Strategy, the corporate bitcoin treasury company chaired by executive chairman Michael Saylor, has once again expanded one of the largest accumulation programs in the digital asset market. The company disclosed that it purchased 17,994 BTC for roughly $1.28 billion last week, reinforcing a strategy that has defined the firm since it began aggressively accumulating bitcoin in 2020.
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 bitcoin. After completing this latest acquisition, Strategy’s total holdings climbed to 738,731 BTC. Just one week earlier, the company had purchased 3,015 BTC for about $204.1 million at an average price of $67,700 per coin, bringing its holdings at that time to 720,737 BTC.
On a cumulative basis, Strategy has now spent approximately $56.04 billion to build its bitcoin position, with an average acquisition cost of $75,862 per BTC. At a current market price near $68,000, the company’s total holdings carry an estimated market value close to $50 billion. Although the market price is below the firm’s average cost basis, the sheer size of the position keeps Strategy at the center of every discussion about corporate exposure to bitcoin.
The scale is even more striking when measured against bitcoin’s fixed supply. With 738,731 BTC on its balance sheet, Strategy now controls more than 3.4% of bitcoin’s total 21 million supply. That concentration strengthens the company’s status as the largest corporate holder of the asset and shows how central bitcoin has become to its long-term capital allocation model.
Stock sales and preferred stock issuance funded the latest bitcoin purchase
The newest acquisition was financed through a combination of equity sales and preferred stock issuance rather than through ordinary operating cash flow alone. Strategy said it sold 6,327,541 shares of its Class A common stock for about $899.5 million under an at-the-market program. This mechanism allows the company to sell shares over time in the public market and continuously replenish capital for additional bitcoin purchases.
In addition to the common stock sales, Strategy raised roughly $377.1 million by selling 3,776,205 shares of its STRC perpetual preferred stock. Together, these financing channels supplied the funding used for the latest $1.28 billion bitcoin buy. This mix of instruments highlights the company’s preference for building a repeatable financing pipeline instead of relying on a single funding event.
Strategy also disclosed that it still has significant room remaining under its existing issuance programs. About $6.71 billion in common stock remains available for future issuance. On top of that, another $3.16 billion of STRC preferred stock capacity is still available for sale. In practice, that means the latest purchase should be viewed as one step within a larger capital deployment framework rather than an isolated event.
More broadly, these transactions are part of Strategy’s ongoing capital structure strategy designed to support continued bitcoin accumulation. The company operates several perpetual preferred stock programs, including STRK, STRC, STRF, and STRD. Collectively, these offerings give the firm access to billions of dollars in potential financing, allowing it to maintain a long-duration accumulation strategy tied directly to capital markets activity.
The “42/42” capital plan shows Strategy is still building for more BTC buys
All of these financing tools connect back to Strategy’s longer-term “42/42” capital plan. Under that framework, the company aims to raise $84 billion by 2027 through a combination of equity offerings and convertible notes. The intended use of proceeds is straightforward: continue buying bitcoin. That goal makes it clear that Strategy does not view recent acquisitions as opportunistic one-offs, but as part of a multi-year treasury strategy.
From a corporate finance perspective, this is a highly unusual model. Many public companies direct excess capital toward share repurchases, short-duration fixed income, acquisitions, or balance-sheet preservation. Strategy, by contrast, has built a structure in which capital is raised from public markets and then deployed into a single digital asset. Supporters view this as a strong conviction bet on bitcoin’s long-term value, while critics focus on dilution, financing risk, and the fact that the firm’s average cost basis remains above the current spot price.
Still, the company’s execution has been remarkably consistent. It expands financing capacity, uses that capacity to buy more bitcoin, and reinforces its identity as a corporate bitcoin treasury vehicle. As the holdings base pushes beyond 738,731 BTC, Strategy increasingly looks less like a conventional operating company and more like a public-market structure designed to provide investors with leveraged exposure to bitcoin accumulation.
Saylor hinted at the move before the filing, marking a new milestone in Strategy’s buying history
Before the formal disclosure, Michael Saylor had already hinted that another purchase was coming. In a social media post referencing Strategy’s bitcoin tracker, he wrote: “the second century begins”. The phrase was a symbolic one, pointing to the fact that the company had surpassed 100 separate bitcoin purchases since launching its accumulation plan in 2020.
This kind of communication has become part of Strategy’s public identity. Saylor often signals direction or sentiment on social media first, and then the company follows with formal regulatory filings that provide the precise numbers. For investors tracking MSTR and BTC, that pattern is now familiar and has become part of the broader narrative surrounding Strategy’s treasury approach.
At the time of the report, MSTR shares were trading about 0.5% higher in pre-market activity, while bitcoin was changing hands slightly below $69,000. The immediate market reaction was relatively modest, but the strategic message was unmistakable. Strategy remains committed to tying its capital-raising capacity, securities issuance programs, and long-term bitcoin reserves tightly together. For anyone studying how public companies integrate digital assets into treasury strategy, Strategy remains one of the most important case studies in the market.