Michael Saylor’s Strategy, the world’s largest corporate holder of bitcoin, has once again made headlines with a series of bold moves that underscore its unwavering commitment to the digital asset—even as the market weathers a storm of volatility. Over the past week, the company executed its second-largest bitcoin purchase of 2026, acquiring 17,994 BTC for a staggering $1.28 billion at an average price of $70,946 per coin, according to filings and multiple industry reports. This brings Strategy’s total bitcoin holdings to an eye-watering 738,731 BTC, valued at over $56 billion, though the company is currently sitting on an unrealized loss of about $5.5 billion as bitcoin trades below its average acquisition cost.
The latest buying spree was powered by a record issuance of Strategy’s STRC perpetual preferred shares—an instrument introduced in July 2025 and now a central pillar of the firm’s funding strategy. On March 9, 2026, Strategy sold around 2.4 million STRC shares through its at-the-market (ATM) program, raising approximately $377 million in a single day. This marked the largest estimated daily issuance of STRC and the biggest one-day BTC purchase for the company, surpassing previous records, as noted by STRC.live and reported by several outlets. The STRC shares pay a variable monthly dividend, currently set at an annualized 11.5%, and are designed to keep their price close to a $100 par value. Since its launch, the company has issued $3.8 billion worth of STRC, and the dividend rate has been raised nine times, reinforcing its appeal to yield-seeking investors.
Strategy’s aggressive accumulation didn’t stop with preferred shares. The company also offered around $900 million in common stock, further fueling its bitcoin treasury. In fact, common stock sales generated nearly $900 million in proceeds for the recent round of purchases, according to SEC filings. The company’s approach relies on a mix of funding sources—STRC, other preferred share offerings like Stride (STRD), Strife (STRF), Strike (STRK), and its own common shares (MSTR)—to keep the bitcoin buying engine running, even as the market’s appetite for risk ebbs and flows.
Notably, Strategy amended its ATM share sales program rules on March 9, 2026, allowing a second agent to sell securities before the U.S. market opens and after it closes. Previously, such sales were limited to one agent per trading day. This tweak is more than a footnote—it’s a strategic move designed to accelerate capital raising, giving the company greater flexibility and speed in seizing market opportunities for bitcoin purchases. As market observer Ragnar put it, “A lot more capital will be raised, and a lot more Bitcoin will be purchased.”
The timing of these maneuvers is particularly striking. Bitcoin’s price has tumbled more than 45% from its October 2025 high of about $126,000 to roughly $69,000 in early March 2026, compressing market-to-NAV (net asset value) premiums and stalling the equity-driven BTC accumulation that had previously fueled the sector. As a result, Strategy’s shares now trade around 1.2 times modified NAV—well below the 3.4x peak seen in 2024—presenting what some analysts view as an attractive entry point. According to B. Riley analyst Fedor Shabalin, “Preferred-share financing and diversified business lines could drive the next phase of growth.”
The investment bank B. Riley recently initiated coverage of both Strategy (MSTR) and its rival Strive (ASST) with buy ratings, setting price targets of $175 and $12, respectively. B. Riley’s report highlights how the sector’s recent slump has reset valuations but also opened the door for new digital credit financing models. The report also notes that preferred securities like STRC, with yields exceeding many traditional income alternatives, could attract yield-focused investors eager for higher payouts in a low-interest-rate environment.
Strategy’s approach has drawn both admiration and skepticism. On one hand, the company’s relentless accumulation of bitcoin—regardless of market swings—has made it a bellwether for corporate crypto treasuries. On the other, the fact that bitcoin is trading below Strategy’s average purchase price has raised questions about the long-term viability of its high-conviction strategy. As reported by Investors Business Daily, “With bitcoin now trading below Strategy’s average purchase price, questions have emerged about long-term viability.” Yet, the company and its leadership remain undeterred.
Michael Saylor, Strategy’s co-founder and executive chairman, has been characteristically vocal about his vision. Marking the company’s 101st bitcoin purchase, Saylor declared on social media, “The second century begins.” He’s also dismissed speculation that Strategy might be forced to sell bitcoin amid market declines. In a recent interview with CNBC, Saylor stated, “We’re not going to be selling. We’re going to be buying Bitcoin. I expect we’ll be buying Bitcoin every quarter, forever.” He further brushed aside rumors of a potential sell-off as “an unfounded concern.”
Saylor’s conviction is rooted in a broader philosophy about the role of bitcoin in an increasingly uncertain global financial system. Responding to Ray Dalio’s warnings about the breakdown of the post-1945 world order, Saylor argued, “If you believe the world order is breaking down, own the asset with no counterparty. Bitcoin.” He believes that decentralized money like bitcoin can serve as a hedge against currency debasement, sovereign debt expansion, and capital controls, especially as traditional financial assets are exposed to counterparty risk—meaning their value depends on the solvency and trustworthiness of banks or governments. Saylor contends that this dependency becomes a serious issue during systemic crises.
Despite the volatility and the company’s unrealized losses, investor interest in STRC and Strategy’s other funding vehicles remains robust. The updated sales structure for STRC, allowing for more efficient issuance during premarket and after-hours trading, is expected to further accelerate capital raises tied to bitcoin purchases. Last week’s STRC proceeds were initially expected to fund a weekly purchase of about 4,300 BTC (roughly $303 million), but actual purchases exceeded those expectations, underlining the company’s ability to move quickly when opportunities arise.
Strategy isn’t alone in this space. Other treasury-style buyers are emerging as well. Bitmine, chaired by Tom Lee, recently bought $120 million worth of ether, bringing its ETH holdings to roughly $9 billion, with about $6 billion already staked. Strive, another player in the corporate crypto treasury field, combines a bitcoin treasury of about 13,100 BTC with an asset-management business overseeing $2.5 billion, offering a preferred share yield of about 12.5% and maintaining low leverage—a model that has caught the attention of analysts and investors alike.
In the end, Strategy’s latest moves reflect both the risks and rewards of pioneering a new model for corporate treasury management in the digital age. As the company continues to buy bitcoin quarter after quarter, its actions are closely watched by investors, analysts, and competitors. Whether this bold strategy will pay off in the long run remains to be seen, but one thing’s for sure: Michael Saylor and Strategy are all in, come rain or shine.