>[TLDR]
> - Strategy bought 22,337 BTC for approximately $1.57 billion between March 9 and 15, 2026
> - The company now owns a total of 761,058 BTC at a total cost of around $57.6 billion
> - The average purchase price is approximately $75,696 per BTC — above today's market price
> - Funding primarily came from the sale of preferred shares (STRC), not ordinary shares
Gigantic Bitcoin Purchase in a Red Market
Strategy — formerly known as MicroStrategy — completed one of the company's five largest weekly Bitcoin purchases ever between March 9 and 15, 2026. According to CryptoPotato, the company bought 22,337 BTC for a total of approximately $1.57 billion, equivalent to around 17 billion Norwegian kroner. The average price for this purchase was $70,194 per Bitcoin.
The week before, the company had already bought 17,994 BTC for about $1.28 billion at an average price of $70,946, bringing the total holdings to 738,731 BTC at that time.
With the latest purchase, Strategy now controls 761,058 BTC — equivalent to about 1.84 percent of all Bitcoin that will ever exist.
>[KEYFIGURE] 761,058 | BTC holdings | $75,696 | Average purchase price per BTC | $8.2 billion | Total debt
Financed Through Preferred Shares
It is worth noting how this purchase was financed. According to research related to the case, approximately $1.2 billion — about 75 percent of the purchase — came from the sale of so-called STRC shares, a series of preferred shares that pay an 11.5 percent annual dividend. This is said to have been the largest sale of STRC shares since they were listed in July 2025, and marks the first time in several weeks that this share class was the primary source of funding instead of ordinary MSTR shares.
Strategy's financing model rests on three pillars: convertible bonds (from which the company has raised over $7.26 billion to date), the sale of shares in the secondary market (nearly $10 billion since 2020), and profits from the core business in business intelligence software.
>[HIGHLIGHT] The company holds unrealized losses: the average purchase price is $75,696 — well above today's BTC price of around $74,000.
Unrealized Loss and Market Criticism
With Bitcoin at around $74,214 as of March 16, 2026, and an average purchase price of approximately $75,696, Strategy finds itself in an unrealized deficit on its entire holdings. The company's total debt exceeds $8.2 billion, and its annual cash obligations — primarily preferred dividends — amount to $854 million. In comparison, the core business generates around $500 million in revenue, which in itself does not cover the debt obligations.
Critics are not silent. Jacob King from the Whalewire newsletter has characterized the model as an unsustainable "Ponzi structure" that is dependent on continuous price increases in Bitcoin. Economist Peter Schiff has used the term "Bitcoin pyramid" and pointed to the risk of forced selling if preferred shareholders do not receive their dividends. Investor Hal Press from North Rock Digital has stated that "all of Saylor's coins will eventually have to be sold."
These claims are disputed. Strategy CEO Phong Le stated in February 2026 that the company would only face serious challenges in repaying convertible debt if Bitcoin falls to $8,000 and stays there for five years.
>[FAKTABOKS title="Strategy in numbers — March 2026"]
> - Total BTC holdings: 761,058 BTC
> - Total acquisition cost: ~$57.61 billion
> - Average purchase price: ~$75,696 per BTC
> - Total debt: over $8.2 billion
> - Annual cash obligations: $854 million (of which $824 million in preferred dividends)
> - S&P credit rating: B- (speculative/junk)
> - BTC as a percentage of total supply: ~1.84 %
Centralization Concerns in the Bitcoin Community
Another dimension of the debate concerns Bitcoin's decentralized nature. Crypto investor Vinny Lingham has highlighted that Strategy's massive holdings potentially make Michael Saylor one of the most influential players in the Bitcoin network, which in his view challenges the protocol's fundamental decentralization principle.
Regardless of the principled objections, Strategy continues to buy. The company has never sold a single Bitcoin since its initial acquisition in August 2020.
