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Stock Markets March 23, 2026 09:43 AM

Strategy Inc. Uses Common Stock Proceeds to Acquire $76.5M in Bitcoin

Company bought 1,031 BTC in a weeklong buying program funded by Class A at-the-market sales

By Avery Klein MSTR

Strategy Inc. purchased approximately $76.5 million of Bitcoin by selling Class A common shares at the market, acquiring 1,031 BTC between March 16 and March 22. The move follows a larger capital raise the prior week using "Stretch" perpetual preferred shares, and highlights the company’s alternating funding approach between equity dilution and fixed-cost preferred obligations.

Strategy Inc. Uses Common Stock Proceeds to Acquire $76.5M in Bitcoin
MSTR

Key Points

  • Strategy Inc. acquired 1,031 Bitcoin between March 16 and March 22 using proceeds from at-the-market sales of its Class A common stock. - Markets: Digital assets, Equities
  • The purchase amounted to about $76.5 million and came after the company raised $1.2 billion via "Stretch" perpetual preferred shares the prior week. - Markets: Corporate finance, Fixed income
  • Strategy holds over 762,000 Bitcoin, valued at roughly $54 billion, with an average purchase price near $75,700, above Bitcoin’s trading level near $70,000. - Markets: Digital assets, Investor portfolios

Strategy Inc. completed a Bitcoin acquisition valued at roughly $76.5 million using the proceeds from sales of its Class A common stock, according to a regulatory filing made public on Monday. The company purchased 1,031 Bitcoin during the period from March 16 through March 22, funding the buys through at-the-market sales of its common shares.

This transaction follows a significant financing move the week before, when Strategy raised approximately $1.2 billion by issuing "Stretch" perpetual preferred shares. That earlier issuance supplied the bulk of funds for the company’s largest single Bitcoin purchase since January.

Strategy’s management has been alternating between two principal funding mechanisms to acquire Bitcoin. Selling common stock reduces existing shareholders’ percentage ownership and therefore causes dilution. By contrast, issuing preferred shares avoids that immediate dilution but creates a recurring obligation - in the current preferred share program the fixed rate is 11.5 percent. Company leadership has been rotating between these methods depending on prevailing market conditions.

As of the filing, Strategy holds more than 762,000 Bitcoin, with a notional value of about $54 billion. The company’s consolidated average acquisition cost for its holdings stands near $75,700 per Bitcoin, a level above Bitcoin’s then-current trading price, which is near $70,000.

Context and implications

The recent common-stock-funded purchase is part of an ongoing capital allocation pattern in which Strategy mixes equity and preferred-share offerings to add to its Bitcoin reserve. The company’s average per-Bitcoin purchase price versus the current trading price is a salient metric for investors assessing potential mark-to-market exposure.

Data reported

  • Bitcoin bought this week: 1,031 BTC
  • Purchase value: roughly $76.5 million
  • Purchase dates: March 16 through March 22
  • Preferred funding raised prior week: $1.2 billion via "Stretch" perpetual preferred shares
  • Company Bitcoin holdings: more than 762,000 BTC, valued at about $54 billion
  • Average purchase price: about $75,700 per Bitcoin
  • Bitcoin trading level noted: near $70,000

Takeaway

Strategy continues to grow its Bitcoin position using a mix of common-stock sales and preferred-share issuances, balancing the trade-offs between shareholder dilution and fixed financing costs as it accumulates digital assets.

Risks

  • Using common-stock sales to fund Bitcoin purchases dilutes existing shareholders’ ownership stakes, affecting equity holders in the company. - Sector affected: Equities
  • Issuing preferred shares avoids dilution but creates a fixed obligation at an 11.5% rate, introducing interest-like costs and impacting the company’s financing expense profile. - Sector affected: Corporate finance
  • The company’s average Bitcoin cost is above the current trading price, exposing its balance sheet and investor returns to potential mark-to-market losses if prices remain below the acquisition average. - Sector affected: Digital assets

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