The race for the title of the world’s largest corporate Bitcoin holder is heating up, with Strategy closing in on the current leader, BlackRock’s iShares Bitcoin Trust (IBIT). The gap has narrowed to approximately 40,000 BTC, a significant reduction achieved in recent weeks.
Sustained Accumulation Drives Progress
Strategy’s relentless acquisition strategy continues unabated. In the week spanning March 9 to 15, 2026, the company added 22,337 Bitcoin to its treasury at an average price of $70,194 per coin. This marked its twelfth consecutive weekly purchase and ranks as the fifth-largest single acquisition in the firm’s history. Total holdings now stand at 761,068 BTC, acquired for a cumulative expenditure of roughly $57.6 billion. The average cost basis for this massive position is approximately $75,696 per Bitcoin.
The pace has been particularly brisk this year. Strategy purchased 40,332 BTC in just the first two weeks of March, realizing a 3.0 percent return on those specific acquisitions. Since the beginning of the year, total net purchases amount to 88,568 BTC.
A Shift in Funding Mechanics
A notable development in the latest purchasing round was the funding source. For the first time, the majority of capital did not originate from the sale of common MSTR stock. Instead, the preferred share series STRC provided $1.18 billion, overshadowing the $396 million generated from common equity sales.
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The STRC preferred shares carry a variable monthly dividend, currently set at 11.50 percent on their $100 par value. This structure is designed to anchor the share price close to its $100 par value. As Strategy’s Bitcoin hoard expands, so does its financial commitment; annual dividend obligations from this instrument now exceed $1 billion. This growing cost factor escalates with each subsequent Bitcoin purchase.
Share Performance and the Road Ahead
News of the acquisition provided a pre-market boost of around 4 percent to the company’s share price. However, trading near €130.85, the equity remains substantially below its 52-week high. Strategy’s shares have been disproportionately affected by Bitcoin’s price decline since its peak last October.
An ambitious internal target looms: accumulating one million Bitcoin by the end of 2026. To hit this goal, the company would need to purchase an average of about 6,158 BTC weekly over the remaining 42 weeks of the year—a rate that surpasses its current tempo. Overtaking BlackRock’s IBIT in the coming weeks would represent a historic shift in institutional Bitcoin ownership. For shareholders, the persistent risk of dilution from continued capital raises remains a key consideration, one that intensifies with every additional Bitcoin bought.
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