Strategy wants to raise $44.1 billion to accelerate its accumulation of bitcoin

In the crypto sphere, Strategy does not slow down. Michael Saylor’s company has just expanded its funding reserve to continue buying bitcoin, even in a market less comfortable than a few months ago.

A buying machine that no longer seeks to breathe

Strategy has just opened up to $44.1 billion of additional capacity to finance its upcoming bitcoin purchases. The structure relies on three channels: $21 billion via the common stock MSTR, $21 billion via the perpetual preferred STRC, and $2.1 billion via STRK. In the listed crypto landscape, few companies display such firepower on paper.

This announcement does not come out of nowhere. Strategy purchased another 1,031 BTC last week, bringing its treasury to 762,099 bitcoins. The company values this stock around $53.9 to $54 billion according to its own data.

The pace is especially striking. At the beginning of February, Strategy already reported holding 713,502 BTC, including 41,002 acquired in January 2026. Comparing this figure with the current total of 762,099 BTC, it indeed adds up to nearly 90,000 bitcoins added since the start of the year. It is less a series of purchases and more an industrial cadence.

The shift towards preferred shares changes the profile of the Bitcoin bet

The new point is not only the amount. It is also the chosen tool. Strategy wants to rely more on its perpetual preferred shares, especially STRC, instead of basing the effort solely on the common stock. The idea is to continue buying bitcoin without diluting MSTR shareholders too quickly.

But this shift has a cost. STRC pays a variable dividend monthly in cash, and Strategy now shows an annualized rate of 11.50% for March 2026. STRK, for its part, promises 8% per year and can be converted into MSTR shares. So it is not neutral capital. It’s capital that demands a return.

In other words, Strategy trades part of the dilution risk for a more visible financial charge. This shift is important for the crypto market because it shows that the company is no longer just seeking to raise money. It is seeking to architect multiple layers of risk around bitcoin. It is more sophisticated. It is not necessarily lighter.

Strategy sells bitcoin exposure formats

The company states it itself in its investor communications: its treasury strategy consists of offering several degrees of economic exposure to bitcoin, via equity securities and fixed income instruments. In short, Strategy no longer just sells a company story. It sells financial packaging around the same central asset.

This logic explains why the market continues to grant it a special place in the listed crypto universe. Reuters has already noted that companies like Strategy often pay with a premium on their holdings, because investors believe they can exploit credit and equity markets to buy even more bitcoin.

This is where the case becomes interesting. Strategy looks less and less like a simple software company with a BTC reserve. It looks more and more like a stock platform financing bitcoin. The nuance matters because it changes how to read its risk, its valuation, and its influence on the crypto market.

The real test starts now

The market can admire the boldness of the structure. It must also observe its resilience. The regulatory document reminds that future issuances of securities can weigh on the stock price and lead to sometimes significant dilution for equity security holders. This risk is not theoretical. It is black on white.

The second test is the real cost. As of March 24, Strategy’s dashboard showed an average acquisition price of $75,694 per bitcoin, above the current value of its stock, estimated around $53.9 billion for a cumulative cost close to $57.7 billion. In other words, the machine continues to buy even though its average entry point remains higher than the market level.