Strategy buys 1.28 billion dollars of Bitcoin and surpasses 738,000 BTC

Those who follow Michael Saylor on X know his little game perfectly well. On weekends, he posts a mysterious message that sets the community buzzing. Then, the following Monday, the news falls like a guillotine. Strategy has bought bitcoins again, lots of bitcoins. This time, the signal said “The second century begins“. The promise was kept, once again, without ever failing.

The well-oiled mechanics of Michael Saylor’s bitcoin machine

First, let’s look at the numbers published in the official document filed with the SEC. Between March 2 and 8, Strategy acquired 17,994 bitcoins for the hefty sum of 1.28 billion dollars. The average BTC price paid is 70,946 dollars per unit, which remains below the current crypto market price. 

Next, one must understand how Saylor finances this buying frenzy that has lasted for years. Firstly, he sold 899 million dollars worth of MSTR common shares. Secondly, he placed 377 million dollars worth of STRC preferred shares, those famous variable dividend securities currently set at 11.5% per year. 

This is the largest issuance of STRC since the launch of this financial product in July 2025. The machine is therefore running at full speed, never showing the slightest sign of slowing down.

738,731 BTC in the vaults but 5.5 billion latent loss

The total portfolio of Strategy now reaches 738,731 bitcoins, which represents about 3.7% of the total supply which will soon exceed the 20 million unit mark. Yet, not everything is rosy in Michael Saylor’s kingdom. The overall average price of his purchases is 75,862 dollars per bitcoin, which means that all his positions show a monumental latent loss of 5.5 billion dollars. 

This is where Peter Schiff, the eternal gold promoter, comes on stage with his sharp comments. He writes on X: 

You are already down 4% on your last purchase. Your latent loss keeps increasing, it now exceeds 5.5 billion. Worse still, there is the opportunity cost of not having bought gold instead.

The crypto community responds with an unwavering vigor. A trader replies: “Just because gold had a good year and bitcoin a bad one does not mean gold is superior. In fact, the opposite is true. Bitcoin is rarer and more easily sold “. 

Arguments fly, passions flare, and Saylor remains unruffled amid the storm.

Bitcoin and crypto: what historical data really reveals

The numbers deserve a closer look in this hyperactive crypto universe. Strategy has made its hundredth bitcoin acquisition since 2020. Its average cost price has slightly dropped thanks to this purchase below historical averages. Yet, the MSTR stock has dropped 71% since its peak in summer 2025, which cools investors’ ardor. 

The mNAV ratio, which compares market capitalization to net asset value, has fallen below 1 for the first time. Traders on Myriad estimate a 14% probability that Strategy will sell part of its bitcoins this year. This is less than last month’s 35%, but this figure still hangs like a sword of Damocles over the crypto market. 

Saylor continues to borrow, issue shares, and buy more and more. The machine runs, but its gears are beginning to creak. The preferred shares’ dividends cost a fortune every month. For now, new issuances cover them. 

How much longer can he keep up this frantic pace?

The numbers that tell the story of Strategy’s saga

• 17,994 bitcoins: the quantity bought in one week for 1.28 billion dollars;
• 738,731 BTC: the total held, or 3.7% of the total bitcoin supply;
• 5.5 billion: the latent loss accumulated on the entire portfolio;
• 71%: the drop in MSTR stock since its peak in summer 2025;
• 69,918 dollars: the bitcoin price at the time of writing this article.

Michael Saylor’s latent losses are probably only temporary for the savvy observers. He too believes in a better future for bitcoin. Like analyst PlanB, who regularly reassures the community by estimating that the current cycle could raise the average price to 500,000 dollars. A matter of patience, no doubt. And deep conviction.