Strategy bought 22,337 Bitcoin last week for approximately $1.57 billion at an average price of $70,194 per coin, the company disclosed on March 16. The purchase brings its total holdings to 761,068 BTC, acquired at a cumulative cost of $57.61 billion. That is 3.62% of all Bitcoin that will ever exist.
As of March 16, 2026, Bitcoin trades at $73,514, up 2.5% in 24 hours. Strategy's average cost basis across all purchases sits at $75,696, meaning the company is underwater by roughly $2,180 per coin, or about $1.66 billion in total unrealized losses.
Buying Below Cost Basis, Again
This marks the fifth-largest weekly Bitcoin purchase in Strategy's history. The $70,194 average price paid last week sits $5,502 below the company's blended cost basis, which means every large buy at current levels pulls the average down. Before this purchase, Strategy's cost basis was higher. After it, the gap between what they paid overall and what Bitcoin trades at has narrowed.
The math is simple: if Bitcoin climbs back above $75,696, every single coin Strategy holds turns profitable. Last week's buy at $70,194 accelerates that breakeven by pulling the weighted average lower. Strategy has been executing this playbook for years, buying BTC regardless of whether the position is above or below water, treating temporary drawdowns as entry opportunities.
How They Paid for It
Strategy funded the $1.57 billion purchase through two channels: $1.1 billion in sales of STRC, its preferred stock instrument, and $396 million in common stock (MSTR) sales. No debt was involved.
The STRC preferred stock has become Strategy's primary capital engine. Rather than issuing convertible notes, which carry fixed interest obligations and maturity dates, preferred stock gives the company more flexibility. STRC holders receive dividends but have no claim on the Bitcoin itself. For Strategy, this means it can raise capital without creating hard repayment deadlines that could force liquidation during a downturn.
MSTR shares rose 4% in pre-market trading following the announcement.
3.6% of All Bitcoin
At 761,068 BTC, Strategy controls more Bitcoin than the estimated holdings of any single nation-state. For context, the U.S. government holds approximately 200,000 BTC from law enforcement seizures. El Salvador, the first country to adopt Bitcoin as legal tender, holds around 6,100 BTC.
The 21 million hard cap on Bitcoin supply means Strategy's 761,068 coins represent a permanent claim on 3.62% of the network. In practice, with an estimated 3-4 million BTC lost forever (early mining wallets, forgotten keys, burned coins), Strategy's share of the circulating, accessible supply is closer to 4.4%.
No public company, sovereign wealth fund, or ETF issuer comes close. BlackRock's iShares Bitcoin Trust (IBIT), the largest spot Bitcoin ETF, held approximately 575,000 BTC as of early March 2026.
The Unrealized Loss in Context
Strategy's $1.66 billion unrealized loss sounds alarming in isolation. In context, it is a 2.9% drawdown on a $57.6 billion position. The company has been through far worse. In late 2022, when Bitcoin traded below $17,000, Strategy's unrealized loss exceeded $1 billion on a much smaller position. It did not sell.
The company's thesis has not changed since Michael Saylor first bought Bitcoin in August 2020: Bitcoin is a superior store of value, fiat currency loses purchasing power over time, and Strategy can use its public equity structure to accumulate BTC more efficiently than any other vehicle. Whether that thesis proves correct over the next decade is an open question. What is not in question is that Saylor has committed to it with $57.6 billion.
The Market Backdrop
Bitcoin's 2.5% gain on March 16 comes during a broader recovery week. ETH is up 7.5% to $2,276, SOL gained 6% to $93.58, and the Fear & Greed Index sits at 41 (Neutral), as of March 16, 2026. Short sellers have taken losses: $308 million in short positions were liquidated in the past 24 hours.
The recovery follows weeks of selling pressure that pushed BTC from its January highs above $100,000 to sub-$70,000 levels. Strategy's decision to buy 22,337 BTC at $70,194 average during this drawdown is consistent with its historical pattern of increasing purchases when prices drop.
Overview
Strategy purchased 22,337 BTC for $1.57 billion at a $70,194 average, funded by $1.1 billion in preferred stock and $396 million in common stock sales. Total holdings now stand at 761,068 BTC ($57.61 billion cost basis, $75,696 average). The company sits on roughly $1.66 billion in unrealized losses at current prices, a 2.9% drawdown. Strategy now controls 3.62% of Bitcoin's maximum supply, more than any nation-state or ETF issuer.
