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Strategy completed its 101st Bitcoin acquisition on March 1, 2026, and the numbers tell a precise story about where the trade currently stands. The firm acquired 3,015 BTC for $204.1 million at an average price of $67,700 per coin between February 23 and March 1, 2026. This brings the total holdings to 720,737 BTC, accumulated at a blended cost basis of $75,985 per coin across $54.77 billion in total investment.
Strategy has acquired 3,015 BTC for ~$204.1 million at ~$67,700 per bitcoin. As of 3/1/2026, we hodl 720,737 $BTC acquired for ~$54.77 billion at ~$75,985 per bitcoin. $MSTR $STRC https://t.co/rqDIhlUDNx
— Michael Saylor (@saylor) March 2, 2026
The move is in line with Executive Chairman Michael Saylor’s long-standing strategy of accumulating during dips, only recently positioning Bitcoin as the ultimate 21st-century reserve asset for corporate treasuries.
The capital stack matters here. Roughly $230 million came from at-the-market sales of Class A common stock, with the remaining $7 million sourced from preferred share sales at a discount to face value. No new convertible debt was issued.
Stretch Dividend Rate increased by 25 bps to 11.50% for March 2026. $STRC pic.twitter.com/G52tLsypsH
— Michael Saylor (@saylor) March 1, 2026
Saylor also announced a dividend increase on the STRC preferred stock “Stretch” to 11.5% for March from 11.25%, signaling that preferred equity is becoming a more active funding lever alongside common stock issuance.
The timing further demonstrates the strength of conviction in Strategy’s buying. BTC was consolidating near multi-week lows amid broader macro pressures, including geopolitical tensions and tariff uncertainties that pushed prices below $65,000 in February.
By adding to its stash during weakness, Strategy reinforces its role as a stabilizing force in the market, absorbing supply from weaker hands and contributing to whale wallet growth, nearing 20,000 addresses with ≥100 BTC.
The company’s “fortress balance sheet,” valued at $45 billion as of February 24, 2026, supports this approach, with $8.2 billion in convertible note debt and a $2.25 billion cash buffer dedicated to interest servicing. This effectively enables sustained accumulation without forced liquidation risks unless BTC falls to $8,000 and stays there through 2032.
The buy-the-dip framing is real, but the arithmetic is uncomfortable. Every purchase below $75,985 improves the average cost basis fractionally while increasing absolute exposure to an asset currently trading 14% below that average. At $67,700 per coin, this purchase lowers the blended basis by roughly $2 – $3 per coin across the entire 720,737 BTC portfolio, a marginal improvement against a $7.8 billion paper loss.
Strategy has now had 7 consecutive months of downward price action.
67% of its holding are at a loss.
Insane. pic.twitter.com/4qRamOcl1H
— Mister Crypto (@misterrcrypto) March 2, 2026
Analysts have stayed divided over Strategy’s accumulation. Supporters argue that buying during downturns positions the company advantageously if prices recover above the cost basis, while critics warn extended weakness could deepen losses and strain investor confidence.
CEO Phong Le’s prior comments about Bitcoin reaching forced liquidation frames the position as structurally solvent but offers little comfort to MSTR equity holders watching the stock trade at $129.50, down nearly 3% in premarket on the announcement.
Strategy controls 3.4% of Bitcoin’s 21 million supply cap. At this accumulation pace, that percentage only grows. The question the market is repricing in real time is whether that concentration is an asset, the world’s most committed institutional Bitcoin buyer providing a demand floor, or a liability, with $54.77 billion in committed capital sitting on an unrealized loss that requires a return to $76,000 just to break even. Regardless of what the answer is, Michael Saylor’s Strategy continuous accumulation brings a ray of hope to the ecosystem at a time when it’s strongly needed.
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