Bitcoin treasury company Strategy (MSTR) acquired an additional 22,337 BTC for approximately $1.57 billion at an average price of $70,194 per bitcoin between March 9 and March 15, according to an 8-K filing with the Securities and Exchange Commission on Monday — its fifth-largest set of acquisitions to date.

Strategy now holds a total of 761,068 BTC — worth around $56 billion — bought at an average price of $75,696 per bitcoin for a total cost of around $57.6 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor.

The holdings represent over 3.5% of Bitcoin’s finite supply, equating to roughly $1.6 billion in unrealized losses at prevailing market levels. 

The latest acquisitions were made using proceeds from at-the-market sales of its Class A common stock, MSTR, and perpetual Stretch preferred stock, STRC. Last week, Strategy sold 2,833,668 MSTR shares for approximately $396 million. As of March 15, $6.3 billion worth of MSTR shares remain available for issuance and sale under that program, the firm said. Strategy also sold 11,818,467 STRC shares for approximately $1.18 billion, with $1.96 billion worth of STRC shares remaining.

Strategy's STRK, STRC, STRF, and STRD perpetual preferred stock's respective $21 billion, $4.2 billion, $2.1 billion, and $4.2 billion ATM programs are in addition to the firm's "42/42" plan, which targets a total capital raise of $84 billion in equity offerings and convertible notes for bitcoin acquisitions through 2027.

STRD is non‑convertible with a 10% non‑cumulative dividend and the highest risk‑reward profile. STRK is convertible with an 8% non‑cumulative dividend, allowing equity upside. STRF is non-convertible with a 10% cumulative dividend, making it the most conservative option. STRC is a variable‑rate, cumulative preferred stock offering monthly dividends, with adjustable rates designed to keep it near par.

'Stretch the orange dots'

Saylor gave his usual Sunday hint at the firm's latest set of purchases ahead of time, sharing an update on Strategy's bitcoin acquisition tracker, stating, "Stretch the orange dots" — referencing how significant STRC has become in driving its weekly bitcoin buys.

Strategy's perpetual Stretch preferred stock has increasingly been used as a driver of its bitcoin acquisitions alongside its MSTR ATM, with the tracker platform STRC.live estimating a record 10,767 BTC generated from STRC sales last week, including 4,113 BTC on Thursday alone, ahead of Monday's official filing — 281% above the 4-week average.

In a recent research note, Benchmark equity analyst Mark Palmer described STRC as the "backbone of an ecosystem of yield-backed stablecoin protocols," arguing the instrument is evolving from a funding tool for bitcoin purchases into a larger piece of financial infrastructure.

Saylor also noted that STRC is now the most liquid preferred stock on the market.

According to Bitcoin Treasuries data, 194 public companies have adopted some form of bitcoin acquisition model. MARA, Tether-backed Twenty One, Metaplanet, Adam Back, and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company, Bullish, Riot Platforms, Coinbase, Hut 8, and CleanSpark make up the remainder of the top 10, with 53,822 BTC, 43,514 BTC, 35,102 BTC, 30,021 BTC, 24,300 BTC, 18,005 BTC, 15,389 BTC, 13,696 BTC, and 13,363 BTC, respectively.

However, the value of many of the cohort's shares is down significantly from their summer 2025 peaks as their market cap-to-net asset value ratios sharply contracted, with Strategy itself down 69%, for example. Strategy's mNAV currently sits at around 0.98, per Bitcoin Treasuries.

Strategy's stock gained 3.5% overall last week, rising 1.7% on Friday to close at $139.67, according to The Block's Strategy price page. Bitcoin (BTC) gained around 8% over the same period.