Michael Saylor, the co-founder of Bitcoin (BTC) treasury company Strategy, signaled that the company is acquiring more BTC, as the price retreated from the local high of over $73,000 reached this week.“Think bigger,” Saylor said on Sunday, while sharing the chart of Strategy’s BTC purchase history that has become synonymous with imminent BTC acquisitions.

Strategy’s most recent BTC purchase was April 6, when it bought 4,871 coins for more than $329.8 million, bringing its total holdings to 766,970 BTC, valued at about $54.5 billion using market prices at the time of publication, according to the company.

The Tysons Corners, Virginia-based company continues accumulating BTC, even amid a bear market that pushed Bitcoin’s price down to two-year lows, putting Strategy’s BTC treasury underwater.

Strategy is sitting on nearly $14.5 billion in unrealized losses

Strategy’s average cost of acquisition per BTC is $75,644, nearly $5,000 less than the market price at the time of this writing.

The company reported a loss of nearly $14.5 billion on its BTC holdings for the first quarter of 2026, according to a filing with the US Securities and Exchange Commission (SEC).

Despite the unrealized losses, Strategy continues to accumulate BTC at a faster rate than miners can produce new coins, leading some analysts to forecast a potential BTC supply squeeze.

Miners produced about 16,200 BTC in March, while Strategy accumulated 46,233 BTC during that same period, nearly three times the newly mined supply.

“The global consensus is that BTC is digital capital. The four-year cycle is dead. Price is now driven by capital flows. Bank and digital credit will determine Bitcoin’s growth trajectory,” Saylor said in April.

Strategy’s 766,970 BTC reserve makes it the biggest BTC treasury company by holdings, according to BitcoinTreasuries. The next largest is held by Twenty One Capital, which holds 43,514 BTC.

Strategy has bucked the trend during the ongoing bear market by continuing accumulation as other BTC treasury companies show signs of capitulation amid a challenging business environment. MARA Holdings sold 15,133 Bitcoin in March for roughly $1.1 billion to buy back $1 billion of zero-coupon convertible notes at a discount.

Chairman and CEO Fred Thiel commented that the transaction enhanced the company’s “financial flexibility” and increased its “strategic optionality” as MARA expands “beyond pure-play Bitcoin mining into digital energy and AI/HPC infrastructure.”