The accumulation machine is still running, just at a slower pace. Michael Saylor’s Strategy Bitcoin purchase last week, adding 1,031 BTC for $76.6 million . The buy is much smaller than the previous two weeks, where the company added over 40,000 BTC combined . Total holdings now stand at 762,099 BTC .
The Strategy Bitcoin Purchase: A Smaller Week
Strategy bought the coins at an average price of $74,326 each . That’s slightly below the company’s overall average of $75,694 . Bitcoin itself averaged around $70,871 for the week of March 16-22 .
This purchase follows two massive buys. Last week’s 22,337 BTC and the week before that’s 17,994 BTC were both among the largest in company history . Those were mostly funded by sales of STRC preferred stock, which brought in about $1.2 billion .
This week’s buy was different. The company used sales of Class A common stock instead of preferred shares.
How It Was Funded
The funding mix matters. STRC preferred stock has been the main engine for big purchases. It offers an 11.5% dividend and has become the most liquid Bitcoin-backed preferred security . Using common stock instead suggests the company is tapping different capital sources as market conditions shift.
Strategy vs. BlackRock
Strategy now holds 762,099 BTC . That’s just 3% below BlackRock’s IBIT, which held about 785,300 BTC as of Friday . The gap is narrowing.
All US spot Bitcoin ETFs together hold nearly 1.3 million BTC , about 6.1% of the total supply .
My Thoughts
This Strategy Bitcoin purchase is a reminder that the program continues no matter what. Even when the buys are smaller, the machine keeps running. The shift to common stock funding shows flexibility.
With Bitcoin trading near $70,400, Strategy is now down about 7% on its holdings . That’s a paper loss, but it’s much smaller than the $7.5 billion loss they faced a few weeks ago . The average cost is coming down slowly.
The gap with BlackRock’s IBIT is worth watching. Strategy is now just 23,000 BTC behind the world’s largest ETF. At current pace, they could overtake it this year.
