Michael Saylor’s Strategy buys 3,015 bitcoin for $204 million as total holdings top 720,000 BTC

Bitcoin (BTC) treasury company Strategy acquired an additional 3,015 BTC for approximately $204.1 million at an average price of $67,700 per bitcoin between Feb. 23 and March 1, according to an 8-K filing with the Securities and Exchange Commission on Monday.

Strategy now holds a total of 720,737 BTC — worth around $47.5 billion — bought at an average price of $75,985 per bitcoin for a total cost of around $54.8 billion, including fees and expenses, according to the company’s co-founder and executive chairman, Michael Saylor.

Measured against bitcoin’s 21 million hard cap, the holding equates to just over 3.4% of total eventual supply and implies about $7.3 billion in unrealized losses at current prices

The latest acquisitions were made using proceeds from at-the-market sales of its Class A common stock, MSTR, and perpetual Stretch preferred stock, STRC. Last week, Strategy sold 1,730,563 MSTR shares for approximately $229.9 million. As of March 1, $7.6 billion worth of MSTR shares remain available for issuance and sale under that program, the firm said. Strategy also sold 71,590 STRC shares for approximately $7.1 million, with $3.5 billion worth of STRK shares remaining available for issuance and sale under that program.

Strategy’s STRK, STRC, STRF, and STRD perpetual preferred stock’s respective $21 billion, $4.2 billion, $2.1 billion, and $4.2 billion ATM programs are in addition to the firm’s “42/42” plan, which targets a total capital raise of $84 billion in equity offerings and convertible notes for bitcoin acquisitions through 2027.

STRD is non‑convertible with a 10% non‑cumulative dividend and the highest risk‑reward profile. STRK is convertible with an 8% non‑cumulative dividend, allowing equity upside. STRF is non-convertible with a 10% cumulative dividend, making it the most conservative option. STRC is a variable‑rate, cumulative preferred stock offering monthly dividends, with adjustable rates designed to keep it near par.

‘The Turn of the Century’

Saylor gave his usual Sunday hint at the firm’s latest set of acquisitions ahead of time, sharing an update on Strategy’s bitcoin acquisition tracker, stating, “The Turn of the Century.”

Last week, Strategy announced it had purchased another 592 BTC for approximately $39.8 million at an average price of $67,286 per bitcoin — taking its total holdings to 717,722 BTC.

Strategy’s perpetual Stretch preferred stock, STRC, has increasingly been used as a driver of its bitcoin acquisitions alongside its MSTR ATM, something Benchmark analysts cheered last week, reiterating their buy rating on Strategy with a $705 price target, implying roughly 444% upside potential.

In a note to clients, Benchmark analyst Mark Palmer characterized STRC as the “primary engine” for funding Strategy’s bitcoin accumulation and said that focusing on the instrument positions the company to accelerate bitcoin per-share growth.

STRC dipped as low as $90 in February but has since recovered to just below its $100 par value. On Sunday, Saylor announced that Stretch’s dividend rate had increased by 25 bps to 11.50% for March.

Meanwhile, Anchorage Digital also disclosed holding STRC on its balance sheet last week. The company declined to disclose the size of its STRC holdings or when the position was acquired, with co-founder and CEO Nathan McCauley simply highlighting the strategic alignment between Anchorage and Strategy.

“When the company that operationalizes Bitcoin infrastructure puts capital alongside the company that operationalized the Bitcoin treasury strategy … that’s a signal,” McCauley said at the time.

DATs show signs of stress

According to Bitcoin Treasuries data, 193 public companies have adopted some form of bitcoin acquisition model. MARA, Tether-backed Twenty One, Metaplanet, Adam Back, and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company, Bullish, Riot Platforms, Coinbase, Hut 8, and CleanSpark make up the remainder of the top 10, with 53,822 BTC, 43,514 BTC, 35,102 BTC, 30,021 BTC, 24,300 BTC, 18,005 BTC, 15,389 BTC, 13,696 BTC, and 13,513 BTC, respectively.

However, the value of many of the cohort’s shares is down significantly from their summer 2025 peaks as their market cap-to-net asset value ratios sharply contracted, with Strategy itself down 72%, for example. Strategy’s mNAV currently sits at around 0.99, per Bitcoin Treasuries.

Strategy’s common stock fell 0.8% overall last week, dropping 2.9% on Friday to close at $129.50, according to The Block’s MSTR price page. Bitcoin fell 2.8% over the same period.

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