Michael Saylor's Strategy disclosed on March 9, 2026 that it acquired 17,994 BTC between March 2 and March 8 for approximately $1.28 billion, paying an average of $70,946 per coin, according to an SEC filing. That purchase price sits roughly 6.5 percent below Strategy's overall average cost basis of $75,862, meaning the firm is actively buying the dip on its own position. Bitcoin was trading just below $68,000 as of the filing.
738,731 BTC and a $6 Billion Paper Loss
Strategy now holds 738,731 BTC acquired for a cumulative $56.04 billion. At Bitcoin's current price near $68,000, that stack is worth approximately $50 billion, leaving the company with an unrealized loss of roughly $6 billion. The gap between what Saylor paid and what the market says the position is worth has been widening since Bitcoin pulled back from its highs earlier this year.
But the company's buying behavior tells a different story than the paper loss suggests. This was the 100th-plus individual purchase round, a milestone Saylor flagged on X with the phrase "the second century begins." The cadence has been relentless: Strategy has not gone more than two consecutive weeks without adding Bitcoin since it began its STRC preferred stock program.
The 738,731 BTC in Strategy's treasury represents more than 3.5 percent of Bitcoin's fixed 21 million supply, and Bitcoin is approaching the 20 million mined milestone this month, leaving fewer than 1 million coins for the next 114 years.
The Funding Machine Behind the Buying
Strategy financed last week's purchase with $900 million from at-the-market sales of its Class A common stock (MSTR) and $377 million from sales of its STRC perpetual preferred stock. The two-track funding mechanism has become the engine behind Saylor's accumulation strategy: sell equity into rallies, buy Bitcoin during pullbacks.
STRC, which began trading in early 2026, pays an 8 percent perpetual dividend and gives Strategy a second lever to raise capital without diluting common shareholders at unfavorable prices. The preferred stock has been well received, with $377 million in a single week suggesting steady institutional demand for a fixed-income product backed indirectly by a Bitcoin treasury.
The combined capital raised, $1.277 billion, almost exactly matches the BTC purchase total, indicating that Strategy is deploying proceeds nearly as fast as they come in. There is no cash pile accumulating on the sideline. Every dollar raised goes straight into Bitcoin.
Buying Below Cost Basis While Shorts Pile On
The $70,946 average price for this batch is notable because it is meaningfully below Strategy's $75,862 blended cost basis. In traditional corporate treasury management, buying below your own average is considered dollar-cost averaging down, a move that only makes sense if you believe the asset will recover above your entry.
Saylor has been consistent in that belief. But the market is not uniformly convinced. As of late February, Strategy was the most-shorted large-cap stock on Earth, with $4.85 billion in short interest. The short thesis is straightforward: if Bitcoin continues to decline, the equity used to finance purchases loses value, creating a reflexive spiral where falling BTC drags MSTR down, which makes future equity raises more dilutive, which pressures BTC further.
The bull thesis is the mirror image. If Bitcoin recovers, the below-cost-basis purchases become accretive, the unrealized loss flips to an unrealized gain, MSTR rallies, and the next equity raise is less dilutive. Both sides are betting on the same variable with opposite expectations.
MSTR shares were up 0.2 percent in pre-market trading on the day of the filing.
What 738,731 BTC Means for the Market
Strategy's position is now large enough to affect market dynamics in ways that go beyond a single company's balance sheet.
Supply absorption. At current mining rates, roughly 450 BTC are produced per day. Strategy's 17,994 BTC weekly purchase is equivalent to 40 days of new supply. If the firm maintains this pace, it absorbs nearly six weeks of mining output every single week, creating a structural supply deficit that the market must price in eventually.
Index weighting. MSTR is a component of the Nasdaq-100, meaning every passive investor with a QQQ position has indirect Bitcoin exposure through Strategy. The more BTC Strategy holds, the more every 401(k) and index fund becomes a fractional Bitcoin vehicle, whether the account holder realizes it or not.
Bankruptcy-remote leverage. Unlike a leveraged Bitcoin ETF or a margin position on an exchange, Strategy's BTC is held on-balance-sheet with no margin calls. The preferred stock pays a fixed dividend regardless of Bitcoin's price. The company can theoretically hold through any drawdown without being forced to sell, which removes a liquidation overhang that typically pressures leveraged crypto positions during bear markets.
The Macro Backdrop
Strategy's latest purchase comes during a turbulent week for risk assets. The February jobs report showed 92,000 positions lost with 161,000 more revised away from prior months, pushing unemployment to 4.4 percent. Oil futures gapped to $110 on the Sunday open amid Middle East tensions, and Bitcoin briefly dipped below $66,000 before recovering.
In that context, Saylor's decision to deploy $1.28 billion into Bitcoin during a week of macro uncertainty and geopolitical risk is a directional bet not just on Bitcoin, but on the idea that monetary conditions will eventually loosen enough to push risk assets higher. The weakening labor market data makes rate cuts more likely. Oil-driven inflation makes them harder to justify. Strategy is betting the Fed blinks before Bitcoin breaks.
Meanwhile, Bitcoin ETFs snapped a five-week outflow streak in late February with $507 million in single-day inflows, suggesting that institutional sentiment may be turning even as prices remain well below all-time highs.
Where This Goes From Here
Strategy has now spent $56 billion accumulating Bitcoin. The company's software business generates roughly $500 million in annual revenue, a rounding error compared to the treasury position. For all practical purposes, MSTR is a leveraged Bitcoin holding company that happens to have a legacy analytics product.
The question is whether Saylor can keep raising capital at this pace. STRC's 8 percent perpetual dividend costs approximately $30 million annually per $377 million raised. If the company continues issuing preferred stock at this rate, the dividend obligations will compound quickly. At some point, either Bitcoin must recover to make the position cash-flow positive through BTC yield, or the capital markets must continue absorbing new equity and preferred issuances without meaningful discount.
For now, the market is cooperating. STRC is finding buyers. MSTR equity raises are executing. And Saylor is buying Bitcoin below his own cost basis, which from a pure average-down perspective, improves the position with every purchase.
FAQ
How many Bitcoin does Strategy own now? Strategy holds 738,731 BTC as of March 9, 2026, acquired for a total of approximately $56.04 billion at an average price of $75,862 per Bitcoin.
Why is Strategy buying below its cost basis? The firm's average acquisition price is $75,862, but it purchased this latest batch at $70,946. Buying below cost basis is a dollar-cost averaging strategy that lowers the blended average and improves the breakeven point if Bitcoin eventually recovers.
How does Strategy fund its Bitcoin purchases? The company uses two primary mechanisms: at-the-market sales of its Class A common stock (MSTR) and sales of its STRC perpetual preferred stock, which pays an 8 percent annual dividend. Last week's purchase was funded with $900 million from MSTR and $377 million from STRC.
What percentage of all Bitcoin does Strategy control? Strategy's 738,731 BTC represents approximately 3.5 percent of Bitcoin's fixed 21 million supply cap and an even larger share of the roughly 19.8 million coins mined so far.
Overview
Strategy acquired 17,994 BTC for $1.28 billion at an average of $70,946 per coin, bringing total holdings to 738,731 BTC worth approximately $50 billion at current prices. The purchase was made below the company's $75,862 average cost basis, representing a deliberate decision to average down during a period of macro uncertainty and geopolitical tension. Funded through $900 million in MSTR stock sales and $377 million in STRC preferred stock, the firm continues to deploy capital nearly as fast as it raises it. With $4.85 billion in short interest riding against the position and an unrealized loss of roughly $6 billion, Strategy's conviction trade remains the largest single corporate bet on Bitcoin ever made, now entering its second century of purchases.
Recommended Reading
- Strategy Is Now the Most Shorted Large-Cap Stock on Earth, With $4.85 Billion Betting Against Saylor's 717,722 BTC
- Bitcoin Will Mine Its 20 Millionth Coin This Week, Leaving Just 1 Million BTC for the Next 114 Years
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