For the eleventh consecutive time, corporate Bitcoin holder Strategy has significantly expanded its digital treasury. The company’s latest acquisition, completed between March 2 and March 8, 2026, added 17,994 Bitcoin to its balance sheet at an average price of $70,946 per coin. This $1.28 billion purchase underscores the firm’s unwavering commitment to CEO Michael Saylor’s long-stated ambition: amassing one million Bitcoin.
Funding the Digital Gold Rush
The transaction was fully financed through capital markets. Strategy generated net proceeds of $899.5 million from the sale of 6.33 million Class A common stock shares. An additional $377.1 million was raised through the issuance of 3.78 million shares of its variable-rate preferred stock, STRC.
This marks the second-largest single purchase of the year so far, surpassed only by a January buy of 22,305 BTC.
Gauging the Distance to the Goal
Strategy’s current holdings now stand at 738,731 BTC, representing over 3.4% of Bitcoin’s capped supply of 21 million coins. The journey to one million coins requires the acquisition of approximately 261,000 more Bitcoin.
An analysis published by CoinDesk on March 14 calculated that reaching this target by year-end would necessitate a weekly buying pace of about 6,158 BTC. Strategy’s aggressive accumulation in 2026 alone, nearing 65,000 BTC, far exceeds its historical monthly average of roughly 10,700 BTC since it initiated its Bitcoin strategy in August 2020.
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Substantial capital remains available for future purchases. The company’s ongoing at-the-market (ATM) equity program has approximately $6.71 billion in capacity, with an additional $3.16 billion accessible under its STRC program.
Paper Losses Amid Strategic Conviction
The company’s financial statements reflect the volatility of its chosen asset. Strategy reported a net loss of $12.4 billion for the fourth quarter of 2025, a stark increase from $670.8 million in the same period the prior year. Its operating loss reached $17.4 billion. Furthermore, the Bitcoin portfolio carries an unrealized book loss of around $6 billion, highlighting its sensitivity to short-term price fluctuations.
Despite these paper losses, management reaffirms its long-term yield target: aiming for 5% to 14% in Bitcoin yield annually over the next seven years. For 2026 to date, the realized yield is 1.2%, equating to a gain of 7,826 BTC worth approximately $551 million.
Analyst Perspective: A Buying Opportunity?
In a recent initiation of coverage, B. Riley Securities assigned Strategy a “Buy” rating with a $175 price target. Analyst Fedor Shabalin pointed to significant stock price pressure following Bitcoin’s sharp retreat from its all-time highs. Since early October, Strategy’s shares have declined more than 60%, currently trading around €122. This is substantially below its 52-week high of €391.80 reached in July 2025.
Bitcoin itself is trading steadily near $71,000 but has repeatedly faced resistance in the $73,000 to $74,000 range. Market participants are watching the Federal Reserve’s meeting on March 17-18 for potential catalysts, particularly if oil prices sustaining above $100 per barrel alter the interest rate outlook.
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