- Strategy added 3,015 BTC, lifting holdings to 720,737 coins
- Total Bitcoin reserves now exceed $47 billion in value
- Purchases funded through equity sales and preferred stock issuance
Strategy, the enterprise software firm turned Bitcoin powerhouse, has added another 3,015 BTC to its balance sheet. The $204 million purchase brings its total holdings to 720,737 coins, now valued at more than $47 billion. It marks the company’s 101st Bitcoin acquisition since beginning its aggressive accumulation strategy.
The latest tranche was acquired at an average price of roughly $67,700 per coin between late February and early March. That continued buying comes even as Bitcoin trades below the company’s aggregate cost basis, reinforcing the long-term conviction behind its treasury model.
Massive Position, Massive Unrealized Losses
Strategy’s total Bitcoin cost basis now stands at approximately $54.7 billion, or around $75,985 per coin. With Bitcoin currently trading below that level, the company is sitting on an estimated $7.2 billion in unrealized losses. On paper, that’s significant.
Yet the firm’s approach has remained consistent through volatility. Rather than slowing accumulation during price weakness, Strategy continues deploying capital into BTC. The model treats drawdowns as part of a multi-cycle exposure strategy rather than a signal to retreat.
Equity Sales and Preferred Stock Fuel Purchases
According to its latest SEC filing, Strategy funded the new Bitcoin acquisition primarily through its at-the-market equity program. The company sold approximately 1.7 million shares of Class A common stock, raising nearly $230 million in net proceeds. It also issued over 71,000 shares of its STRC preferred stock, generating an additional $7 million.
This capital-raising mechanism effectively converts equity into Bitcoin exposure. It spreads dilution across shareholders while expanding BTC reserves. The structure has drawn both praise and criticism, but it remains central to Strategy’s accumulation playbook.
Dividend Hikes Signal Confidence in Capital Structure
Alongside the purchase, Strategy’s board raised the annual dividend rate on its STRC preferred shares to 11.5%, marking the seventh consecutive increase since mid-2025. The move appears designed to support demand for its preferred instruments and attract income-focused investors even as Bitcoin volatility persists.
Quarterly dividends were also declared for other preferred classes, including STRF, STRD, STRK, and the euro-denominated STRE. These payouts reinforce Strategy’s attempt to balance aggressive Bitcoin exposure with structured income offerings, a hybrid model blending high-risk digital assets with traditional capital market tools.
