Michael Saylor Shifts Bitcoin Funding: Less Equity, More STRC
Michael Saylor’s Strategy is increasingly relying on funding from its STRC (Stretch) program to finance Bitcoin acquisitions, a shift away from the previous model of primarily funding purchases through the issuance of MicroStrategy (MSTR) shares, according to data published March 19 on X by CryptoQuant.
The data reveals a significant surge in Bitcoin buying during the weeks of March 8 and March 15, with approximately 18,000 BTC purchased in the first week and over 22,000 BTC in the second – the largest weekly accumulation since November 2024. However, the composition of funding for these purchases has changed markedly.
During the week of March 8, roughly $900 million of the funding came from MSTR share sales, while $377 million was attributed to STRC-related funding. The following week saw a dramatic decrease in equity contributions, falling to around $396 million, while STRC funding jumped to approximately $1.18 billion. This indicates a growing prominence of the STRC program as a funding source.
While share issuance still accounts for approximately 64% of the funding, its dominance is waning as STRC’s contribution rises from zero a year ago to roughly 8% of the total funding mix. This change in strategy suggests Strategy is seeking to reduce the dilution of existing shareholders associated with continuous MSTR share offerings.
The shift in funding sources coincides with a period of renewed institutional interest in Bitcoin, as evidenced by rebounding ETF inflows and positive spot cumulative volume delta across major exchanges, according to on-chain data from Glassnode. Selling pressure on Binance has eased, and activity on Coinbase has stabilized, signaling potential re-engagement from institutional investors.
CryptoQuant CEO Ki Young Ju recently stated that Bitcoin appears protected from the severe 70% crashes seen in previous bear markets unless MicroStrategy significantly liquidates its holdings. As of November 2025, Strategy held 649,870 BTC, representing 3.2% of the circulating supply, acquired for approximately $48.37 billion, or roughly $74,433 per Bitcoin. Despite a recent downturn that saw Bitcoin fall to $91,367, Strategy’s holdings were valued at $59.38 billion at that time, representing an overall profit of 22.7%.
However, a CryptoQuant analysis from November 2025 indicated that 40% of Strategy’s Bitcoin portfolio was experiencing losses at that time. Strategy announced a $1.4 billion reserve fund in December 2025 to cover debt obligations over the next two years, a move interpreted by some analysts as bracing for a potential bear market. The company’s monthly BTC purchases fell from 134,000 at the 2024 peak to 9,100 in November 2025.
Despite these market fluctuations, Michael Saylor has remained steadfast in his commitment to Bitcoin, viewing dips as opportunities to increase the company’s holdings. In November 2025, Strategy purchased an additional 8,178 BTC for $835.6 million at a price of $102,171 per BTC, achieving a Bitcoin yield of 27.8% year-to-date.