Strategy, the bitcoin treasury company led by executive chairman Michael Saylor, has once again increased its exposure to Bitcoin. Last week, the firm bought 17,994 BTC for approximately $1.28 billion, extending what remains one of the most aggressive corporate accumulation programs in the digital asset market. The company has spent years turning its balance sheet into a vehicle for long-term bitcoin ownership, and this latest transaction shows that approach is still fully in place.
According to a filing submitted to the U.S. Securities and Exchange Commission, the purchases were made between March 2 and March 8 at an average price of $70,946 per coin. After completing the acquisition, Strategy’s total bitcoin holdings rose to 738,731 BTC. That figure further strengthens its position as the largest corporate holder of bitcoin in the market today.
Strategy has now spent around $56.04 billion in total to build its bitcoin treasury. Across all purchases, the company’s average acquisition price stands at $75,862 per BTC. With bitcoin currently trading near $68,000, the firm’s holdings carry a market value close to $50 billion. While the spot price sits below Strategy’s average cost basis, the size of the position still makes it one of the most closely watched institutional bitcoin bets in the world.
The scale of the stash is especially notable when measured against Bitcoin’s hard cap. Strategy’s 738,731 BTC represents more than 3.4% of the fixed 21 million supply. In a scarce-asset system where no additional coins can be issued beyond the protocol limit, that percentage underscores how concentrated corporate ownership can become and why MSTR is often treated by investors as a proxy for bitcoin exposure in public markets.
The latest buy came shortly after another sizable purchase. In the previous week, Strategy acquired 3,015 bitcoin for about $204.1 million at an average price of $67,700 per coin, bringing its holdings at that time to 720,737 BTC. Taken together, these back-to-back buys show that the company has maintained an active accumulation pace rather than shifting into a passive holding mode.
How Strategy financed the latest bitcoin purchase
The newest round of bitcoin buying was funded through a combination of equity sales and preferred stock issuance. Strategy said it sold 6,327,541 shares of its Class A common stock for about $899.5 million through an at-the-market program. This mechanism allows the company to gradually sell shares into the public market and raise capital without relying on a single large offering event.
In addition to the common stock sale, the company raised roughly $377.1 million by selling 3,776,205 shares of its STRC perpetual preferred stock. Together, these two financing sources broadly match the amount deployed into the latest bitcoin acquisition. That structure highlights a defining feature of Strategy’s model: bitcoin purchases are not isolated treasury decisions, but part of a recurring capital markets strategy.
Strategy also disclosed that it still has substantial unused issuance capacity. About $6.71 billion in common stock remains available under its existing program, while another $3.16 billion in STRC preferred stock capacity can still be sold. In practical terms, that means the company retains significant flexibility to continue raising capital for future BTC purchases if market conditions and internal strategy support it.
The firm’s financing architecture goes beyond a single preferred share program. Strategy said it operates several perpetual preferred stock programs, including STRK, STRC, STRF and STRD. These instruments collectively give the company access to billions of dollars in potential funding. Rather than treating bitcoin accumulation as opportunistic, Strategy has effectively built a repeatable financial framework around it.
The “42/42” plan and Strategy’s long-term bitcoin playbook
The company’s broader objective is captured in its long-term “42/42” capital plan. Under that plan, Strategy aims to raise $84 billion by 2027 through a combination of equity offerings and convertible notes. The stated purpose of those proceeds is clear: continue buying bitcoin. This makes the company’s treasury strategy unusual even among crypto-aligned corporations, because it explicitly links future financing activity to continued BTC accumulation.
That approach suggests Strategy does not view bitcoin as a side allocation or a tactical hedge. Instead, it treats BTC as a central reserve asset around which corporate finance decisions are organized. For investors, this creates a distinct dynamic. Owning MSTR or participating in related securities can amount to taking on indirect bitcoin exposure, layered with the risks and mechanics of equity issuance, preferred stock structures and corporate leverage.
Saylor hinted at the latest acquisition before the formal disclosure. In a social media post referencing Strategy’s bitcoin tracker, he wrote that “the second century begins”. The phrase referred to the company surpassing 100 separate bitcoin purchases since launching its accumulation strategy in 2020. The wording was characteristically symbolic, reinforcing Saylor’s long-running effort to frame Strategy’s bitcoin buying as a multi-year mission rather than a series of disconnected trades.
At the time the news was reported, MSTR shares were up about 0.5% in pre-market trading, while bitcoin was changing hands just under $69,000. The immediate market reaction was relatively modest, but the larger message was unmistakable. Strategy remains committed to using capital markets tools to expand its BTC reserves, and each new filing continues to strengthen its identity as a publicly traded company built around long-term bitcoin accumulation.