Even with nearly $14.5 billion in unrealized losses, Strategy continues to accumulate Bitcoin at a pace that far exceeds new supply. With an average purchase price of $75,644 per BTC, the company is currently underwater—but that hasn’t slowed its conviction-driven strategy.

Interestingly, Strategy bought over 46,000 BTC in March alone, compared to roughly 16,200 BTC mined globally during the same period. This aggressive accumulation has sparked discussions about a potential supply squeeze, especially as other firms like MARA Holdings move in the opposite direction by selling holdings to manage debt and expand into AI and energy infrastructure.