Michael Saylor’s Strategy, recognized as the largest publicly traded holder of Bitcoin, continued to expand its reserves last week with another large acquisition, pushing the company’s total holdings beyond 760,000 BTC.

According to a filing submitted to the US Securities and Exchange Commission on Monday, Strategy purchased 22,337 Bitcoin (BTC) for approximately $1.57 billion during the past week. The transaction ranks among the five largest Bitcoin purchases the company has made to date. It followed another substantial acquisition just one week earlier, when Strategy bought 17,994 Bitcoin for roughly $1.28 billion.

The latest purchase was completed at an average price of $70,194 per Bitcoin. This remains below the company’s overall average acquisition cost, which currently stands at $75,696 per BTC. Based on daily closing prices, Bitcoin averaged about $70,571 during the week spanning March 9 to March 15.

Following the transaction, Strategy’s Bitcoin holdings increased to 761,068 BTC. The company stated that these holdings have been accumulated at a total cost of approximately $57.61 billion.

Funding fueled by STRC preferred shares

The purchase occurred during a period in which Strategy significantly increased the sale of its perpetual preferred equity instrument, known as Stretch (STRC). The move followed adjustments to the company’s sales rules implemented on March 9. “This was the first week Strategy could run the STRC ATM in extended hours with a second broker,” Bitcoin Quant founder Rohan Hirani noted in a post on X.

According to data from STRC Live, the preferred stock experienced its strongest week so far, with estimates suggesting that roughly 10,767 BTC worth of purchases were facilitated across four trading days. Regulatory filings indicate that Strategy sold approximately 11.9 million STRC shares during the week, generating about $1.18 billion in proceeds. These funds represented around 75% of the total capital used for the latest Bitcoin purchase.

In addition to the preferred stock issuance, the company also sold 2.8 million shares of its Class A common stock (MSTR), raising roughly $396 million.

Long-term target of one million Bitcoin

With its reserves now totaling 761,068 BTC, Strategy would need to acquire an additional 238,932 Bitcoin to reach a milestone of one million BTC. If the company were to pursue that target within the remaining 42 weeks of 2026, it would require purchases averaging roughly 5,700 Bitcoin per week.

Sources:

https://cointelegraph.com/news/strategy-1-6-billion-bitcoin-buy-holdings-top-761k-btc

https://finance.yahoo.com/quote/BTC-USD/history/?frequency=1d

https://x.com/HODL15Capital/status/2033355635555733557

https://x.com/rohanhirani/status/2033190558877806873

https://x.com/STRC_live/status/2032548574068679102

https://x.com/saylor/status/2032887213223010460