Saylor's 101st DCA: The $204M Dip Buy That Barely Dents His $7B Bag of Unrealized Pain

Michael Saylor's corporate DCA bot, MicroStrategy, just executed its 101st Bitcoin purchase, casually tossing another $204.1 million at the market to scoop up 3,015 BTC at an average of $67,700 per shiny sats. This brings the company's legendary cold wallet stash to a staggering 720,737 BTC, acquired for a total "cost basis" of about $54.8 billion—or as the rest of us call it, "a number that induces vertigo."

This latest buy marks another rare instance of Saylor shopping in the discount aisle, coming in below the company's average buy-in price of $75,985. According to the sacred scrolls of SaylorTracker, this is one of only a few times the firm has managed to buy below its own cost basis. The first such "sale" happened back on February 9, when BTC briefly forgot it was supposed to only go up and dipped below $76,051.

This isn't MicroStrategy's first rodeo buying while underwater; the company previously navigated the salty depths of the 2022-2023 bear market when BTC traded below its $30,600 cost basis. That period of maximum pain saw the firm complete seven purchases for a total of 28,560 BTC, proving that diamond hands are just corporate policy over there.

While MSTR shares saw some modest gains last week—bouncing from around $125 to nearly $130—Bitcoin itself decided to take a nap, trading sideways with the enthusiasm of a sedated sloth. The asset started the week near $65k, briefly got a caffeine hit above $69k on Wednesday, face-planted below $64k, and then stabilized around $65,834, because why have a clear direction?

The purchase was funded through the classic corporate maneuver of selling more common stock, which raised roughly $229.9 million, plus a cool $7.1 million in net proceeds from its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC)—a financial instrument whose name is almost as long as a Bitcoin block time.

In a move that screams "we're committed to this yield thing," MicroStrategy recently cranked the dividend on its STRC preferred stock up to 11.50% for March 2026, from a paltry 11.25%. The capital raised can be used for general corporate purposes, which, in Saylor-lingo, translates directly to "buying more of the magic internet money."

At current prices, MicroStrategy's legendary holdings imply approximately $7.3 billion in unrealized losses—a.k.a. a mountain of copium so large it has its own ecosystem. The company's 720,737 BTC hoard now represents just over 3.4% of Bitcoin's eventual 21 million supply cap, meaning Saylor owns a solid chunk of everyone's future hopium.