Strategy Buys $1.28B in Bitcoin, Hits 100th Purchase

The firm now controls 3.4% of Bitcoin’s fixed supply. The company continues funding purchases through multiple preferred equity offerings.

Michael Saylor’s Strategy has completed its 100th bitcoin purchase transaction since adopting its treasury strategy, marking the milestone with one of its largest single acquisitions in recent months: 17,994 BTC acquired between March 2 and March 8 for approximately $1.28 billion, at an average price of $70,946 per coin.

The disclosure, filed with the U.S. Securities and Exchange Commission on Monday, brings Strategy’s total holdings to 738,731 BTC – a position built at a cumulative average of $75,862 per coin, representing a total cost basis of roughly $56 billion, including fees. 

At current market prices, the holdings are valued at approximately $50 billion, leaving the firm carrying an estimated $6 billion in unrealized mark-to-market losses.

Saylor telegraphed the purchase a day early. On Sunday, he posted an update to the company’s bitcoin tracker on social media with a single line: “The second century begins” – a reference to crossing the 100-transaction threshold.

How It Was Financed

The latest acquisition was funded through two of Strategy’s active at-the-market equity programs. The company sold 6,327,541 shares of its Class A common stock, MSTR, generating approximately $899.5 million during the period. 

A further $377.1 million came from the sale of 3,776,205 shares of its STRC perpetual preferred security. Following both transactions, Strategy retains approximately $6.71 billion in available MSTR issuance capacity and $3.16 billion in remaining STRC availability.

The purchases are part of what the company calls its “42/42 plan,” a strategy to raise $84 billion through equity offerings and convertible notes by 2027. Proceeds are intended for additional bitcoin purchases.

Strategy’s preferred equity complex now spans four instruments – STRK, STRC, STRF, and STRD – each calibrated for a different investor risk profile. 

STRD, the most aggressive, carries a 10% non-cumulative dividend and is non-convertible. STRK offers an 8% non-cumulative dividend with convertibility, preserving equity upside optionality. 

STRF targets more conservative capital with a 10% cumulative dividend structure, while STRC pays monthly dividends at a variable rate designed to hold the security near par. Target program sizes are $21 billion for STRK, $4.2 billion each for STRC and STRD, and $2.1 billion for STRF.

The Broader Corporate Bitcoin Landscape

Strategy is not accumulating in isolation. According to Bitcoin Treasuries data, 193 publicly listed companies now hold bitcoin as part of a formal treasury strategy. 

The next largest holders after Strategy include MARA Holdings, Twenty One, Metaplanet, Adam Back, and the Bitcoin Standard Treasury Company, backed by Cantor Fitzgerald, with Bullish, Riot Platforms, Coinbase, Hut 8, and CleanSpark rounding out the top tier.

The growth in corporate adoption has not, however, translated into sustained equity performance for most participants in the sector. Market-cap-to-net-asset-value ratios have compressed sharply across the group since mid-2025 peak valuations. 

Strategy itself has declined approximately 71% from its summer 2025 high, with its current mNAV ratio sitting near 0.99 – essentially at par with the underlying bitcoin value of its holdings. The company’s stock ended last week up 3.6% on a net basis, though it fell 4.5% on Friday to close at $133.53.

The latest purchase follows a separate acquisition disclosed the prior week: 3,015 BTC purchased for approximately $204 million at an average of $67,700 per coin, which had brought total holdings to 720,737 BTC at that time.

Strategy’s position now represents more than 3.4% of Bitcoin’s hard-capped supply of 21 million coins – a concentration that appears unprecedented, according to Bitcoin Treasuries data.