Strategy, the prominent bitcoin treasury company helmed by executive chairman Michael Saylor, continued its significant corporate accumulation strategy in the crypto market with another substantial purchase. Last week, the company acquired 22,337 bitcoin for approximately $1.57 billion. This acquisition, disclosed in a filing with the U.S. Securities and Exchange Commission, took place between March 9 and March 13, with an average purchase price of $70,194 per coin.

This latest investment has increased Strategy’s total bitcoin holdings to an impressive 761,068 bitcoin. The company stated that its cumulative bitcoin holdings were acquired for roughly $57.61 billion, at an average price of about $75,696 per coin. At the current market price of bitcoin, which is near $74,000, Strategy’s extensive holdings carry a market value close to $50 billion. This substantial stash represents more than 3.4% of the fixed 21 million supply of Bitcoin, solidifying Strategy's (MSTR) status as the largest corporate holder of the digital asset.

The financing for these latest purchases involved a strategic mix of equity sales and preferred stock issuance. Specifically, the acquisitions were funded through at-the-market sales of Strategy’s Class A common stock, MSTR, alongside issuances of its perpetual Stretch preferred shares, STRC. Strategy also manages several preferred-equity issuance programs as part of its broader capital-raising strategy.

These programs include at-the-market offerings for various preferred share classes: STRK totaling $21 billion, STRC at $4.2 billion, STRF at $2.1 billion, and STRD at $4.2 billion. These offerings are integrated into the company’s extensive “42/42” initiative, an ambitious plan to raise $84 billion through a combination of equity sales and convertible notes to facilitate additional bitcoin purchases through 2027.

Each preferred share class is meticulously designed to appeal to a distinct investor profile. STRD, for instance, offers a 10% non-cumulative dividend and is non-convertible, positioning it as the highest-risk, highest-return investment option. STRK pays an 8% non-cumulative dividend and incorporates a conversion feature that provides potential equity upside. STRF, also non-convertible, delivers a 10% cumulative dividend and is structured to be the most conservative of the offerings. Lastly, STRC features a cumulative dividend with a variable rate, paid monthly, which is designed to adjust over time to maintain the shares trading close to their $100 par value.

Prior to the official disclosure, Michael Saylor hinted at the acquisition in a social media post that referenced Strategy’s bitcoin tracker. His message, “Stretch the Orange Dots.,” served as a clear indication that the firm was continuing its bitcoin accumulation efforts despite price fluctuations.