Strategy resumed common stock sales to fund Bitcoin buys, pushing holdings to 762,000 BTC despite a paper loss.
Strategy added to its Bitcoin pile again last week, though the pace was far slower than its previous buying spree. The company spent about $76.5 million on 1,031 Bitcoin between March 16 and March 22, according to a filing released Monday. Funding for the latest purchase came entirely from at-the-market sales of its Class A common stock. That return to common equity marks a quick shift after the company leaned on preferred shares just a week earlier.
Strategy Uses Dual Funding Routes to Power Ongoing Bitcoin Accumulation
Formerly known as MicroStrategy, Strategy has built its identity around aggressive Bitcoin accumulation. Each new purchase draws attention for its size and how it is financed. Recent moves show Michael Saylor adjusting between stock sales and preferred share offerings as market conditions change. Investors are watching closely because each option places pressure on a different group.
Strategy has acquired 1,031 BTC for ~$76.6 million at ~$74,326 per bitcoin. As of 3/22/2026, we hodl 762,099 $BTC acquired for ~$57.69 billion at ~$75,694 per bitcoin. $MSTR $STRChttps://t.co/goog7l1eaV
— Strategy (@Strategy) March 23, 2026
Monday’s filing showed that Strategy returned to its ATM program, which lets it sell shares gradually into the market. That structure gives the company a steady way to raise cash without launching a single large offering. It also offers room to respond to shifts in demand and share price. For Strategy, it remains one of the simplest paths to keep buying Bitcoin.
A week earlier, the company chose another route. Strategy raised about $1.2 billion through its “Stretch” perpetual preferred shares and used most of that money to fund its biggest Bitcoin purchase since January. Preferred shares spared common shareholders from direct dilution. Still, they added a fixed obligation that comes at a high cost.
That funding choice matters because each method carries its own significance. Common stock sales dilute existing shareholders by reducing their ownership stake. Preferred shares avoid that problem, yet they function much like expensive borrowing. In this case, the cost is tied to an effective rate near 11.5%, which looks even riskier when used to buy an asset trading below the firm’s average cost.
Saylor’s Massive Bitcoin Bet Faces Pressure as Price Stays Below Cost Basis
Strategy now holds more than 762,000 BTC, valued at roughly $57.7 billion. Its average purchase price sits near $75,700 per coin, above Bitcoin’s recent market level near $70,000. At a price of $70,292.40 as of March 23, the company was carrying an unrealized loss of about $4.1 billion.
Even with that paper loss, Saylor has shown no sign of slowing down. Strategy remains one of the most aggressive public bets on Bitcoin, and its stock often trades like a magnified version of the asset itself. Shares were up about 5% this month and were trading near $135.91 at press time, slightly higher on the day.
Broader crypto markets also moved higher on March 23 after President Donald Trump delayed planned attacks on Iran’s power plants for five days. That decision eased some geopolitical fears. Bitcoin briefly rose above $71,000 before settling back near $70,000 after Iran responded.
