Strategy said in an 8-K filing with the U.S. Securities and Exchange Commission that it purchased 17,994 BTC between March 2 and March 8 for about $1.28 billion, at an average price of roughly $70,946 per bitcoin. As of March 8, the company held 738,731 BTC in total, acquired at an aggregate cost of about $56 billion, with an average purchase price of roughly $75,862.
The latest purchase came during a pullback
The buying took place while bitcoin had fallen from a recent high of $73,500 to around $66,000. That matters. The average price paid in this latest round was below Strategy’s overall average cost basis, which means the new purchase lowered the company’s blended acquisition cost even as it expanded an already massive treasury position.
The filing also indicates that bitcoin’s market price remained below Strategy’s aggregate average purchase price, leaving the broader position at an unrealized loss relative to total acquisition cost. Even so, the fresh batch was bought at a lower level than the firm’s portfolio average, changing the cost profile of the full stack.
MSTR and STRC sales funded the BTC buy
According to the filing, the capital came from Strategy’s at-the-market, or ATM, issuance programs. During the same period, the company sold 6,327,541 shares of Class A common stock, MSTR, generating about $899.5 million in net proceeds. It also sold 3,776,205 shares of variable-rate Series A perpetual preferred stock, STRC, with total stated value of about $377.6 million and net proceeds of about $377.1 million.
Combined net proceeds reached about $1.2766 billion, closely matching the cost of the bitcoin purchase. The company also said it still had substantial remaining capacity under its ATM programs as of March 8, including more than $20.3 billion available under the STRK preferred stock program.
ATM agreement revised as bitcoin moved above $68,000
Strategy disclosed a separate amendment to its ATM sales agreement in the same 8-K. Under the revised structure, the company may designate a second sales agent before the market opens and after the market closes on any single trading day, removing the earlier one-agent-per-security-per-day limitation.
After the accumulation update became public, bitcoin moved higher and broke above $68,000, reaching as high as $68,300. Its gain over the past 24 hours was reported at 1.5%.