By Moving Equity into Bitcoin, Strategy Redefines Treasury Standards — Raising Profound Questions About Risk Management, Investor Confidence, and How Digital Assets Could Reshape Long-Term Capital Planning.

According to a March 31 announcement, Michael Saylor’s Strategy purchased 22,048 Bitcoin between March 24 and March 30, spending $1.92 billion raised through a recent stock sale.

Strategy Expands Bitcoin Holdings Using Proceeds From Stock Sale
This latest acquisition brings Strategy’s total BTC holdings to 528,185 BTC, with a total purchase value of $35.63 billion.

The average recent purchase price was $86,969 per coin, well above the company’s overall average of $67,458.

According to the latest disclosure, the company’s purchases were made with funds raised through on-the-market offerings, which included common stock and two classes of preferred stock.

The company raised $1.22 billion through these offerings during the week of the acquisition.

Strategy, formerly MicroStrategy, shows no signs of slowing down in its Bitcoin strategy.

The company’s updated dashboard notes its continued use of capital markets to expand its BTC reserves, cementing its role as one of the largest holders of the asset

Bitcoin Market Reacts to Policy Change
Bitcoin traded with high volatility in March, peaking at $94,000 after former President Donald Trump proposed a Strategic Crypto Reserve on March 6.

The proposal sparked a short-term rally across many digital assets, but prices subsequently fell due to profit-taking and mixed macroeconomic signals.

Bitcoin recently traded near $81,780, down 3% on the day and down 13% from its March high, according to CoinMarketCap.

The broader market remains cautious as investors look for clearer direction amid regulatory uncertainty and volatile institutional inflows.

Bitwise CIO Says Trump Order Eliminates Last Existential Risk to BTC
Bitwise CIO Matt Hougan said the executive order on crypto reserves has eliminated the “last existential risk” to Bitcoin’s long-term viability.

The executive order outlines a plan to hold a portion of the Bitcoin seized by the government over the long term, while also seeking to collect more without imposing new taxes.

The decision is seen as a turning point for the outlook for Bitcoin regulation, signaling a shift toward institutional legitimacy.

Momentum is also growing at the state level. Lawmakers in 23 US states have introduced more than 40 Bitcoin reserve bills, with proposals underway in Oklahoma, Missouri, Arizona, and Kentucky.

This coordinated policy move has bolstered investor confidence in the asset’s role in both public and private treasuries.

A growing number of companies are exploring how digital assets can fit into their corporate finance strategies.

While most remain cautious, Strategy’s approach shows that public companies can use capital markets to build cryptocurrency reserves — potentially reshaping treasury management over time.

Frequently Asked Questions (FAQs)
What are the risks to Strategy’s Bitcoin investment strategy?
The strategy is exposed to high market risk when investing millions of dollars in Bitcoin. The company could lose a significant amount of money if Bitcoin’s value declines significantly. Second, shareholder dilution can be felt when buybacks are funded by issuing shares.

Does Strategy’s focus on Bitcoin impact the company’s core business?

While Strategy continues to provide software and analytics services, the company’s aggressive Bitcoin buyback strategy has shifted investors’ focus to the company’s cryptocurrency holdings.

What steps has Strategy taken to address Bitcoin’s volatility?

Strategy takes a long-term investment view of Bitcoin as a store of value and inflation hedge. To hedge risk and maintain liquidity, the company uses financial instruments such as convertible bonds and monitors market conditions.