Strategy Buys $1.3B in Bitcoin, Holdings Top 738,000 BTC in March 2026
Strategy Inc. acquired 17,994 BTC for $1.28 billion in early March 2026, pushing its total treasury to 738,731 BTC and securing 3.51% of the total Bitcoin supply despite current unrealized losses.
- 01Strategy controls 3.51% of the total 21 million Bitcoin supply as of March 08, 2026.
- 02The firm acquired 17,994 BTC for $1.28 billion between March 2 and March 8, 2026.
- 03The total position sits at an unrealized loss of approximately $5 billion based on the March 09, 2026 market price of $69,088 against a $75,862 cost basis.
- 04The latest acquisition was funded by selling over 10 million shares of Class A and preferred stock for a combined $1.27 billion.
What Happened
Strategy Inc., the corporate entity formerly known as MicroStrategy, has aggressively expanded its digital treasury. Between March 2 and March 8, 2026, the firm acquired an additional 17,994 BTC for approximately $1.28 billion, according to Investing.com. As of March 09, 2026, Bitcoin is trading at $69,088, down 1.5% over the past 24 hours.
The latest acquisition brings Strategy's total holdings to a staggering 738,731 BTC as of March 8, 2026. The aggregate purchase price for this massive treasury is approximately $56.04 billion, resulting in an average cost basis of $75,862 per Bitcoin, as reported by Phemex News.
To fund this specific $1.28 billion tranche, Strategy executed a dual-equity sale. The company offloaded 6,327,541 shares of Class A common stock for $899.5 million and 3,776,205 shares of STRC preferred stock for $377.1 million, utilizing its At-The-Market (ATM) sales facility.
Background
The corporate entity officially rebranded from MicroStrategy to "Strategy" in February 2025, signaling a complete pivot from its legacy business intelligence software roots toward operating primarily as a Bitcoin development and holding company, according to on-chain data from BitcoinTreasuries.net.
In 2025 alone, the firm raised an unprecedented $25.3 billion to fuel its acquisition strategy. By holding 738,731 BTC, Strategy now controls 3.51% of the total 21 million Bitcoin supply that will ever exist. This concentration of supply in a single publicly traded entity represents a historic shift in digital asset ownership and corporate treasury management.
However, the aggressive buying at elevated prices has resulted in a short-term underwater position. With the market price at $69,088 as of March 09, 2026, the company's total Bitcoin position sits at an unrealized loss of approximately $5 billion against its $75,862 cost basis.
The Bull Case
Despite the multibillion-dollar paper loss, the company's leadership and aligned market analysts remain steadfast in their macro conviction.
Executive Chairman Michael Saylor maintains that the company will continue buying Bitcoin every quarter and has no plans to sell, viewing the digital currency as the ultimate primary reserve asset. Phong Le, Strategy's CEO, argues that the company's capital structure is built to withstand volatility. Le notes that the firm's low leverage—approximately 10% to 15%—and massive asset base provide sufficient flexibility even during prolonged market downturns.
Wall Street analysts also continue to support the model. BTIG Research recently reiterated a "Buy" rating on the stock following the March 2026 acquisition announcement, signaling ongoing institutional confidence in Strategy's leveraged digital treasury model and its ability to outpace traditional fiat debasement.
The Bear Case
Not all market participants are convinced that continuous equity dilution to buy a volatile asset is sustainable, particularly when the asset is trading below the firm's cost basis.
Citron Research maintains a critical stance, noting that the historical premium Strategy's stock enjoyed over its Bitcoin holdings has compressed, with the stock occasionally trading near or below its Net Asset Value (NAV).
Furthermore, MarketBeat Analysis highlights growing financing risks. They point out that funding these massive purchases through continuous equity dilution while the core operating business remains unprofitable creates a precarious financial loop if capital markets tighten. Institutional liquidity also faces a potential hurdle; MSCI previously signaled the potential removal of the company from its indices if crypto holdings exceed 50% of total assets—a threshold Strategy has clearly crossed. Such a removal could force passive index funds to liquidate their positions, creating severe downward pressure on the stock.
What to Watch
Moving forward, market participants must monitor Strategy's NAV premium closely. If the stock consistently trades at a discount to its Bitcoin holdings, the company's primary mechanism for accretive buying—selling overvalued equity to buy Bitcoin—will break down.
Additionally, investors should track the upcoming MSCI index rebalancing announcements in Q2 2026 to see if the threat of index removal materializes. Finally, the broader market will be watching to see if Strategy can maintain its debt servicing capabilities if Bitcoin prices remain below the firm's $75,862 cost basis for an extended period.
Strategy acquires 17,994 bitcoin | off-chain Bitcoin buys and ATM sales reshape Strategy Inc (MSTR) holdings | off-chain Strategy Acquires 17,994 BTC, Total Holdings Reach 738,731 B | off-chain Strategy - Bitcoin Treasury Holdings & Analysis | on-chain