Strategy invests an additional $1.28 billion to buy 17,994 Bitcoins! Total holdings surpass 738,000 coins, and BTC breaks through $68,000.

Strategy filed an 8-K report with the U.S. Securities and Exchange Commission (SEC) at Taipei time on March 9, revealing that last week (March 2 to 8), it increased its Bitcoin holdings by approximately 17,994 coins, worth about $1.28 billion, at an average price of approximately $70,946 per Bitcoin. As of March 8, Strategy’s total holdings reached 738,731 Bitcoins, with a total purchase cost of about $56 billion and an average cost of approximately $75,862 per Bitcoin.
(Background: MicroStrategy is booming! Strategy invests another $200 million to buy 3,015 Bitcoins, surpassing 720,000 holdings)
(Additional context: Strategy continues to buy! Spends $39.8 million to add 592 Bitcoins, approaching a total of 720,000 BTC)

Table of Contents

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• Funding Sources: MSTR Stock and STRC Preferred Stock Dual Financing Channels
• 738,731 Bitcoins: Fluctuations Between Book Cost and Market Value
• Revised ATM Agreement: Adding a Second Dealer Mechanism Before and After Market Hours
• Bitcoin Breaks Through $68,000

Despite Bitcoin recently pulling back from its highs, Strategy’s buying activity shows no signs of slowing down. According to the Form 8-K filing submitted to the SEC on March 9 Taipei time, Strategy increased its Bitcoin holdings by about 17,994 coins, worth approximately $1.28 billion, between March 2 and 8, at an average price of about $70,946 per Bitcoin.

As of March 8, Strategy’s total holdings reached 738,731 Bitcoins, with a total purchase cost of roughly $56 billion and an average cost of approximately $75,862. This purchase occurred during a period when Bitcoin retreated from a recent high of $73,500 to around $66,000, indicating Strategy’s strategy of buying on dips.

Funding Sources: MSTR Stock and STRC Preferred Stock Dual Financing Channels

According to the 8-K document, the over $1.28 billion Bitcoin purchase was financed through Strategy’s ongoing ATM offering program. Between March 2 and 8, Strategy raised funds via two main channels: first, by selling 6,327,541 shares of Class A common stock (MSTR), netting about $899.5 million; second, by selling 3,776,205 shares of variable-rate Series A perpetual preferred stock (STRC), with a total face value of approximately $377.6 million, netting about $377.1 million. The combined net proceeds of approximately $1.2766 billion closely match the total Bitcoin purchase cost of about $1.28 billion. As of March 8, the remaining available issuance capacity for Strategy’s ATM plans remains ample, with the STRK preferred stock having over $20.3 billion in unused capacity.

738,731 Bitcoins: Fluctuations Between Book Cost and Market Value

As of March 8, Strategy’s total Bitcoin holdings stood at 738,731 coins, with a total purchase cost of about $56 billion and an average cost of roughly $75,862. However, the current market price of Bitcoin is significantly below the company’s average holding cost, resulting in an unrealized loss on its overall position.

It’s noteworthy that the 17,994 Bitcoins purchased this week at an average of about $70,946 per Bitcoin are priced below the overall average cost, indicating Strategy’s continued accumulation at lower prices to reduce the average cost basis. This approach aligns with its long-term “Bitcoin treasury strategy,” viewing Bitcoin as a primary reserve asset rather than a short-term trading target, achieved through continuous financing and accumulation.

Revised ATM Agreement: Adding a Second Dealer Mechanism Before and After Market Hours

In addition to Bitcoin accumulation, the 8-K also discloses that Strategy has amended its total ATM sales agreement. The revision allows Strategy to designate a second dealer to execute sales during pre-market hours (before 9:30 a.m. New York time) and after-hours (after 4 p.m.), breaking the previous restriction of “only one dealer per stock category per trading day.” This move is interpreted as Strategy further enhancing its financing flexibility and preparing for potentially larger accumulation operations in the future.

Amidst macroeconomic headwinds and oil price shocks impacting the Bitcoin market, Strategy’s contrarian accumulation has once again attracted market attention. With a holdings scale of 738,000+ Bitcoins and ample ATM financing capacity, Strategy’s Bitcoin accumulation journey is clearly far from over.

Bitcoin Breaks Through $68,000

Perhaps motivated by this news, Bitcoin’s price surged shortly after Strategy’s accumulation announcement, breaking through $68,000 and reaching a high of $68,300, with a 24-hour increase of approximately 1.5%.