bollinger Bands tell the story clearly. After months of price riding the lower band all the way down, the bands are now extremely tight around $119-$135—the narrowest they’ve been in this entire decline.
A volatility squeeze of this magnitude almost always resolves in a sharp move.
The Parabolic SAR at $140.60 sits well above price, keeping the daily bias firmly bearish.
The descending trendline from the highs continues capping every recovery attempt without exception.
Key Levels for MSTR
The $118-$120 zone is now critical—the last meaningful support before the February panic lows near $107 come into view.
Key support sits at $118.99 (lower Bollinger Band) with $107 below that. Resistance clusters at $135 (BB midline), then $140.60 (SAR), then $151 (upper BB).
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