In a move that has turned the spotlight on its strategy, the US-based digital asset company Strategy announced on Tuesday that it had purchased 34,164 Bitcoin with an investment of approximately $2.54 billion. With this purchase, the company’s total BTC holdings have reached 815,061. However, despite the scale of this acquisition, Strategy’s MSTR shares dropped more than 2.5% in early trading, signaling investor caution.
Bitcoin reserves soar to $61 billion
Michael Saylor, Strategy’s founder, shared on X that the company’s BTC return since the start of 2026 stands at 9.5%. According to Saylor, the aggregate cost of the company’s current BTC reserves is $61.56 billion, with an average purchase price of $75,527 per Bitcoin. This means that based on recent market prices, Strategy’s large Bitcoin position is roughly at breakeven.
The company’s latest filing with the US Securities and Exchange Commission (SEC) reveals that the funds for this latest purchase were raised through a public offering. Strategy’s core model relies on issuing private and public shares at regular intervals, dedicating the proceeds to further Bitcoin investment.
“Strategy raised $2.542 billion for its latest purchases, with $2.176 billion from sales of STRC preferred shares and $366 million from Class A common shares. All proceeds were allocated entirely to the new Bitcoin acquisition.”
Company disclosures indicate that Strategy could still access up to $19.463 billion via future STRC share sales and an additional $26.729 billion through further common share offerings. This suggests that the firm has substantial potential to continue increasing its BTC reserves in the future using similar financing strategies.
According to the company’s dashboard, the total value of Bitcoin reserves stands at $58.756 billion, with each share backed by 205,812 satoshi. The net asset value multiple (mNAV) is 1.28, while company debt amounts to $8.254 billion and the net leverage ratio remains around 10%.
Share value dips and market concerns
Despite this sizable Bitcoin purchase, MSTR shares have continued to slip. Investors appear wary of the dilution risk presented by new share issuances and the ongoing cost of raising capital. For long-term shareholders, the company’s relentless drive to increase its reserves is closely watched.
The recent acquisition has also brought fresh debate about Strategy’s approach to financing. Economist Peter Schiff highlighted on social media that this investment model carries an increasing risk of dilution for shareholders, while frequent capital raises may become expensive.
Peter Schiff pointed out that STRC preferred shares currently yield 11.5%, which he believes could become a costly way to raise capital given the prevailing conditions in financial markets.
Against this backdrop, Strategy’s aggressive Bitcoin accumulation remains a key force shaping the market dynamic. Shareholders, meanwhile, are taking a cautious stance on the company’s long-term financial strategy and its sustainability.
