Strategy’s Aggressive Bitcoin Acquisition Continues Unabated

Strategy Inc. has executed another significant expansion of its cryptocurrency holdings. A recent filing with the U.S. Securities and Exchange Commission (SEC) reveals the company purchased an additional 3,015 Bitcoin in late February and early March. The acquisitions, made at an average price of approximately $67,700 per coin for a total of about $204 million, bolster the firm’s treasury to over 720,000 BTC.

Financing a Relentless Strategy

The purchases were funded through a dual approach. Strategy raised roughly $230 million in net proceeds from the sale of 1.73 million common shares. Concurrently, it generated $7.1 million from selling approximately 71,600 shares of its STRC preferred stock. This preferred share instrument, launched in July 2025, has become central to the company’s funding model. On a single trading day in March, an estimated 1,000 Bitcoin were acquired through the STRC mechanism alone—marking the largest single-day purchase volume since its inception. Trading volume for STRC shares recently surged to nearly $199 million, well above its 30-day average of $123 million.

Dividend Commitments and Financial Leverage

In a move underscoring its reliance on this financing structure, Strategy announced its seventh consecutive annual dividend increase for STRC shares. The yield will rise from 11.25% to 11.5% for payment periods starting in March 2026, up from the initial 9% yield at its launch. The monthly dividend payment now stands at about $0.96 per share, payable at the end of March. This consistent hike deepens the company’s dependence on perpetual, costly financing. The model remains sustainable while Bitcoin and Strategy’s share price appreciate, but fixed obligations grow regardless of market performance.

To safeguard these dividend payments, the company maintains a cash reserve of $2.25 billion. This reserve is calculated to cover more than two and a half years of payments without the need to liquidate any Bitcoin holdings.

A Colossal Bitcoin Treasury

Since 2020, Strategy has invested a total of approximately $54.77 billion into Bitcoin, with an average purchase price of around $75,985 per coin. Its holdings of over 720,000 BTC represent more than 3.4% of the total possible 21 million Bitcoin that will ever exist, cementing its status as the world’s largest publicly traded corporate holder of the cryptocurrency.

Under the new FASB accounting rules, the company carries its Bitcoin on the balance sheet at fair market value. Consequently, price volatility directly impacts the income statement. The reported quarterly loss of $12.4 billion for Q4 2025 is almost entirely a paper loss—an unrealized accounting entry rather than an actual cash outflow—yet it dominates headlines.

Should investors sell immediately? Or is it worth buying Strategy?

Share Price Exhibits Amplified Volatility

Strategy’s common stock exhibits significant leverage to Bitcoin’s price movements. On March 4, shares jumped 10.8% as Bitcoin reached a monthly high of $71,800. By March 6, the stock closed at $133.53. This represents a 6% decline since the start of the year and places it 67.6% below its 52-week high of $455.90 from July 2025.

This leveraged effect is by design. The company utilizes over $8.2 billion in convertible notes and multiple series of preferred shares to fund its strategy. When Bitcoin rises, the stock typically outperforms; when Bitcoin falls, the decline in the share price is often more severe.

Core Software Business Provides Steady Backdrop

Alongside its dominant cryptocurrency strategy, Strategy continues to operate its original business intelligence software division. In the fourth quarter of 2025, this segment generated $123 million in revenue, slightly exceeding expectations and surpassing the $120.7 million reported in the prior-year period. The software unit has beaten revenue forecasts in three of the last four quarters.

At the Strategy World 2026 conference, the company unveiled new AI features and a universal Semantic Layer designed to simplify data integration. Despite this innovation, the software business remains overshadowed by the scale and focus of the Bitcoin accumulation strategy.

Market Anticipates Further Purchases

The momentum shows no signs of slowing. Prediction markets on Polymarket are already speculating on whether Strategy will hold over 740,000 Bitcoin by the end of March 2026. Achieving this threshold would require a net purchase of approximately 19,000 BTC this quarter. Current dynamics—including STRC trading volume, capital raises, and management commentary—strongly suggest the aggressive buying program will continue at its current pace.