Strategy just bought almost $2 billion Bitcoin near the local top of $86k

Strategy, formerly known as MicroStrategy, has acquired 22,048 additional Bitcoin between March 24 and March 30, bringing its total holdings to 528,185 BTC, according to a March 31 filing with the U.S. Securities and Exchange Commission.

The purchase, valued at approximately $1.92 billion, was executed at an average price of $86,969 per Bitcoin, including fees and expenses.

Bitcoin began an upward movement when Strategy purchased the new Bitcoin, followed by a 5.7% increase into the purple channel below. However, the price reversed on Friday, leading to a drop to $82k. Strategy’s latest Bitcoin purchase is in the red by over $100 million as of press time.

The purchase was financed through a combination of recent capital-raising activities. Per the Form 8-K, proceeds were drawn from three separate instruments: the company’s at-the-market common stock offering, its ATM preferred stock program (STRK), and a newly completed $711.2 million public offering of 10% Series A Perpetual Strife Preferred Stock (STRF).

These mechanisms align with Strategy’s ongoing multi-channel capital strategy, which has evolved to accommodate its aggressive Bitcoin accumulation goals.

The company’s Common ATM raised $1.20 billion during the reporting period, while the STRK ATM contributed $18.52 million. The STRF offering closed on March 25 at $85.00 per share, indicating strong investor appetite for equity instruments tied to the firm’s Bitcoin-focused treasury model.

Holdings Represent 2.55% of Bitcoin’s Circulating Supply

With 528,185 BTC now held, Strategy commands roughly 2.55% of Bitcoin’s circulating supply, based on circulating supply estimates of approximately 20.7 million BTC. The firm’s cumulative investment totals $35.63 billion at an average purchase price of $67,458 per BTC.

As CryptoSlate reported previously, this vaults Strategy further ahead of other corporate entities in terms of BTC exposure, with a stash now approaching half of the 1.1 million BTC attributed to Satoshi Nakamoto. The milestone comes after a series of consecutive monthly acquisitions in Q1 2025, ranging from a $243 million purchase in early January to a $1.99 billion outlay in February.

Strategy’s capital-intensive approach is underpinned by an explicit long-term vision for Bitcoin as a treasury reserve asset. As part of its broader financing strategy, shareholders have authorized an expansion of the company’s Class A common stock from 330 million to 10.3 billion shares, facilitating ongoing access to equity markets.

The firm also introduced its 21/21 Plan, aiming to raise $21 billion through equity and another $21 billion through fixed-income instruments over time to fuel future acquisitions.

This expansionary framework allows the company to maintain purchasing velocity while managing debt exposure and investor dilution. It also reflects a shift from opportunistic to programmatic Bitcoin acquisition, integrating capital markets as part of an operational treasury strategy.

Despite its assertive posture, Strategy has acknowledged potential risks in its filings and investor communications. Exposure to Bitcoin’s volatility, shifting regulatory frameworks, and reliance on both equity and debt issuance present material uncertainties.

Nevertheless, CEO Michael Saylor has continued to frame Bitcoin as a long-horizon asset, citing scenarios with bear-case targets of $3 million per coin and bull-case projections exceeding $49 million.

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