Strategy Buys 22,337 BTC for $1.6B on STRC Push

Michael Saylor's Strategy executed another Strategy bitcoin purchase last week — 22,337 BTC for roughly $1.57 billion, acquired between March 9 and March 15 at an average price of $70,194 per coin, according to an 8-K filing submitted to the Securities and Exchange Commission on Monday. The company's fifth-largest acquisition set on record, it pushes total holdings to 761,068 BTC — more than 3.5% of the entire Bitcoin supply.

How Is Strategy Funding These Bitcoin Buys?

STRC preferred stock is doing the heavy lifting

The $1.57 billion deal was financed through two channels: at-the-market sales of its Class A common stock (MSTR) and its perpetual Stretch preferred stock, STRC preferred stock. Last week alone, Strategy sold 2,833,668 MSTR shares generating approximately $396 million, while 11,818,467 STRC shares brought in roughly $1.18 billion.

As of March 15, Strategy still has $6.3 billion worth of MSTR shares available under its ATM program, along with $1.96 billion in remaining STRC capacity. That's a lot of runway — and Saylor clearly intends to use every bit of it.

The STRC instrument — a variable-rate, cumulative preferred stock with monthly dividends and rates designed to keep it near par — has quietly become the dominant engine of Strategy's weekly bitcoin accumulation. Tracker platform STRC.live estimated the stock generated a record 10,767 BTC in acquisitions last week, including 4,113 BTC on Thursday alone, which is 281% above the prior four-week average.

Stretch the orange dots.

The $84 Billion Machine Behind the Purchases

Saylor's Sunday hint — 'stretch the orange dots' — referred to his firm's bitcoin acquisition tracker and telegraphed the scale of what STRC had contributed before the official filing dropped. Classic Saylor.

Strategy's preferred stock lineup now spans four instruments, each with distinct risk profiles. Strategy bitcoin purchase activity is backed by $21 billion in STRK capacity (convertible, 8% non-cumulative dividend), $4.2 billion in STRC, $2.1 billion in STRF (non-convertible, 10% cumulative dividend), and $4.2 billion in STRD (non-convertible, 10% non-cumulative, highest risk-reward). All four ATM programs sit on top of the existing '42/42' plan — a framework targeting $84 billion total capital raised through equity offerings and convertible notes by 2027, earmarked entirely for bitcoin.

Benchmark equity analyst Mark Palmer described STRC in a recent research note as the 'backbone of an ecosystem of yield-backed stablecoin protocols,' framing the instrument as something much bigger than a funding vehicle — essentially a piece of emerging financial infrastructure. Saylor has added that STRC is now the most liquid preferred stock on the market. Bold claims, but the data from STRC.live is hard to argue with.

761,068 BTC — What the Numbers Actually Mean

At prevailing market levels, Strategy's 761,068 BTC stash is worth around $56 billion — but the firm paid an average of $75,696 per coin across all its buys, putting total cost at approximately $57.6 billion including fees. That's roughly $1.6 billion in unrealized losses at current prices, a detail that tends to get buried under the headline acquisition numbers.

Strategy's mNAV — market cap relative to net asset value — currently sits around 0.98, per Bitcoin Treasuries data. For context, the stock itself closed at $139.67 last Friday, up 1.7% that day and 3.5% over the full week. Bitcoin gained around 8% over the same period, which means MSTR underperformed the underlying asset it holds.

That's the tension you don't often hear Saylor talk about. The 194 public companies that have now adopted some bitcoin acquisition model are watching Strategy's mNAV compression carefully — many of their own share prices are down sharply from summer 2025 highs as their market-cap-to-NAV ratios collapsed. MARA holds 53,822 BTC, Metaplanet 35,102 BTC, and Twenty One — the Tether-backed entrant — sits at 43,514 BTC. Strategy's lead is commanding. Whether the capital structure that sustains it holds up at these prices is the question nobody in the press release wants answered.