Strategy ended its weekly streak of large-scale purchases, adding only 1,031 BTC this time around. The smaller purchase arrived at a time when BTC was already shaky, sinking to the $68,000 range. 

Strategy added 1,031 BTC at an average price of $74,326 per coin, just before BTC lost the $70,000 range. 

Strategy has acquired 1,031 BTC for ~$76.6 million at ~$74,326 per bitcoin. As of 3/22/2026, we hodl 762,099 $BTC acquired for ~$57.69 billion at ~$75,694 per bitcoin. $MSTR $STRChttps://t.co/goog7l1eaV

— Strategy (@Strategy) March 23, 2026

The smaller purchase came after two weeks of highly active buying, funded by STRC preferred shares. 

Strategy also showed a pattern where one or two weeks of the month would come with five-digit additions to the treasury, while the rest of the weekly purchases ranged from 592 BTC to around 3K BTC. 

The purchase was expected after the latest Sunday post by Michael Saylor, but the smaller treasury expansion raised questions about Strategy’s ability to apply the playbook. 

Strategy announces new STRC and MSTR programs

Strategy announced two new ATM programs for STRC and MSTR, each authorising $21B in new raises. 

Strategy also added Moelis, Alliance and StoneX as Agents as stock sale agents ahead of the new eventual raises. 

The company announced its new playbook plans just as its previous MSTR ATM was getting depleted, with only $6B remaining. With the latest authorisation to raise a total of $42B, the company opens a new path to exercise its playbook in the coming years. 

If the STRC sale is filled, the obligations of Strategy would reach $2.45B in annual dividends, in addition to current obligations of $1B. Analysts suggest Strategy may retain some cash to pay dividends, while still waiting for a BTC bull market. 

Did Strategy change its weekly fundraising? 

The two previous weeks of significant buying, adding 17,994 BTC and 22,337 BTC, happened due to fundraising using the STRC preferred stock. The preferred shares were attractive for their 11.5% monthly dividend. 

Strategy achieved a two-week period of high demand for STRC, trading in the $99-$101 range. For the whole of last week, STRC traded below $100, meaning Strategy was unable to sell more preferred shares. 

During the past week, Strategy reported zero raises using STRC, but sold MSTR valued at $76.5M. The previous week was one of the few where Strategy sold more STRC compared to common stock. Strategy saw peak STRC activity in March, but still relied on equity to complete its inevitable purchase.

MSTR traded at $135.66, remaining relatively stable despite the dilution. However, without STRC, the playbook may continue with slower weekly growth, depleting the MSTR funding facility of approved shares. 

Will Strategy recover STRC demand?

A big part of the accelerated STRC buying was due to the ex-dividend deadline in March. According to analysts, the STRC recovery can take up to 10 days, allowing for a bigger BTC purchase next week.

In the meantime, STRC relies on an active secondary market with up to $200M in liquidity, according to Saylor. Currently, STRC offers 11.56% in effective dividend, once again raising the issue of Strategy sustaining its ability to pay down its obligations. 

Treasury companies have not entirely abandoned BTC. In the past week, Strive added more BTC, as well as American Bitcoin Corp., Gemini Space Station, Inc., and Capital B. However, Strategy is the only playbook company with regular raises, but the over-reliance on STRC recalls the usage of previous convertible preferred stocks STRD, STRK, and STRF. None of these preferred shares have been issued in months, but have added to Strategy’s dividend payment burden.

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