Strategy Inc. Acquires 17,994 BTC for $1.28B, Total Holdings Hit 3.5% of Supply
Strategy Inc. purchased 17,994 Bitcoin for $1.28 billion between March 2 and March 8, 2026, funding the acquisition through share sales and bringing its treasury to 738,731 BTC.
- 01Strategy Inc. spent $1.28 billion to acquire 17,994 BTC at an average price of $70,946 between March 2 and March 8, 2026.
- 02The company's total BTC treasury reached 738,731 BTC as of March 8, 2026, representing approximately 3.5% of the total 21 million supply.
- 03As of March 9, 2026, Strategy Inc. holds an estimated unrealized loss of $6.3 billion, with an aggregate average cost basis of $75,862 per BTC.
- 04MSTR shares were trading at a discount to Net Asset Value (NAV) as of March 9, 2026, with holdings valued at ~$50 billion versus a market cap of ~$44.8 billion.
What Happened
As of the morning of March 6, 2026, Bitcoin (BTC) was trading at approximately $70,658 on Phemex, though it held above $68,000 during that day's trading session.
Against this macroeconomic backdrop, Strategy Inc. (formerly MicroStrategy) has executed another massive accumulation phase. Between March 2 and March 8, 2026, the corporate software firm acquired 17,994 BTC for approximately $1.28 billion, according to an SEC 8-K Filing published on March 09, 2026.
The company funded this acquisition entirely through equity dilution. Strategy Inc. sold 10.1 million shares, comprising 6.33 million Class A common shares that generated $899.5 million, and 3.78 million STRC preferred shares that raised $377.1 million, as detailed by Investing.com on March 09, 2026.
This latest tranche was purchased at an average price of $70,946 per BTC. As of March 8, 2026, Strategy Inc. holds a total of 738,731 BTC, which represents roughly 3.5% of Bitcoin's hard-capped 21 million supply, according to The Block on March 09, 2026.
Background
Strategy Inc. has systematically transformed its balance sheet since 2020, utilizing debt and equity offerings to accumulate the decentralized bearer asset. The aggregate purchase cost for its entire 738,731 BTC treasury stands at $56.04 billion as of March 8, 2026.
However, the company's aggressive buying strategy during recent market cycles has pushed its aggregate average cost to $75,862 per BTC as of March 8, 2026. With the current market price hovering below this average, Strategy Inc. carries an estimated unrealized loss of $6.3 billion on its Bitcoin holdings as of March 09, 2026.
To facilitate further capital raising, the company amended its Omnibus Sales Agreement on March 9, 2026. This amendment allows a second agent to execute share sales outside of regular market hours, increasing the firm's liquidity access and ability to issue equity around the clock, according to TradingView data cited on March 09, 2026.
The Bull Case
Proponents of Strategy Inc.'s corporate treasury model view the ongoing accumulation as a structural advantage rather than a risk. Michael Saylor, Executive Chairman of Strategy Inc., stated on March 09, 2026, that the company is "engineered" to endure 80% to 90% drawdowns. He argues that the dual structure of STRC preferred shares and MSTR common stock forms the "ultimate bitcoin accumulation machine."
Chaitanya Jain, an executive at Strategy Inc., adds a macroeconomic perspective to the strategy. Jain suggests that this level of large-scale institutional buying could permanently alter the market structure of Bitcoin bear markets, providing a persistent corporate bid that dampens downside volatility and absorbs miner issuance.
The Bear Case
Critics point to the heavy reliance on equity dilution and the shifting premium-to-NAV (Net Asset Value) dynamics. Ross Gerber, CEO of Gerber Kawasaki, publicly criticized the aggressive nature of the accumulation on March 09, 2026. Gerber teased Saylor to "buy my tokens," highlighting that the stock is currently trading at a discount to its NAV, which penalizes existing shareholders during new equity issuance.
Furthermore, Citron Research maintains that the historical MSTR premium has compressed significantly. In a report published on March 09, 2026, the research firm expressed concern over the massive share dilution required to fund these purchases, warning that the "MSTR bubble" could potentially burst if the underlying asset price does not recover above the company's elevated cost basis.
What to Watch
Market participants are closely monitoring the discount to NAV. As of March 9, 2026, Strategy Inc.'s Bitcoin holdings are valued at approximately $50 billion, while its market capitalization sits lower at roughly $44.8 billion. This discount marks a stark reversal from previous years when the stock traded at a hefty premium to its Bitcoin treasury.
Additionally, the STRC Preferred Dividend Rate remains high at 11.5% as of March 2026. This creates a substantial hurdle rate for the company's treasury strategy. Market observers should watch how the newly amended Omnibus Sales Agreement impacts share dilution, as the ability to sell shares outside regular market hours could accelerate equity issuance and further impact the stock's valuation relative to its Bitcoin holdings.