Strategy, the corporate Bitcoin treasury leader, is accelerating its accumulation strategy by tapping sophisticated capital markets. The company has added 90,000 BTC to its balance sheet in the first quarter of 2026, funding these purchases through newly expanded, at-the-market programs for both common and preferred equity.
In a regulatory filing on Monday, Strategy disclosed updated plans to raise a total of $44.1 billion to fund further Bitcoin acquisitions. This includes up to $21 billion through the sale of its common stock (MSTR) and an additional $21 billion via its high-yield perpetual preferred stock, Stretch (STRC). A separate $2.1 billion program has also been established for another preferred security, Strike (STRK). The company noted these sales may occur “from time to time” without a specified timeline.
This capital-raising approach marks a strategic shift. Instead of relying on large, discrete offerings like past convertible debt deals, the new at-the-market (ATM) programs allow Strategy to incrementally sell securities into the open market. This provides more flexible, continuous funding while potentially minimizing market disruption.
Preferred Securities: Dividend Yield Without Common Share Dilution
Strategy’s perpetual preferred stocks, STRC and STRK, are central to this new model. These instruments pay investors a fixed monthly dividend, offering income generation. Critically for Strategy, issuing preferred stock does not dilute ownership for existing MSTR common shareholders, unlike a direct common stock sale. This allows the company to grow its Bitcoin holdings while preserving the economic exposure of its core equity.
The company has actively marketed these securities—both common and preferred—as direct investment vehicles for those seeking Bitcoin exposure, bypassing the need to hold the cryptocurrency directly. This narrative has been a cornerstone of its investor relations strategy under Chairman Michael Saylor.
Aggressive Accumulation Continues Despite Market Pressures
Strategy’s purchasing pace has intensified. Recent transactions include a buy of 1,031 BTC for approximately $76.6 million on Monday, following substantial purchases of 17,994 BTC on March 9 and 22,337 BTC on March 16. These three March trades alone totaled about $2.9 billion.
With these additions, Strategy’s total Bitcoin treasury now stands at 762,099 BTC, valued at roughly $54 billion based on current market prices. This means the company has acquired nearly 90,000 BTC since the start of 2026, underscoring its unwavering commitment to its “Bitcoin-first” treasury strategy.
Context: Unrealized Losses and a Downward Bitcoin Market
This aggressive accumulation occurs as Bitcoin trades significantly below its all-time high, down more than 44%. Consequently, Strategy’s massive holdings are currently underwater on an unrealized basis. The company reports an unrealized loss of 6.3% on its total Bitcoin investment, highlighting the market risk inherent in its strategy. The performance of its securities, particularly MSTR which trades at a premium to its Bitcoin holdings, is therefore closely tied to cryptocurrency market sentiment.
Source: Michael Saylor
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