Strategy Buys 18,000 BTC for $1.28 Billion: The Race to One Million Bitcoins
📋 En bref (TL;DR)
- Massive purchase: Strategy acquired 17,994 BTC between March 2 and 8 for $1.28 billion, at an average price of $70,946 per bitcoin.
- Record portfolio: the company now holds 738,731 BTC, representing 3.7% of the total Bitcoin supply.
- Funding: the transaction was financed through the sale of $899M in MSTR shares and $377M in STRC preferred shares, including a single-day record of $409M.
- Overall average price: Strategy’s average acquisition cost across all its purchases stands at $75,862 per BTC.
- Global movement: Metaplanet (Japan) launches venture capital and asset management subsidiaries, while Strive and Cosmos Health also strengthen their Bitcoin positions.
- Institutional signal: publicly traded companies are accelerating their Bitcoin accumulation strategy as a reserve asset.
The week of March 2 to 8, 2026, was marked by a spectacular Bitcoin purchase by Strategy, the company formerly known as MicroStrategy. With 17,994 BTC acquired for $1.28 billion, Michael Saylor confirms an accumulation strategy that shows no signs of slowing down. The company’s portfolio now reaches 738,731 BTC, or nearly 3.7% of all bitcoins in circulation.
But Strategy is not alone. From Japan to the United States, an increasing number of publicly traded companies are adding Bitcoin to their balance sheets. This movement marks a profound shift in how the digital asset is perceived in the world of traditional finance.
Strategy: the numbers behind a historic purchase
The acquisition covers exactly 17,994 bitcoins, purchased at an average price of $70,946 per unit for a total of $1.28 billion.
To finance this purchase, Strategy tapped two sources of capital. The company sold $899 million worth of MSTR shares and raised $377 million through STRC preferred shares, a financial instrument launched in January 2026. One of the STRC sale days set a record at $409 million, highlighting investor appetite for this product.
Strategy’s total portfolio now stands at 738,731 BTC, with an overall average acquisition price of $75,862 per bitcoin. With Bitcoin trading around $85,000 at the time of the announcement, this represents a significant unrealized gain.
3.7% of the total supply: an unprecedented concentration
Strategy now holds 3.7% of the total Bitcoin supply. Out of the 21 million BTC that will ever exist and the approximately 19.8 million already in circulation, 738,731 are held by a single publicly traded company. Michael Saylor repeatedly states that Bitcoin is “the greatest store of value ever created by humanity” and that its price will reach several hundred thousand dollars.
This accumulation by a single entity may raise questions about the decentralization of the network. However, holding bitcoins confers no power over the protocol itself. Strategy cannot modify the network’s rules or block transactions. Owning BTC is an economic act, not a governance act.
The financial mechanics behind the accumulation
Strategy’s approach relies on a mechanism that Michael Saylor describes as “smart leverage.” Rather than borrowing directly to buy Bitcoin, the company issues new shares or financial instruments backed by its market capitalization, which is itself strongly correlated with the Bitcoin price.
The role of STRC preferred shares
The STRC preferred shares, launched in January 2026, offer a fixed dividend and priority repayment in the event of liquidation. They attract investors seeking regular income while gaining indirect exposure to Bitcoin. The record $409 million raised in a single day demonstrates the appetite of institutional investors for this product, particularly those who cannot hold Bitcoin directly.
A model anchored to Bitcoin
Strategy’s model is now that of a giant corporate treasury indexed to Bitcoin. The legacy software business has become secondary. The MSTR stock price moves in close correlation with BTC, with a leverage effect tied to the financial instruments issued. This mechanism works well in a bull market, but a sharp reversal could put it under pressure.
A global movement: Metaplanet, Strive, and Cosmos Health
Strategy is not the only company betting on Bitcoin. The week also saw significant announcements from other publicly traded companies around the world.
Metaplanet: Japan enters the race
Metaplanet, often nicknamed the “Japanese MicroStrategy,” reached a major milestone by launching two dedicated subsidiaries: a venture capital arm and an asset management firm. The company also announced an investment in JPYC, a stablecoin pegged to the Japanese yen.
By investing in the infrastructure of the Japanese crypto ecosystem, Metaplanet is positioning itself as a key player in the adoption of digital assets in Japan, a market historically favorable to cryptocurrencies.
Strive: Bitcoin and preferred shares on the balance sheet
Strive (ticker ASST) increased its dividend while adding Bitcoin and MSTR preferred shares to its balance sheet. This dual approach combines shareholder returns with Bitcoin exposure, illustrating the growing trend of companies using BTC as a reserve asset.
Cosmos Health: a modest but revealing purchase
Cosmos Health (COSM), a healthcare sector company, purchased $600,000 worth of Bitcoin. The amount is modest compared to Strategy’s acquisitions, but telling: even companies far removed from the tech sector are integrating Bitcoin into their corporate treasury.
Why companies are accumulating Bitcoin
Several factors explain this acceleration. The first is the fear of monetary devaluation: faced with expansionary monetary policies, many executives are seeking assets capable of preserving the value of their treasury. Bitcoin, with its supply capped at 21 million units, fits this logic.
The second factor is the bandwagon effect created by Strategy. The stock market success of MSTR has demonstrated that significant BTC exposure can be rewarded by the markets. Other companies are seeking to replicate this model. Finally, the approval of spot Bitcoin ETFs in the United States in 2024 bolstered Bitcoin’s legitimacy as an asset class. Companies that add it to their balance sheets are no longer seen as outliers, but as pioneers.
What are the risks of this strategy?
Despite the prevailing optimism, this strategy carries risks. Bitcoin’s volatility remains significant: a 30 to 50% price drop, an event that has occurred multiple times, would considerably reduce the value of these portfolios. For Strategy, whose balance sheet is almost entirely exposed to BTC, such a scenario would put pressure on its ability to raise new capital.
Regulatory risk also exists. Restrictions on Bitcoin holdings by publicly traded companies or unfavorable accounting requirements could slow the movement. Finally, the concentration of bitcoins among a limited number of players raises questions about market liquidity in the event of simultaneous sell-offs.
Glossary
- Bitcoin (BTC): a decentralized cryptocurrency created in 2009 by Satoshi Nakamoto, limited to 21 million units. It operates on a peer-to-peer network and uses proof of work to secure transactions.
- Stablecoin: a cryptocurrency whose value is pegged to a stable asset, typically a fiat currency such as the dollar or the yen. JPYC is a stablecoin pegged to the Japanese yen.
- Corporate treasury: all the cash and financial assets held by a company for its operational needs and investments. Integrating Bitcoin into the treasury means treating it as a reserve asset.
- ETF (Exchange-Traded Fund): an investment fund listed on a stock exchange that replicates the performance of an underlying asset. A spot Bitcoin ETF directly holds BTC on behalf of its investors.
- Volatility: a measure of the magnitude of price fluctuations of an asset over a given period. High volatility means the price can swing sharply both upward and downward.
- Decentralization: a fundamental principle of Bitcoin whereby no single entity controls the network. Decisions are made by consensus among participants (miners, nodes, users).
- Unrealized gain: a theoretical profit calculated by comparing the purchase price of an asset to its current market price, before any actual sale. It only becomes realized at the time of disposal.
Frequently Asked Questions
How many bitcoins does Strategy hold as of March 2026?
Strategy holds 738,731 BTC after its purchase of 17,994 bitcoins made between March 2 and 8, 2026. This represents approximately 3.7% of the total Bitcoin supply.
How does Strategy finance its Bitcoin purchases?
Strategy finances its purchases primarily through the issuance of new MSTR shares and STRC preferred shares. For the March 2026 purchase, $899 million came from MSTR shares and $377 million from STRC preferred shares.
What is Strategy's average Bitcoin purchase price?
Strategy’s average acquisition price across all its purchases is $75,862 per bitcoin. For the March 2026 purchase, the average price was $70,946 per BTC.
What other companies are accumulating Bitcoin?
Metaplanet in Japan, Strive (ticker ASST), and Cosmos Health (ticker COSM) in the United States are also strengthening their Bitcoin positions. Metaplanet has even launched dedicated venture capital and asset management subsidiaries.
Is a Bitcoin accumulation strategy risky for a company?
Yes, this strategy carries risks. Bitcoin’s volatility can lead to significant losses, the regulatory framework may evolve unfavorably, and concentrating assets in Bitcoin makes the company’s balance sheet heavily dependent on the cryptocurrency’s price.
Sources
This article draws on the following sources:
- SEC EDGAR – Strategy (MSTR) 8-K Filings – Strategy’s regulatory filings with the SEC regarding its Bitcoin purchases.
- Strategy – Bitcoin Holdings – Strategy’s official page detailing the history and total amount of its Bitcoin holdings.
- Bloomberg – MSTR – Market data and financial analysis on Strategy stock.
- Metaplanet Inc. – Metaplanet’s official website with announcements related to its Bitcoin investments and the launch of its subsidiaries.
How to cite this article: Fibo Crypto. (2026). Strategy (MSTR) Buys 18,000 BTC for $1.28 Billion. Retrieved March 12, 2026, from fibo-crypto.fr
