While the broader corporate world shows diminishing appetite for cryptocurrency acquisition, one firm has emerged as the overwhelmingly dominant buyer. In March 2026, a staggering 94% of all Bitcoin purchased by publicly traded companies was attributable to a single entity: Strategy. This remarkable concentration of buying power, however, stands in stark contrast to the performance of its equity, which has now declined for nine consecutive months.
Equity Performance Lags Behind Crypto Accumulation
The share price tells a story of sustained pressure. Since reaching its all-time peak of $473.83 in November 2024, Strategy’s stock has shed approximately 60% of its value. It currently trades around €104.60, a level that sits significantly below its 200-day moving average. This downward trend persists despite the company’s aggressive and unparalleled expansion of its Bitcoin treasury.
Financing a Massive Bitcoin Haul
Strategy’s acquisitions in March were funded through capital market activities. The company secured a total of $1.18 billion from its STRC at-the-market (ATM) offering program and an additional $396 million from MSTR ATM sales. This capital was deployed to purchase 44,377 Bitcoin during the month.
A single week accounted for half of that total, with the firm buying 22,305 BTC in what ranks among its largest weekly acquisitions ever. These purchases have ballooned Strategy’s total holdings to 762,099 Bitcoin, acquired at an average price of $75,699 per coin. This hoard represents over 2.8% of the entire global Bitcoin supply, a holding unmatched by any other corporate entity.
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A Isolated Corporate Strategy
The scale of Strategy’s activity highlights a lack of participation from other firms. The rest of the corporate landscape combined bought only about 3,000 BTC in March. Notably, other players like MARA Holdings and Exodus Movement actually reduced their cryptocurrency positions during the period, further underscoring Strategy’s outlier status.
Analyst Views and Accounting Shifts
Market experts currently maintain a consensus rating of “Moderate Buy” on Strategy shares. Price targets among analysts display a wide range, from $175 to $705, with a median target of $322.50.
A recent change in accounting standards may provide greater clarity on the company’s financial standing. New FASB rules now permit Strategy to report its digital asset holdings at fair market value, enhancing balance sheet transparency. The critical question for investors is whether the significant gap between the value of the Bitcoin treasury and the company’s market capitalization will close. The answer hinges largely on the future trajectory of Bitcoin’s price and investors’ continued tolerance for the share dilution resulting from Strategy’s ongoing capital-raising initiatives.
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