The publicly traded company Strategy has executed its one-hundred-and-first Bitcoin purchase since initiating its accumulation strategy, adding to its holdings in the first week of March. This persistent buying stands in stark contrast to the performance of its Class A shares, which fell over 4% last Friday and continue to trade approximately 70% below their annual peak. The sustainability of its leveraged Bitcoin treasury model remains a pivotal question for investors.
A $204 Million Purchase and a Unique Treasury
According to a recent SEC filing, Strategy acquired 3,015 BTC between February 23 and March 1, 2026, spending roughly $204.1 million. The average purchase price settled near $67,700 per coin, a figure notably below the firm’s long-term average cost of just under $76,000.
The transaction was primarily funded through the issuance of 1.73 million Class A common shares, which generated net proceeds of about $229.9 million. A minor portion of the capital was raised through the sale of “Stretch” preferred shares, which were sold at a discount to their par value.
Following this latest acquisition, Strategy’s corporate treasury now safeguards 720,737 BTC. With a current market value of approximately $54.77 billion, this hoard represents over 3.4% of Bitcoin’s total fixed supply of 21 million coins. No other listed company globally holds a comparable Bitcoin reserve.
Dividend Hike and Capital Strategy in Focus
The company announced its seventh increase to the dividend on its STRC preferred shares, raising the annual rate from 11.25% to 11.50%, effective March 2026. Trading volume for STRC reached $198.7 million on March 4, significantly exceeding its 30-day average. Market observers interpret this activity as a strong indicator that Strategy may have purchased around 1,000 BTC that day, which would mark its largest single-day acquisition since the preferred shares were introduced.
Should investors sell immediately? Or is it worth buying Strategy?
Strategy continues to pursue its “42/42” capital strategy, aiming to raise a total of $84 billion through equal parts equity and fixed-income securities. Approximately $7.6 billion in common shares remain available for issuance under this plan.
Accounting Rules Drive Reported Loss
For the fourth quarter of 2025, Strategy posted revenue of $123 million, slightly ahead of expectations. However, headlines focused on a reported net loss of $12.4 billion. This loss is almost entirely attributable to new fair-value accounting standards, which require unrealized gains and losses on the company’s Bitcoin holdings to flow directly through the income statement. No equivalent cash loss occurred.
For the full year 2025, the company reported a Bitcoin return of 22.8%. This metric is crucial as it indicates that, despite significant share dilution, the amount of Bitcoin per share actually increased.
The Bitcoin Price Dictates the Future
Strategy increasingly operates not as a software firm but as a leveraged Bitcoin investment vehicle. Its share price, market capitalization, and reported earnings now fluctuate nearly in lockstep with the price of Bitcoin. In 2026 alone, the company has bought $4.33 billion worth of Bitcoin, continuing its accumulation regardless of market conditions.
A decision by index provider MSCI to keep Strategy in its major indexes in early 2026, despite some criticism, averted forced selling by passive funds estimated at $2 billion. However, the potential for a future reclassification remains. Should Strategy be categorized as an investment company, it could trigger significant additional capital outflows. The firm’s fate is now inextricably linked to the trajectory of the digital asset it is aggressively accumulating.
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