Strategy Inc., led by Michael Saylor, ramped up its Bitcoin acquisitions with a purchase of nearly $1.3 billion—its largest in seven weeks. The company once again relied heavily on its common stock to fund the buy, despite previous commitments to shift toward perpetual preferred shares.
According to a Monday regulatory filing, the firm, previously called MicroStrategy, acquired 17,994 Bitcoin between March 2 and March 8. Approximately $900 million for the purchase was raised through sales of Class A common stock. The remaining $377 million, constituting about 30% of the total, was generated from at-the-market sales of its “Stretch” preferred shares, which were sold below their face value.
This represents a faster pace than the prior week, when only 3% of funding came from Stretch shares, even though management had earlier indicated a preference for this method. However, this change does not constitute a fundamental overhaul of the company’s financing approach.
“While Strategy has been boosting demand for STRC by highlighting its function as a high-yield money market alternative, that initiative is still in its infancy,” stated Mark Palmer, an analyst at Benchmark who has a buy rating on the company. “We anticipate STRC will become Strategy’s main funding source as demand grows.”
Benchmark belongs to a syndicate of agents approved to market Strategy’s common and preferred shares to investors.
To pay for its last seven weekly Bitcoin purchases, the company has sold roughly $1.7 billion in common stock and about $470 million in perpetual preferred shares. Ongoing common stock issuance reduces the value of current shareholders’ stakes.
The perpetual preferred shares, first sold by Strategy in 2025, offer Saylor a method to continue purchases without further diluting common stockholders. The company offers an 11.5% annual yield, adjusted monthly and increased multiple times since inception, to draw capital for buying an asset now trading below its average cost. For this model to work, Bitcoin’s price must rise more quickly than the compounding cost of Strategy’s funding obligations. The firm holds a cash reserve of approximately $2.25 billion.
The average price paid in the latest buy was nearly $76,000 per Bitcoin—above the cryptocurrency’s trading price of around $69,000 on Monday. The company’s cumulative average purchase price is approximately $71,000. Nevertheless, the stability of Stretch shares could appeal to investors following a period of high Bitcoin volatility in late 2025, which featured a steep decline that impacted balance sheets with significant crypto exposure.
Bitcoin has continued to exhibit sharp price swings this year. It climbed above $73,000 last week before retreating. These fluctuations occur as global markets endure ongoing pressure related to the conflict in Iran. Strategy’s common stock—often viewed as a proxy for Bitcoin and typically correlated with its movements—has declined roughly 55% over the last twelve months.