Michael Saylor’s recent financing of Bitcoin purchases is drawing attention, as analysts suggest a potentially more sustainable accumulation model is emerging at Strategy.
Recent data shared by CryptoQuant highlights an aggressive buying streak over the past two weeks. During the week of March 8, Strategy acquired roughly 17,994 BTC, followed by an even larger purchase of 22,337 BTC the following week, marking its biggest accumulation since November 2024. However, the main focus is on how these acquisitions are being funded.
Historically, Strategy relied heavily on issuing its Class A common stock (MSTR) to finance Bitcoin purchases. That structure is now changing. In the week of March 8, approximately $900 million was raised through MSTR share sales, compared to about $377 million from STRC preferred shares.
In the most recent week, the balance shifted, with only around $396 million coming from MSTR sales, while STRC issuance contributed roughly $1.18 billion.
Although MSTR-based funding still accounts for about 64 percent of total financing, STRC has rapidly expanded from effectively zero a year ago to roughly 8 percent of the mix. Analysts view this as a meaningful transition, as it allows Strategy to reduce reliance on common stock dilution while continuing to scale its Bitcoin exposure.
 
In a March 16 disclosure to the U.S. Securities and Exchange Commission, Strategy confirmed the purchase of 22,337 BTC between March 9 and March 15 for approximately $1.57 billion, at an average price of $70,194 per coin, including fees. This brings the company’s total holdings to 761,068 BTC, acquired for about $57.61 billion at an average cost of $75,696.
The acquisition was fully financed through the firm’s at-the-market equity program. During the same period, Strategy sold over 11.8 million STRC shares, generating $1.18 billion, and 2.83 million Class A shares, raising an additional $396 million. Together, these proceeds covered the full cost of the latest Bitcoin purchase.
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