Strategy Inc Bitcoin buys 3,015 BTC, holdings past 720k

Continuing its aggressive treasury strategy, Strategy Inc bitcoin accumulation has expanded again with a fresh multi-hundred-million-dollar purchase.

New 3,015 BTC purchase pushes holdings to 720,737 BTC

Strategy Inc disclosed in a new regulatory filing that it acquired 3,015 BTC between February 23 and March 1, 2026. The company paid an average price of $67,700 per coin, for a total outlay of about $204.1 million. With this latest transaction, Strategy now holds 720,737 BTC, reinforcing its position as one of the largest corporate bitcoin holders globally.

Moreover, the filing shows that the company continues to execute a disciplined, programmatic buying approach. The new bitcoins were added steadily over several days, rather than in a single block trade, aiming to minimize market impact.

Funding through ATM share sales and preferred stock

The latest purchase was financed primarily through at-the-market share sales and preferred stock offerings. Over the same period, Strategy raised roughly $237.1 million, leaving a portion of the proceeds in cash after allocating $204.1 million to bitcoin. This approach maintains liquidity while still expanding the firm’s crypto exposure.

However, reliance on equity and hybrid securities means existing shareholders face ongoing dilution pressures. To mitigate this, the company has increasingly leaned on preferred instruments rather than issuing only common stock.

Rising BTC acquisition cost and unrealized losses

With this latest buy, Strategy’s cumulative btc acquisition cost has climbed to around $54.77 billion. The firm’s average cost basis now stands at approximately $75,985 per BTC, well above recent market prices. This underscores the long-term horizon underpinning the accumulation strategy.

At current market levels, management estimates the value of the company’s bitcoin holdings at roughly $47 billion to $47.5 billion. That said, this implies an unrealized loss in the range of $7 billion to $9 billion, depending on short-term price swings.

Market performance and MSTR share price reaction

The aggressive crypto stance continues to shape how investors value Strategy. Its Class A shares trade on the Nasdaq Global Select Market under the ticker MSTR. Over the past year, the stock has fallen about 50%, and it is down roughly 18% year-to-date, largely tracking bitcoin’s decline.

Moreover, the company has effectively repositioned itself from a software business to a leveraged proxy for bitcoin. Market participants now increasingly use MSTR as a vehicle for amplified exposure to the underlying crypto asset.

Accounting impact and unrealized crypto losses

Since early 2025, Strategy has applied fair-value accounting to its digital assets, marking its bitcoin stack to current market prices each reporting period. In the fourth quarter of 2025, this approach contributed to a reported $12.4 billion net loss, driven mainly by unrealized crypto losses rather than realized sales.

However, the company’s core software business remains relatively small. As a result, overall financial performance and headline earnings are heavily influenced by swings in the bitcoin price, amplifying volatility in quarterly results.

Capital structure, preferred stock, and dividend terms

To limit dilution from new common share issuance, Strategy has increasingly relied on preferred stock as a funding tool. In February, the firm raised the dividend rate on its Variable Rate Series A preferred shares to 11.50%, offering investors higher income in exchange for continued capital support.

Furthermore, this capital-raising model allows the company to convert investor funds directly into bitcoin, sustaining its weekly buying pattern. The latest deal marks Strategy’s tenth consecutive weekly purchase, highlighting the consistency of its acquisition program.

Long-term reserve thesis and divided analyst views

Executive leadership has repeatedly argued that bitcoin should function as a primary corporate reserve asset, displacing excess cash. According to management, this policy aligns the balance sheet with what they view as a scarce, superior form of money over the long term.

Strategy Inc bitcoin policy continues to polarize Wall Street. Supporters believe that buying during downturns could prove highly accretive if prices rise well above the firm’s average cost basis over time. Critics, however, warn that prolonged weakness may deepen losses, strain investor confidence, and test the sustainability of its capital-raising model.

In summary, Strategy’s latest 3,015 BTC purchase underscores its commitment to expanding a massive corporate bitcoin treasury, even as market volatility, accounting swings, and funding trade-offs keep risk high for shareholders.