Attention in the cryptocurrency markets has turned to Strategy, a company that has rapidly increased its Bitcoin investments recently. Strategy, which operates in the field of digital assets and technology, announced today that it purchased 34,164 Bitcoins, spending approximately 2.54 billion dollars. After this transaction, the total amount of BTC in the company’s possession reached 815,061. However, despite this large purchase, the company’s MSTR shares lost over 2.5 percent in early trading.
The company’s Bitcoin reserves exceeded $61 billion
In the post made by Michael Saylor on the social media platform X, Strategy’s BTC return since the beginning of 2026 was stated as 9.5 percent. According to Saylor, the total cost of the Bitcoins they currently hold is $61.56 billion and the average purchase price is $75,527. In light of these figures, the company’s Bitcoin position is currently at par with market prices.
In the Form 8-K document submitted by Strategy to the US Securities and Exchange Commission (SEC), it was stated that the capital for the new acquisition was raised through a public offering. The company’s basic strategy is based on periodically issuing private and general shares and using the income obtained in Bitcoin investments.
“Strategy raised $2 billion 542 million for the latest purchases. $2 billion 176 million of this amount was obtained from the sale of STRC preferred shares and $366 million from the sale of Class A common stock. All of the resources were used to purchase new Bitcoin.”
In the official documents of the company, it was also stated that there is a potential resource capacity of 19 billion 463 million dollars from the sale of STRC type shares and 26 billion 729 million dollars from the sale of ordinary shares. This shows that the company continues to have the opportunity to further expand its BTC reserve with similar methods in the future.
In Strategy’s control panel, the total BTC reserve value was stated as 58 billion 756 million dollars, the amount of Bitcoin per share was 205,812 satoshi, and the net asset value (mNAV) ratio was 1.28. While the company’s debt is at the level of 8 billion 254 million dollars, its net leverage ratio is around 10 percent.
Loss of value in shares and financing concerns
Despite the company’s large Bitcoin purchase, MSTR shares continue to decline, and investors appear to be questioning the dilution risk and financing costs created by the new share offering. The company’s continued raising of new capital is being carefully monitored, especially for long-term shareholders.
The latest acquisition brought discussions about Strategy’s financing model to the agenda. Economist Peter Schiff stated that this investment model implemented by the company poses an increased risk of dilution for shareholders and that repeated capital increases may be costly.
Peter Schiff pointed out that STRC type preferred shares offer a rate of return of 11.5 percent, which makes them a more expensive resource in the current conditions in the capital markets.
In light of all these developments, Strategy’s aggressive Bitcoin accumulation policy continues to affect the balance in the market, while shareholders closely monitor the sustainability of the company’s long-term financial strategy.
