Increase Bitcoin holdings again! Strategy(MSTR.US) splurged $200 million in one week, with holdings surpassing 720,000 coins

Strategy (MSTR.US) has increased its Bitcoin holdings again amid cryptocurrency price fluctuations, drawing market attention. According to the company’s latest regulatory filings, it purchased an additional 3,015 Bitcoins from February 23 to March 1, totaling approximately $204.1 million, with an average purchase price of about $67,700 per Bitcoin.

After this acquisition, Strategy’s total Bitcoin holdings rose to 720,737, with an average cost basis of $75,985. Data shows that Bitcoin has risen about 5.5% in the past 24 hours to $68,903, after previously falling to around $63,254 due to Middle East conflicts. Boosted by the news, Strategy’s stock closed up 6.29% on Monday.

To raise funds, the company sold common and preferred shares under a “market-based issuance” plan, raising approximately $237.1 million. Strategy has long relied on equity financing to support its Bitcoin purchasing strategy. Chairman and co-founder Michael Saylor has repeatedly stated he will “never” stop increasing Bitcoin holdings and has hinted on social media that the company remains bullish on this asset.

However, concerns about its highly Bitcoin-dependent financial model continue to grow. As cryptocurrency prices declined, the company’s stock has fallen about 10% this year, underperforming the S&P 500, which has risen 0.4%, and the Nasdaq Composite, which has fallen 2.4%. Strategy still maintains a traditional software business, but its revenue scale is limited, and its balance sheet is almost entirely driven by Bitcoin price fluctuations, making it a “high-leverage Bitcoin investment vehicle.”

In October 2025, Bitcoin approached a high of nearly $126,000, but by early 2026, it had fallen back to the mid-$60,000 range. Under new accounting standards, the company is required to revalue its digital assets quarterly at market prices. In Q4 last year, Strategy reported a net loss of $12.4 billion, with approximately $17.4 billion of that being unrealized digital asset losses.

Additionally, the company continues to issue preferred shares to fund Bitcoin purchases, which carry higher fixed dividend obligations. Since cash flows from its software business are insufficient to cover these dividends, Strategy must continue issuing new shares to pay dividends or, in extreme cases, sell Bitcoin. As crypto market volatility intensifies, this model of financing Bitcoin expansion through equity issuance faces increased scrutiny.