Strategy has expanded its bitcoin treasury again, adding 17,994 BTC for about $1.28 billion at an average price of roughly $70,946 per coin and pushing its total holdings to 738,731 BTC.
The company disclosed the purchase in a March 9 Form 8-K and matching corporate announcement. As of March 8, Strategy said its total bitcoin stack had been acquired for about $56.04 billion at an average purchase price of roughly $75,862 per bitcoin.
The filing shows the latest buy was funded through sales under Strategy’s at-the-market programs rather than through a separate debt raise or one-off financing event. Between March 2 and March 8, the company sold 3,776,205 shares of STRC preferred stock for about $377.1 million in net proceeds and 6,327,541 shares of MSTR common stock for about $899.5 million in net proceeds, according to the 8-K.
That funding mix matters because it shows Strategy is still leaning on equity-linked issuance to keep buying bitcoin even as its treasury has already reached a scale that dwarfs most corporate holders. The company also amended its omnibus sales agreement to allow a second agent to sell a class or series before 9:30 a.m. or after 4:00 p.m. New York City time, giving it more flexibility in how it executes ATM sales.
This was not a symbolic top-up. A $1.28 billion purchase signals that Strategy remains committed to treating bitcoin accumulation as the core engine of its balance-sheet strategy, even after building one of the largest corporate BTC positions in the market.
The average purchase price of the latest tranche also stands below the company’s overall average cost basis. That means the new buy modestly improves the blended entry point of the full treasury, even though the aggregate average remains above the latest purchase price. In practical terms, Strategy is still using market weakness and capital-markets access to keep averaging into size rather than waiting for a cleaner trend or a lower-volatility backdrop.
Strategy purchases matter for more than the headline BTC number because they affect available supply, institutional sentiment, and the broader narrative around bitcoin as a treasury asset. When a company of this size keeps absorbing large blocks of BTC, traders tend to read it as a signal that there is still deep balance-sheet demand for bitcoin around current levels.
At the same time, the purchase also highlights the financing model behind the accumulation story. Strategy is not simply buying from retained cash flow. It is actively converting access to equity capital into bitcoin exposure. That keeps the company tightly linked to both BTC price action and investor appetite for its common and preferred securities.
With 738,731 BTC on the balance sheet, Strategy has pushed its treasury even further into systemically important territory for the public-market bitcoin trade. Each additional purchase increases the size of the corporate proxy bet around MSTR and related preferred shares, while also reinforcing bitcoin’s role at the center of the company’s capital-allocation model.
The latest buy does not change Strategy’s core message. It sharpens it. The company is still using public-market funding channels to accumulate bitcoin at scale, and it is still willing to do so in billion-dollar increments while many other corporate treasuries remain on the sidelines.
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