Strategy Lifts Bitcoin Holdings Above 720,000 BTC as $84B Plan Powers Fresh Buying

03. Mar 2026 Posted by Laurent C. on News

Bitcoin treasury heavyweight Strategy has expanded its already massive crypto war chest, purchasing 3,015 BTC for roughly $204.1 million between Feb. 23 and March 1, according to a recent filing with the Securities and Exchange Commission.

The latest buy was executed at an average price of $67,700 per bitcoin, pushing Strategy’s total holdings to 720,737 BTC. The company’s co-founder and executive chairman, Michael Saylor, said the firm has now invested approximately $54.8 billion in bitcoin at an average acquisition cost of $75,985 per coin, including fees and expenses.

At current market levels, the stash is valued near $47.5 billion — leaving the firm sitting on an estimated $7.3 billion in unrealized losses. Strategy’s holdings represent just over 3.4% of bitcoin’s fixed 21 million supply, reinforcing its position as the dominant corporate holder of the asset.

Funding the Bitcoin Engine

The most recent acquisitions were financed through at-the-market (ATM) equity sales, including shares of its Class A common stock (MSTR) and its perpetual Stretch preferred stock (STRC).

Last week alone, the company sold more than 1.73 million MSTR shares, generating approximately $229.9 million. As of March 1, Strategy still has $7.6 billion worth of MSTR shares available under the program. It also raised about $7.1 million from sales of STRC shares, with billions more authorized across its preferred stock programs.

Strategy’s perpetual preferred lineup — STRK, STRC, STRF, and STRD — forms a layered capital structure designed to fund bitcoin accumulation through varying risk and dividend profiles.

  • STRD offers a 10% non-cumulative dividend with no conversion option, targeting higher-risk investors.

  • STRK provides an 8% non-cumulative dividend with conversion potential into equity.

  • STRF carries a 10% cumulative dividend, positioning it as a more conservative instrument.

  • STRC features a variable-rate cumulative dividend paid monthly, designed to trade near par value.

In addition to these programs, the company continues pursuing its ambitious “42/42” roadmap — a plan to raise $84 billion through equity and convertible notes by 2027 to expand its bitcoin reserves.

STRC Emerges as Core Funding Tool

Stretch preferred stock (STRC) has become an increasingly central driver of Strategy’s acquisition strategy. After dipping to around $90 in February, STRC has rebounded toward its $100 par value. Over the weekend, Saylor announced a 25-basis-point increase to its dividend rate, bringing it to 11.50% for March.

The instrument has also drawn outside institutional interest. Anchorage Digital recently disclosed that it holds STRC on its balance sheet, signaling confidence in Strategy’s treasury model, though it declined to share position size.

A Crowded Bitcoin Treasury Field

Data from Bitcoin Treasuries shows 193 public companies now hold bitcoin on their balance sheets. Among the largest corporate holders after Strategy are:

  • MARA Holdings – 53,822 BTC

  • Metaplanet – 35,102 BTC

  • Riot Platforms – 15,389 BTC

  • Coinbase – 13,696 BTC

  • CleanSpark – 13,513 BTC

Despite widespread adoption of the bitcoin treasury model, many related equities have struggled. Market cap-to-net asset value (mNAV) multiples have contracted sharply from mid-2025 highs, with Strategy’s own mNAV hovering around 0.99 — a dramatic compression from prior premiums.

Strategy shares slipped 0.8% last week overall, closing Friday down 2.9% at $129.50.

Still, Saylor appears undeterred. With more capital ready to deploy and billions left under its issuance programs, Strategy continues to position itself as the most aggressive institutional proxy for bitcoin exposure — betting that long-term scarcity will ultimately outweigh short-term drawdowns.