Strategy Acquires $1.57 Billion in Bitcoin, Holdings Reach 761,068 BTC

Strategy (NASDAQ: MSTR), the world’s largest public corporate holder of Bitcoin, purchased 22,337 BTC for approximately $1.57 billion between March 9-15, 2026, at an average price of $70,194 per bitcoin, according to a March 16 SEC filing.

The acquisition, funded primarily through record sales of the company’s STRC perpetual preferred stock, brings total holdings to 761,068 BTC acquired at an aggregate cost of $57.61 billion, with an overall average price of $75,696 per bitcoin. Bitcoin traded near $74,000 following the announcement, up over 8% for the week.

The purchase ranks among Strategy’s five largest weekly acquisitions and marks its largest of 2026 to date, following a 17,994 BTC purchase for $1.28 billion the prior week.

Transaction Structure and Financing

STRC Preferred Stock Drives Funding

Strategy raised approximately $1.18 billion through the sale of 11.8 million shares of its 10.00% Series A Perpetual Strife Preferred Stock (STRC) during the week, representing 75% of the purchase proceeds. The company also sold 2.83 million shares of Class A common stock (MSTR), generating $396 million to complete the financing.

This marks the first week where STRC issuances significantly exceeded common stock sales in funding Bitcoin acquisitions, reflecting surging demand for the yield-bearing instrument.

STRC Product Mechanics

STRC is a perpetual preferred stock that pays an 11.5% annual dividend on a monthly basis. Strategy maintains the price near its $100 par value through two mechanisms:

ATM issuance: When STRC trades above $100, the company issues new shares at $100, creating a price ceiling

Dividend adjustments: If STRC falls below par, Strategy can increase the monthly dividend rate to restore demand

The product effectively converts income-seeking investor demand into Bitcoin buy-side pressure.

Treasury Position and Market Context

Current Holdings

As of March 15, 2026, Strategy holds 761,068 BTC with a total cost basis of approximately $57.61 billion and an average entry price of $75,696 per bitcoin. The company’s holdings represent a significant portion of all publicly disclosed corporate Bitcoin treasuries.

Path to One Million BTC

With current holdings at 761,068 BTC, Strategy requires approximately 238,932 additional bitcoin to reach one million. At an average price of $85,000 per coin, this would require approximately $20.3 billion in additional capital deployment. Maintaining the current weekly acquisition pace of approximately 22,000 BTC would position the company to reach this target within 11 weeks.

Price Performance

Bitcoin traded at approximately $74,000 following the announcement, up over 8% for the week and approaching Strategy’s overall average cost basis of $75,696. MSTR stock rose approximately 4% in pre-market trading, reaching $145 per share.

Capital Structure and Leverage Dynamics

Leverage Management

Strategy distinguishes between two leverage metrics:

• Leverage ratio: Convertible debt relative to BTC holdings

• Amplification ratio: Convertible debt plus preferred stock relative to BTC holdings

The company targets maintaining leverage around 33%. The STRC issuance increases the amplification ratio, while concurrent common stock ATM sales help maintain target levels by expanding the BTC base.

Dividend Obligations

With approximately $5 billion in STRC market capitalization, Strategy’s monthly dividend burden exceeds $1 billion annually. The company has maintained $2.25 billion in cash reserves to support these obligations.

Institutional Adoption of STRC

Three companies announced at Strategy World 2026 in Las Vegas that they have added STRC to their corporate treasuries:

• Prevalon Energy

• Anchorage Digital

• OranjeBTC (Brazilian Bitcoin treasury firm)

STRC briefly touched its $100 par value during trading and returned to that level in pre-market activity, reflecting sustained institutional demand.

Frequently Asked Questions

How did Strategy finance this Bitcoin purchase?

Strategy raised approximately $1.18 billion through sales of its STRC perpetual preferred stock (75% of proceeds) and $396 million through sales of Class A common stock (25%). The STRC issuance represents a record weekly volume for the product since its July 2025 debut.

What is STRC and how does it work?

STRC is Strategy’s Series A Perpetual Strife Preferred Stock, paying an 11.5% annual dividend monthly. It trades with a target price near $100 par value, maintained through ATM issuance when above par and dividend rate adjustments when below. The product provides income-seeking investors exposure to Strategy’s Bitcoin treasury while converting demand into Bitcoin purchase pressure.

What are Strategy’s total Bitcoin holdings?

As of March 15, 2026, Strategy holds 761,068 BTC acquired at an aggregate cost of $57.61 billion, with an average price of $75,696 per bitcoin. This represents the world’s largest public corporate Bitcoin treasury.