Strategy made a smaller-scale bitcoin purchase last week, adding to a balance sheet that has grown into one of the largest corporate holdings of the asset, even as market conditions shift and the firm sits on a sizable unrealized loss.

Led by executive chairman Michael Saylor, Strategy disclosed that it acquired 1,031 bitcoin for $76.6 million between March 16 and March 22, according to a regulatory filing. The purchases were made at an average price of $74,326 per coin and funded through the sale of common stock.

The pace marks a sharp slowdown from the prior two weeks, when the company deployed more than $1 billion into bitcoin through a mix of equity issuance and preferred share offerings. The shift suggests a more measured approach after a period of aggressive accumulation tied to capital market activity.

Strategy now holds 762,099 BTC, acquired for roughly $57.7 billion at an average cost of $75,694 per coin. 

With Bitcoin trading near $71,000, the position carries an unrealized loss estimated at several billion dollars. The gap between cost basis and market price underscores the firm’s continued exposure to bitcoin’s price swings, even as it maintains a long-term accumulation strategy.

Saylor signaled the purchase ahead of the official announcement, posting an update to the company’s bitcoin acquisition tracker with the message “The Orange March Continues.” The firm has already acquired 43,346 BTC this month for roughly $3.05 billion.

Strategy is racking in bitcoin

The company’s approach has centered on raising capital through equity markets and redirecting proceeds into bitcoin, a model that has drawn both support and scrutiny. 

Supporters view the strategy as a levered bet on bitcoin’s long-term appreciation, while critics point to dilution risk and balance sheet concentration.

Last week’s purchases were funded entirely through at-the-market sales of Class A shares. Strategy sold more than 500,000 shares to finance the latest acquisition and still retains billions of dollars in remaining capacity under its issuance program. 

In contrast, there was no issuance tied to its preferred stock offerings during the period, a departure from recent weeks when those instruments played a larger role.

Market conditions may also be shaping the firm’s cadence. Bitcoin has traded in a narrow range in recent sessions, reflecting a mix of macro pressure and cautious sentiment. Price action has remained below Strategy’s average acquisition cost, limiting the immediate impact of continued buying on its balance sheet.

At the same time, broader risk markets showed signs of stabilization. U.S. equities moved higher in premarket trading, and Strategy’s shares edged up alongside bitcoin’s rebound toward the $70,000 level. 

The move followed a pause in geopolitical escalation after the Trump administration delayed potential strikes tied to tensions in the Middle East, easing pressure on energy markets and risk assets.

At the time of writing, Bitcoin is trading slightly shy of $71,000 and MSTR is trading near $139 a share. 

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