Michael Saylor’s Strategy lifts holdings to 761,068 BTC with $1.57B buy

Bitcoin treasury company Strategy purchased 22,337 Bitcoin between March 9 and March 15 for approximately $1.57 billion at an average price of $70,194 per coin, according to a Form 8-K filed with the Securities and Exchange Commission (SEC) on March 16. The company said the buys were financed with proceeds from at-the-market offerings of its Class A common stock and its Stretch series of perpetual preferred stock.

The transactions bring Strategy’s holdings to 761,068 BTC. At current market prices, the position is worth roughly $56 billion. The company reports an aggregate average purchase price of $75,696 per Bitcoin and a total cost basis of about $57.6 billion, including fees and expenses. The stash represents more than 3.5% of Bitcoin’s capped supply and reflects about $1.6 billion in unrealized losses at prevailing prices. The latest buying window ranks as the company’s fifth-largest to date.

Strategy detailed the funding sources in the filing. Last week, it sold 2,833,668 MSTR shares for approximately $396 million and noted plans to convert $6 billion in debt to equity under its ongoing at-the-market program. It also issued 11,818,467 STRC preferred shares for roughly $1.18 billion, with around $1.96 billion of capacity left.

The company outlined broader capital plans tied to its Stretch preferred lineup. Authorized at-the-market programs total $21 billion for STRK, $4.2 billion for STRC, $2.1 billion for STRF, and $4.2 billion for STRD. These sit within Strategy’s “42/42” plan, which targets up to $84 billion of combined equity offerings and convertible notes for Bitcoin acquisitions through 2027. The preferred series differ in terms: STRD is non-convertible with a 10% non‑cumulative dividend; STRK is convertible with an 8% non‑cumulative dividend; STRF is non-convertible with a 10% cumulative dividend; and STRC is variable-rate and cumulative, paying monthly dividends with rates intended to keep the shares near par.

Company executives have underscored STRC’s growing role in weekly Bitcoin accumulation. An issuance tracker estimated STRC sales generated 10,767 BTC last week, including 4,113 BTC on March 12, running 281% above the four-week average ahead of the filing. On March 15, Executive Chairman Michael Saylor posted, “Stretch the orange dots,” a reference to the firm’s tracker of STRC-driven purchases. He has also characterized STRC as the most liquid preferred stock in the market.

Strategy remains the largest corporate holder of Bitcoin. Other sizable public company holders include Marathon Digital with 53,822 BTC, Twenty One with 43,514 BTC, Metaplanet with 35,102 BTC, Bullish with 24,300 BTC, Riot Platforms with 18,005 BTC, Coinbase with 15,389 BTC, Hut 8 with 13,696 BTC, and CleanSpark with 13,363 BTC, based on public disclosures. In total, 194 public companies report some form of Bitcoin acquisition strategy.

Share performance across the group has cooled from peaks reached in the summer of 2025 as market-cap-to-net-asset-value ratios compressed. Strategy’s stock is down 69% from those highs. Last week, MSTR gained 3.5% and closed at $139.67 on March 13, while Bitcoin rose about 8% over the same period.