Their stake in Bitcoin through new purchases worth $204.1 million, according to a new filing submitted to the U.S. Securities and Exchange Commission. The company acquired 3,015 Bitcoin between February 23 and March 1, at an average price of $67,700 per coin. This disclosure was included in Form 8-K published on Monday.

The recent purchase increased the total holdings of "Strategi" in Bitcoin to 720,737 BTC, with a market value of approximately $47.5 billion. However, the company paid around $54.8 billion in total, including fees and expenses. The average acquisition price was $75,985 per Bitcoin.

As a result, this position reflects unrealized losses estimated at about $7.3 billion at current prices. These holdings represent just over 3.4% of the total fixed supply of Bitcoin, which is 21 million units. Consequently, "Strategi" remains the largest institutional owner of this asset by a significant margin. The size of this holding continues to influence market discussions about supply concentration.

Capital programs drive ongoing Bitcoin purchases
Strategi financed its recent acquisition by selling shares in the market. Last week, the company sold 1,730,563 MSTR shares worth approximately $229.9 million. Additionally, it issued 71,590 STRC shares valued at around $7.1 million. These programs remain the primary funding channels for accumulating Bitcoin.

As of March 1, Strategi had $7.6 billion worth of MSTR shares available for sale. The company also held $3.5 billion worth of STRK shares under its share sale program. Furthermore, the company manages several perpetual preferred stock programs, including offerings of STRK, STRC, STRF, and STRD.

The STRK fund offers non-cumulative dividends at 8%, with the option to convert into shares. The STRF fund provides cumulative dividends at 10%, targeting more conservative investors. Meanwhile, the STRD fund is non-convertible, offers non-cumulative dividends at 10%, and carries higher risk. The STRC fund features a variable dividend rate with monthly cumulative dividends.

The combined issuance capacity of these programs totals $31.5 billion. These programs operate alongside Strategi’s broader "42/42" capital plan, which aims to raise $84 billion through equity and convertible bonds by 2027. The company intends to direct these funds toward further Bitcoin acquisitions.

Recent purchase patterns indicate continued accumulation
This new transaction follows another announced last week. Strategi previously acquired 592 Bitcoin for approximately $39.8 million, at an average price of $67,286 per coin. Before this latest addition, its total holdings stood at 717,722 BTC.

The importance of STRC preferred shares has increased in recent transactions, as analysts have noted their growing role in financing Bitcoin purchases. As a result, the investment company continues to rotate between common and preferred shares to raise capital, allowing it to maintain accumulation despite price volatility.