The shares of Strategy have recently demonstrated a surge that outpaces even the substantial gains seen in Bitcoin itself. Since hitting a low in February, the company’s stock has advanced by approximately 41.6%, starkly outperforming Bitcoin’s 18.3% rise over the same period. This dynamic highlights the effective, though complex, leverage the equity currently provides on the cryptocurrency.
A Multi-Billion Dollar Accumulation
This performance is underpinned by a deliberate and sizable capital allocation. In a concentrated acquisition spree between March 9 and 15, 2026, Strategy purchased Bitcoin valued at $1.57 billion. The funding for this substantial buy was secured through capital measures totaling around $1.6 billion. This included $1.2 billion raised via the STRC series of preferred shares and an additional $400 million from the issuance of new common stock.
As a result of these purchases, Strategy’s total holdings have climbed to 761,068 BTC. This formidable position now represents over 3.5% of the entire circulating supply of Bitcoin.
Should investors sell immediately? Or is it worth buying Strategy?
The Double-Edged Sword of Leverage
The company’s approach, as consistently communicated by Executive Chairman Michael Saylor, is designed to amplify Bitcoin’s volatility. The recent performance ratio of roughly 2.27 to 1 exemplifies this: for every single percentage point gain in Bitcoin, Strategy’s equity increased by more than double that amount.
However, this leveraging mechanism carries inherent risks and can be sensitive to internal capital operations. An event in March illustrated this fragility. The company temporarily halted its Bitcoin purchases funded through the STRC preferred share instrument around the ex-dividend date of March 13. The stock’s price movement responded promptly to this interruption in the capital flow.
Furthermore, investors betting on this leverage are exposed not only to Bitcoin’s price risk but also to potential dilution from the issuance of new common shares, which alters the capital structure. Despite its recent recovery, the share price currently trades approximately 41% below its 52-week high of €391.80, underscoring the heightened volatility involved.
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