Michael Saylor is not flinching.
Despite a market climate that has left many institutional players cautious, his firm, Strategy, just executed its largest Bitcoin acquisition in seven weeks.
The company scooped up 17,994 BTC between 2 March and 8 March 2026, spending approximately $1.28 billion.
This move signals a persistent commitment to the "HODL" philosophy, even as the company’s total holdings sit on billions of dollars in paper losses.
With this latest purchase, Strategy’s mountain of digital gold has grown to 738,731 BTC, representing roughly 3.7% of the total 21 million coins that will ever exist.
Source: saylortracker.com
The funding for this billion-dollar shopping spree came from a mix of financial instruments.
Most of the capital, about $900 million, was raised by selling Class A common stock (MSTR).
The remaining $377 million was generated through Stretch perpetual preferred shares (STRC).
This breakdown is notable because management had previously suggested they would lean more heavily on the Stretch shares to avoid diluting existing stockholders.
While the use of STRC is growing, it still only accounted for about 30% of this specific purchase.
Analyst Mark Palmer from Benchmark noted that while the effort to shift toward STRC as a primary vehicle is in its early stages, he expects it to eventually become the firm’s main way to raise cash as investor demand for high-yield products increases.
The optics of the purchase are striking because the current market price of Bitcoin is hovering around $69,000, while Strategy’s overall average cost basis sits higher at $75,862.
Essentially, the company is buying more of an asset that is currently worth less than what they paid for it on average.
This has resulted in roughly $6 billion in mark-to-market losses.
However, the firm is using this period to lower its entry price; the latest batch was bought at an average of $70,946 per coin.
In a move that highlights the sheer scale of this operation, Strategy’s purchase last week alone swallowed up the equivalent of five weeks' worth of newly mined Bitcoin.
To keep the engine running without constantly punishing MSTR share prices, Strategy has introduced a tiered system of preferred stock.
The STRC Stretch shares offer an 11.5% annual yield, which is reset monthly to stay attractive to investors.
The company also offers other variants like the STRK, which is convertible and offers equity upside, and the STRF, which is a more conservative non-convertible option with a 10% cumulative dividend.
The goal is to attract a different class of investors who want steady income rather than the volatile swings of Bitcoin itself.
For this complex machine to work long-term, Bitcoin’s price growth must eventually outpace the high interest and dividend obligations the company is taking on.
Michael Saylor remains the primary cheerleader for this aggressive treasury model.
Before the official SEC filing on Monday, he teased the news on social media with a short, cryptic message.
Saylor stated on X,
"The second century begins."
This was a nod to the fact that the company has now completed over 100 distinct Bitcoin purchase events.
While Strategy leads the pack by a wide margin, it isn't alone.
Data shows that 193 public companies have now adopted a similar model.
While Strategy holds over 738,000 BTC, other major players like MARA and Tether-backed Twenty One hold 53,822 BTC and 43,514 BTC respectively, proving that the corporate race for digital scarcity is still very much alive despite the recent price volatility.
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