Bitcoin treasury company Strategy (MSTR) acquired an additional 1,031 BTC for approximately $76.6 million at an average price of $74,326 per bitcoin between March 16 and March 22, according to an 8-K filing with the Securities and Exchange Commission on Monday.
Strategy now holds a total of 762,099 BTC — worth around $53.1 billion — bought at an average price of $75,694 per bitcoin for a total cost of around $57.7 billion, including fees and expenses, according to the company’s co-founder and executive chairman, Michael Saylor.
In supply terms, that’s over 3.5% of Bitcoin’s hard cap of 21 million coins and a position that now carries approximately $4.6 billion in mark-to-market losses.
The latest acquisitions were made using proceeds from at-the-market sales of its Class A common stock, MSTR. Last week, Strategy sold 509,111 MSTR shares for approximately $76.5 million. As of March 22, $6.24 billion worth of MSTR shares remain available for issuance and sale under that program, the firm said. No shares of its perpetual preferred stocks were sold last week.
‘The Orange March Continues’
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 Orange March Continues” — with the firm having already bought 43,346 BTC for around $3.05 billion this month.
STRC has increasingly been used as a driver of Strategy’s bitcoin acquisitions alongside its MSTR ATM in recent months. However, STRC activity was muted last week following the distribution of its latest monthly dividend and a price attempting to recover toward par.
On Wednesday, analysts at K33 said Strategy’s recent STRC-fueled bitcoin buying spree is helping to drive demand but introduces sentiment-sensitive structural risks.
Head of Research Vetle Lunde highlighted that while the preferred stock structure has enabled significant capital raising and large-scale BTC accumulation, it relies heavily on favorable market conditions, including STRC trading near its $100 target and Strategy’s equity maintaining a premium to net asset value.
Lunde cautioned that these dependencies could weaken in a downturn, potentially shifting STRC from a perceived stable yield product toward a more credit-like risk profile. Although Strategy’s strong cash position helps mitigate near-term concerns, the analysts emphasized that the structure adds complexity and sentiment-driven fragility compared to direct bitcoin exposure.
According to Bitcoin Treasuries data, 195 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 Strive 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 13,628 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 70%, for example. Strategy’s mNAV currently sits at around 0.93, per Bitcoin Treasuries.
Strategy’s stock fell 5.7% overall last week, dropping 1.9% on Friday to close at $135.66, according to The Block’s MSTR price page. Bitcoin (BTC) declined around 6.9% over the same period.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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