During the week of March 9–15, 2026, Strategy (formerly MicroStrategy) executed its largest single-week Bitcoin acquisition of the year, purchasing 22,337 BTC for a total of approximately 1.57 billion dollars. This massive buy-side activity was primarily financed through the sale of 1.18 billion dollars in STRC perpetual preferred stock, a high-yield instrument that has become the backbone of the company’s “42/42” capital-raising initiative. The remaining 396 million dollars were raised through the issuance of 2.8 million Class A common shares. With this latest purchase, Strategy’s total treasury has swelled to 761,068 BTC, representing more than 3.4% of the ultimate 21-million-coin supply. Executive Chairman Michael Saylor noted that the company’s average purchase price for this week was 70,194 dollars per coin, slightly below the market’s volume-weighted average for the period. This relentless accumulation strategy is part of a broader mission to hold one million Bitcoin by the end of 2026, a goal that would require the firm to acquire roughly 5,700 BTC per week for the remainder of the year.
Leveraging the STRC Preferred Equity Program for Continuous Capital Inflow
The successful funding of this record-breaking purchase highlights the growing dominance of the STRC preferred stock as a liquidity engine for the 2026 corporate treasury. Launched in July 2025, STRC carries an annual dividend of 11.5% and has quickly become one of the most liquid preferred equity instruments on the Nasdaq. By utilizing “at-the-market” programs for its various preferred share classes, Strategy is able to raise hundreds of millions of dollars in a single trading session with minimal impact on its core MSTR stock price. On March 12 alone, the firm raised enough capital via STRC to acquire over 4,000 BTC, marking the largest single-day purchase tied to the instrument since its inception. However, this aggressive leveraging comes with significant obligations; the annualized dividend burden associated with the STRC program now exceeds 1 billion dollars. Strategy’s ability to service this debt while continuing its multi-billion-dollar buying spree is currently supported by a 2.25 billion dollar cash reserve, providing a “liquidity buffer” as the company waits for the next major leg up in the Bitcoin price cycle.
Navigating Unrealized Losses and the Path Toward One Million Bitcoin
Despite the scale of the recent acquisition, Strategy’s 2026 performance remains a subject of intense debate among institutional analysts. As of March 15, the firm sits on an estimated 1.7 billion dollars in unrealized losses, with its total purchase cost of 57.6 billion dollars exceeding the market value of its 761,068 BTC. This “discount” story has led to significant volatility in MSTR shares, which are down over 50% from their six-month highs even as Bitcoin remains near the 74,000-dollar mark. Critics argue that the company’s heavy reliance on high-dividend preferred equity creates a “negative carry” that could become unsustainable if Bitcoin enters a prolonged bear market. Conversely, supporters point to the firm’s successful “navigating of the DeMark bottom” and its ability to absorb massive amounts of supply without crashing the spot price as evidence of its superior execution capabilities. For the 2026 market, Strategy’s move to nearly 762,000 BTC is the ultimate test of the “treasury-as-a-service” model. If the company reaches its one-million-coin target, it will effectively become a “de facto” Bitcoin index, tethered inextricably to the long-term success of the decentralized network.
