How Large Is Strategy’s Latest Bitcoin Purchase?
Bitcoin treasury company Strategy has acquired another 22,337 BTC for roughly $1.57 billion, paying an average of $70,194 per bitcoin, according to a Form 8-K filing submitted to the US Securities and Exchange Commission. The purchases took place between March 9 and March 15 and rank as the firm’s fifth-largest acquisition since it began accumulating bitcoin. The latest purchases bring Strategy’s total holdings to 761,068 BTC. At current market prices the stash is valued at roughly $56 billion. The company said its total acquisition cost now stands near $57.6 billion, including fees and expenses, implying an average purchase price of $75,696 per bitcoin. Strategy’s holdings now represent more than 3.5% of bitcoin’s total supply. With bitcoin trading below the firm’s average purchase price, the position currently reflects roughly $1.6 billion in unrealized losses.Investor Takeaway
Strategy continues to expand its bitcoin treasury even while the market trades below its average purchase price, reinforcing its long-term accumulation strategy.
How Did Strategy Fund the New Bitcoin Purchases?
The latest acquisitions were funded through the sale of equity and preferred stock under the company’s ongoing capital-raising programs. Strategy sold 2,833,668 shares of its Class A common stock, MSTR, generating roughly $396 million. As of March 15, about $6.3 billion worth of MSTR shares remained available for issuance under the at-the-market program. The company also raised funds through its Stretch preferred stock, STRC. Strategy sold 11,818,467 STRC shares for approximately $1.18 billion, leaving $1.96 billion of capacity still available under the same program. These funding tools sit alongside Strategy’s broader “42/42” plan, which targets $84 billion in total capital raised through equity offerings and convertible notes by 2027 to finance additional bitcoin acquisitions.What Role Do Strategy’s Preferred Stocks Play?
Strategy has built a layered capital structure around its bitcoin strategy, issuing several types of perpetual preferred stock designed to attract different investor profiles. STRD is non-convertible and carries a 10% non-cumulative dividend, making it the highest risk-reward option in the group. STRK includes an 8% non-cumulative dividend and can convert into equity, offering potential upside if Strategy’s shares rise. STRF also pays a 10% dividend but on a cumulative basis, which makes it the most conservative of the preferred offerings. STRC, meanwhile, features a variable-rate cumulative dividend that adjusts to keep the security trading near par and distributes income monthly. In a recent research note, Benchmark analyst Mark Palmer described STRC as the “backbone of an ecosystem of yield-backed stablecoin protocols,” suggesting the instrument could expand beyond its current role as a funding vehicle for bitcoin purchases.How Does Strategy Compare With Other Corporate Bitcoin Holders?
Strategy remains the largest corporate holder of bitcoin by a wide margin. Data compiled by Bitcoin Treasuries shows that 194 public companies have now adopted some form of bitcoin treasury strategy. Among the largest holders behind Strategy are MARA with 53,822 BTC, Tether-backed Twenty One with 43,514 BTC, Metaplanet with 35,102 BTC, Adam Back’s holdings at 30,021 BTC, and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company with 24,300 BTC. Other companies in the top group include Bullish, Riot Platforms, Coinbase, Hut 8, and CleanSpark. Despite the growing list of corporate adopters, share prices across the sector have fallen sharply from their peaks in mid-2025 as market-cap-to-net-asset-value ratios compressed. Strategy’s own ratio has dropped substantially and currently sits near 0.98, according to Bitcoin Treasuries data.Investor Takeaway
As more companies adopt bitcoin treasury strategies, the market is increasingly evaluating these firms based on the premium or discount of their shares relative to the value of their bitcoin holdings.
