The company, which was previously referred to as MicroStrategy, has added 22,048 more Bitcoin from March 24 to March 30, increasing its total to 528,185 BTC, as disclosed in a filing with the U.S. Securities and Exchange Commission on March 31.
This acquisition, worth approximately $1.92 billion, was made at an average price of $86,969 per Bitcoin, inclusive of fees and expenses.
The price of Bitcoin began to rise when the company made its latest purchase, seeing a subsequent 5.7% uptick within the outlined range below. Nonetheless, the price took a turn on Friday, dropping to $82,000. At the time of reporting, the recent acquisition was showing a loss of over $100 million.
This purchase was funded through a mix of recent capital-raising efforts. According to the Form 8-K, the proceeds came from three distinct instruments: the firm’s at-the-market common stock offering, its ATM preferred stock program (STRK), and a recently concluded $711.2 million public offering of 10% Series A Perpetual Strife Preferred Stock (STRF).
These strategies align with the company’s ongoing multi-faceted capital plan, which has adapted to support its ambitious goals for Bitcoin accumulation.
The company’s Common ATM generated $1.20 billion during the reporting timeframe, while the STRK ATM added $18.52 million. The STRF offering, which closed on March 25 at $85.00 per share, reflects robust investor interest in equity linked to the firm’s Bitcoin-centric treasury model.
Holdings Account for 2.55% of Bitcoin’s Circulating Supply
With the latest total of 528,185 BTC, the company holds approximately 2.55% of Bitcoin’s circulating supply, based on estimates suggesting around 20.7 million BTC in circulation. The firm’s total investment amounts to $35.63 billion, at an average acquisition cost of $67,458 per BTC.
As previously noted, this positions the company ahead of other corporate players in terms of Bitcoin exposure, with its reserves nearing half of the 1.1 million BTC attributed to Satoshi Nakamoto. This milestone follows a series of consecutive monthly purchases in the first quarter of 2025, ranging from a $243 million acquisition in early January to a $1.99 billion expenditure in February.
The firm’s capital-intensive strategy is grounded in a clear long-term vision for Bitcoin as a treasury reserve asset. To further its financing strategy, shareholders have approved an increase in the company’s Class A common stock from 330 million to 10.3 billion shares, thus ensuring continued access to equity markets.
Additionally, the company has introduced its 21/21 Plan, which aims to raise $21 billion through equity and another $21 billion via fixed-income instruments over time, facilitating future acquisitions.
This expansive approach enables the firm to sustain its acquisition pace while managing both debt exposure and investor dilution. It represents a shift from opportunistic to systematic Bitcoin collection, integrating capital markets into its operational treasury strategy.
Despite its proactive stance, the company has recognized potential risks in its investor communications and filings. Exposure to Bitcoin’s price fluctuations, evolving regulatory landscapes, and dependence on both equity and debt issuance pose significant uncertainties.
Nonetheless, CEO Michael Saylor continues to portray Bitcoin as a long-term asset, referencing scenarios with bear-case price targets of $3 million per coin and bull-case forecasts exceeding $49 million.
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