Strategy Buys $1.28B Bitcoin: 738,731 BTC Total Holdings

📋 En bref (TL;DR)

17,994 BTC purchased: Strategy spent $1.28 billion between March 2 and 8, 2026 to acquire 17,994 bitcoins at an average price of $70,946 per unit
738,731 BTC total: the company now holds more than 3.4% of Bitcoin’s total supply, for a total acquisition cost of $56 billion
Mixed financing: the purchase was funded through the sale of 6.33 million common shares ($899 million) and 3.78 million STRC preferred shares ($377 million)
$6 billion unrealized loss: with an average purchase price of $75,862 per BTC and a current price around $68,000, Strategy shows a significant unrealized loss
Corporate trend: digital asset treasury (DAT) companies like Metaplanet and Marathon Digital are also ramping up their Bitcoin purchases

Strategy, the company founded by Michael Saylor and formerly known as MicroStrategy, has just made a major move. Between March 2 and 8, 2026, the company acquired an additional 17,994 bitcoins for $1.28 billion, at an average price of $70,946 per unit. With this new acquisition, Strategy’s treasury reaches the staggering figure of 738,731 BTC, representing more than 3.4% of all bitcoins that will ever exist.

This massive purchase comes amid a volatile market environment, with Bitcoin‘s price hovering around $67,000 to $69,000, well below Strategy’s average acquisition price. Yet the company remains steadfastly committed to its accumulation strategy, for the tenth consecutive week. Here is a breakdown of the figures, the financing mechanism, and the implications of this unprecedented buying policy in financial history.

A $1.28 billion purchase in a single week

The announcement was made on March 9, 2026 by Michael Saylor himself, via a regulatory filing with the SEC (Securities and Exchange Commission). Strategy purchased exactly 17,994 BTC between March 2 and 8, for a total price of $1.276 billion. This represents the company’s second-largest purchase since the beginning of 2026, after the $2.13 billion spent in January.

To finance this acquisition, Strategy used two primary mechanisms. First, the sale of 6.33 million Class A common shares (MSTR) through its at-the-market (ATM) program, generating $899.5 million. Second, the issuance of 3.78 million STRC preferred shares, yielding an additional $377.1 million.

STRC preferred shares are a distinctive financial instrument: they are perpetual securities paying an 11% annual dividend, designed to trade near their $100 par value. By issuing these securities through its ATM program when demand is favorable, Strategy converts investor appetite for yield into a recurring source of capital for purchasing Bitcoin.

738,731 BTC: a $56 billion treasury

With this latest purchase, Strategy now holds 738,731 bitcoins, acquired for a total cost of approximately $56 billion. The average acquisition price stands at $75,862 per BTC. These figures make Strategy, by far, the largest corporate holder of Bitcoin in the world.

To put this in perspective, Strategy now controls more than 3.4% of the fixed supply of 21 million bitcoins. This exceeds the estimated holdings of most nation-states and is far greater than those of any other private or institutional actor. For comparison, Marathon Digital (MARA), the second-largest corporate holder, owns approximately 53,250 BTC — nearly 14 times less than Strategy.

A $6 billion unrealized loss

The flip side is significant. With Bitcoin’s price around $68,000 at the time of publication, the market value of Strategy’s treasury stands at approximately $50 billion, compared to an acquisition cost of $56 billion. The company therefore shows an unrealized loss of approximately $6 billion.

This situation has deteriorated since the November 2024 peak, when Bitcoin reached an all-time high above $100,000. At that time, Strategy boasted tens of billions of dollars in unrealized gains. In February 2026, when Bitcoin’s price briefly fell below the company’s average acquisition cost, Michael Saylor had lost $47 billion in potential profits within just a few months.

Nonetheless, Strategy claims it can withstand a Bitcoin crash down to $8,000 without jeopardizing the company’s solvency, thanks to a debt structure designed to withstand extreme scenarios. The company has indicated it could “equitize” its debt — that is, convert it into equity — in the event of a prolonged price decline.

Michael Saylor’s Bitcoin treasury model

Michael Saylor’s conviction rests on a simple premise: Bitcoin, with its supply capped at 21 million units, constitutes a store of value superior to fiat currencies, which are inherently subject to inflation and monetary debasement. In his view, holding Bitcoin is preferable to maintaining treasury reserves in dollars or euros.

To implement this vision, Strategy has developed a three-pronged financial model. The first is the issuance of MSTR common shares through ATM programs, which allow selling shares directly on the secondary market without a discount. The second is the issuance of convertible debt securities, which offer investors indirect Bitcoin exposure with a fixed yield. The third, more recent, is the issuance of preferred shares (STRK and STRC) targeting income-seeking investors.

Strategy’s overall capital plan, dubbed “42/42,” aims to raise $84 billion by 2027, through a combination of equity and convertible debt issuances. All funds raised are entirely dedicated to Bitcoin purchases. As of March 9, 2026, $6.7 billion remains available for MSTR share sales, $20.3 billion for the STRK preferred stock, and $3.2 billion for the STRC series.

MSTR stock: more volatile than Bitcoin

Strategy’s stock (MSTR), listed on the Nasdaq, reflects this accumulation strategy with extreme volatility. As of March 6, 2026, the stock closed at $133.53, up 3.56% for the week but down 47% over the past year. The all-time high of $473.83 was reached in November 2024, during Bitcoin’s peak above $100,000.

The dilution inherent in Strategy’s model is a subject of ongoing debate among investors. By issuing millions of new shares to finance its Bitcoin purchases, the company mechanically reduces the stake of each existing shareholder. However, if Bitcoin rises significantly, the per-share value can still increase thanks to the leverage effect on the underlying asset.

Strategy proponents view the stock as a “leveraged Bitcoin ETF,” offering amplified exposure to price movements. Critics, on the other hand, point to the systemic risk of a company whose value depends almost exclusively on a single digital asset.

The two largest crypto treasury companies are doubling down

Strategy’s purchase is part of a broader trend. Digital asset treasury (DAT) companies are intensifying their Bitcoin purchases in 2026, despite the price decline from 2024 highs.

Metaplanet, a company listed on the Tokyo Stock Exchange, has positioned itself as the first Japanese company adopting a Bitcoin treasury strategy. With 35,102 BTC in its portfolio, Metaplanet ranks fourth globally among corporate holders. The company has spent $451 million on Bitcoin purchases and trades at a multiple of 1.37 times net asset value (mNAV), a still-favorable ratio that allows it to issue shares without penalizing existing shareholders.

Marathon Digital (MARA), with approximately 53,250 BTC, accumulates primarily through its mining production rather than market purchases. This hybrid approach combines bitcoin generation through mining with strategic retention of produced assets.

Analysts observe that the DAT model has evolved since its origins. The first generation, embodied by Strategy starting in 2020, simply consisted of buying Bitcoin with cash and debt. The second generation, known as “Treasury 2.0,” incorporates more sophisticated strategies: use of derivatives for hedging, yield generation through staking, and tokenized debt to optimize liquidity.

What are the implications for investors?

Strategy’s aggressive accumulation raises several questions for cryptocurrency investors, whether beginners or experienced.

Impact on the Bitcoin market

By removing nearly 18,000 BTC from the market in a single week, Strategy reduces the available supply on exchanges. This constant buying pressure helps support the price, even though it is not enough to offset the current bearish macroeconomic factors, such as geopolitical tensions in the Middle East and uncertainty surrounding U.S. monetary policy.

Concentration risk

The fact that a single entity holds more than 3.4% of all existing bitcoins raises the question of decentralization. If Strategy were ever forced to sell a significant portion of its holdings — whether due to financial difficulties, regulatory pressures, or a change in leadership — the market impact would be considerable. This concentration creates a systemic risk that investors must factor into their analysis.

The signal for institutional adoption

By continuing to buy despite unrealized losses of several billion dollars, Strategy sends a strong signal to the markets: conviction in Bitcoin‘s long-term value outweighs short-term volatility. This stance could encourage other companies to consider Bitcoin allocations, even modest ones, in their treasury.

Glossary

Bitcoin (BTC) : the first and leading cryptocurrency, created in 2009 by Satoshi Nakamoto. Its supply is limited to 21 million units, making it a deflationary asset by design.
Cryptocurrency : a decentralized digital asset that uses cryptography to secure transactions. Bitcoin and Ethereum are the two largest cryptocurrencies by market capitalization.
ATM (At-The-Market) : a program for selling shares directly on the secondary market at market price, without going through a traditional public offering. Strategy uses this mechanism to raise capital on a regular basis.
Unrealized loss : the negative difference between an asset’s purchase price and its current market value. The loss is not realized as long as the asset is not sold.
Volatility : a measure of the magnitude of an asset’s price variations. High volatility means large and rapid price movements, both upward and downward.
Digital Asset Treasury (DAT) : a corporate strategy of holding cryptocurrencies, primarily Bitcoin, as a reserve asset on the company’s balance sheet, replacing or supplementing fiat currency reserves.

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Frequently Asked Questions

How many bitcoins does Strategy hold in total?

As of March 9, 2026, Strategy holds 738,731 bitcoins, acquired for a total cost of approximately $56 billion, at an average price of $75,862 per BTC. This represents more than 3.4% of Bitcoin’s total supply, which is capped at 21 million units.

How does Strategy finance its Bitcoin purchases?

Strategy primarily uses three mechanisms: selling MSTR common shares through ATM (at-the-market) programs, issuing convertible debt, and issuing preferred shares (STRK and STRC). For the March 2026 purchase, $899 million came from common shares and $377 million from STRC preferred shares.

Is Strategy at a loss on its Bitcoin investments?

Yes, at the current price. With an average purchase price of $75,862 per BTC and a price around $68,000, Strategy shows an unrealized loss of approximately $6 billion. However, this loss is not realized as long as the company does not sell its bitcoins, and Strategy claims it can withstand a price drop to as low as $8,000.

What is the impact of Strategy’s purchases on Bitcoin’s price?

Strategy’s regular purchases remove bitcoins from the market, reducing the available supply on exchanges. This buying pressure helps support the price, but is not enough to offset broader macroeconomic factors such as geopolitical tensions or monetary policy.

What is a digital asset treasury (DAT) company?

A DAT (Digital Asset Treasury) is a publicly traded company whose primary strategy is to accumulate cryptocurrencies, mainly Bitcoin, on its balance sheet. Strategy is the world’s largest DAT. Other examples include Metaplanet (Japan, 35,102 BTC) and Marathon Digital (approximately 53,250 BTC).

Is MSTR stock a good investment for Bitcoin exposure?

MSTR stock offers amplified exposure to Bitcoin, functioning like a leveraged ETF. When Bitcoin rises, MSTR tends to rise more, and vice versa. However, the dilution from share issuances and the concentration risk on a single asset make it a riskier investment than directly buying Bitcoin or a spot Bitcoin ETF.

Sources

This article is based on the following sources:

CoinDesk – Strategy (MSTR) added 17,994 bitcoin last week, bringing total holdings to 738,731 coins – Details of the 17,994 BTC purchase and financing through common and preferred shares.
Decrypt – Strategy Drops $1.28 Billion on Bitcoin, Issues $377 Million in Preferred Shares – Analysis of the mixed financing mechanism and STRC preferred share issuance.
Fortune – Strategy buys $1.3 billion of Bitcoin using mostly common stock – Coverage of the financing strategy and the “42/42” capital plan.
Benzinga – Michael Saylor Loses $47 Billion Unrealized Profit As Bitcoin Dumps Below Strategy’s Cost Basis – Analysis of the unrealized loss and Strategy’s model resilience.
Bitcoin Treasuries – Strategy Holdings & Analysis – Real-time data on Strategy’s Bitcoin holdings and comparison with other corporate holders.

How to cite this article: Fibo Crypto. (2026). Strategy buys $1.28 billion in Bitcoin, bringing its treasury to 738,731 BTC. Retrieved March 10, 2026 from fibo-crypto.fr

Strategy Buys $1.28 Billion in Bitcoin, Bringing Treasury to 738,731 BTC

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