Strategy Buys 3,015 Bitcoin for 204 Million in 101st Buy

Strategy has added 3,015 Bitcoin worth about $204.1 million, lifting its already massive treasury to 720,737 BTC.

Key Takeaways

• Strategy bought 3,015 BTC for about $204.1 million at an average price of $67,700 per coin.
• The purchase pushed total holdings to 720,737 BTC, acquired for about $54.8 billion at an average price near $75,985.
• The company funded the buy through at the money sales of common stock and preferred stock, including its STRC instrument.
• Strategy also announced a dividend increase on STRC to 11.50% for March 2026, signaling continued reliance on preferred stock to fund Bitcoin buys.

What Happened?

Strategy disclosed in a US SEC filing that it purchased 3,015 BTC between Feb. 23 and March 1 for roughly $204.1 million. The company paid an average price of $67,700 per Bitcoin, bringing its total holdings above 720,000 BTC.

The Latest Bitcoin Buy and What It Cost?

Strategy, led by co founder and executive chairman Michael Saylor, remains the world’s largest publicly traded corporate holder of Bitcoin. The company’s new acquisition raised its stash to 720,737 BTC, a position valued at roughly $47.5 billion based on prices referenced in the reports.

The company said its Bitcoin stack was acquired for a total cost of about $54.8 billion, including fees and expenses, which works out to an average price of about $75,985 per coin.

That gap matters because it implies Strategy is still sitting on sizable unrealized losses at current market prices mentioned across the stories. Measured against Bitcoin’s 21 million supply cap, the company now controls just over 3.4% of the total eventual supply.

How Strategy Funded the Purchase?

Strategy said the latest buys were funded largely through proceeds raised from selling stock.

The company sold 1,730,563 shares of its Class A common stock MSTR for about $229.9 million. As of March 1, Strategy said $7.6 billion of MSTR shares remained available for issuance and sale under that at the money program.

It also raised about $7.1 million through sales of its Variable Rate Series A Perpetual Stretch Preferred Stock, STRC, according to the same filing.

Beyond STRC, Strategy has multiple preferred stock programs tied to its Bitcoin buying playbook, including STRK, STRF, and STRD, each with its own structure and risk profile.

Here is how the company’s preferred instruments were described across the reports:

• STRD is non convertible with a 10% non cumulative dividend, positioned as the highest risk reward option.
• STRK is convertible with an 8% non cumulative dividend, offering potential equity upside.
• STRF is non convertible with a 10% cumulative dividend, described as the more conservative option.
• STRC is a variable rate, cumulative preferred stock with monthly dividends, designed with adjustable rates intended to keep the price near par.

These programs also sit alongside Strategy’s longer term capital plan known as 42 42, which targets $84 billion in capital raised through equity offerings and convertible notes to fund Bitcoin acquisitions through 2027.

STRC Dividend Increase and Growing Institutional Interest

Saylor also disclosed that Strategy is raising the dividend on STRC, also known as Stretch, to 11.50% for March 2026, up from 11.25% previously.

Analysts have been watching STRC closely as a financing tool. Benchmark analysts recently reiterated a buy rating on Strategy and described STRC as the primary engine supporting the company’s Bitcoin accumulation, arguing it could help accelerate Bitcoin per share growth.

STRC also appears to be gaining traction beyond Strategy itself. Anchorage Digital disclosed that it holds STRC on its balance sheet, though it did not share the size of its position. Anchorage CEO Nathan McCauley framed it as a meaningful alignment signal between Bitcoin infrastructure providers and the Bitcoin treasury model, saying:

Market Context and Bitcoin Treasury Trends

Market action during the week was mixed. Strategy shares rose from around $125 earlier in the week to nearly $130 by Friday in one report, while another noted MSTR ended Friday at $129.50 after a decline late in the week.

Image Credit – CoinGecko.com

Bitcoin’s price action was also choppy, briefly moving above $69,000 midweek before dipping under $64,000 and later stabilizing around the mid $65,000 range.

Meanwhile, data cited from Bitcoin Treasuries suggests 193 public companies now hold Bitcoin in some form. Still, the broader group has seen pressure, with reports pointing to sharp contractions in market cap to net asset value ratios from peaks seen in summer 2025.

CoinLaw’s Takeaway

I see Strategy doing what it always does, turning volatility into an excuse to buy more. In my experience, most companies freeze when prices look ugly, but Saylor keeps treating dips as inventory restocks. What stands out to me this time is the funding mix. The growing focus on preferred stock like STRC, paired with dividend tweaks, looks like a deliberate attempt to keep the Bitcoin machine running without relying only on common equity.

I found the bigger signal is not just the extra 3,015 BTC. It is the confidence to keep building a treasury strategy even while sitting below its average cost basis. Whether people love or hate the approach, Strategy is making it clear it plans to stay the loudest corporate Bitcoin bet in the market.

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