Holdings Dip to 9% Unrealized Loss After Latest Purchase
Strategy's corporate treasury, one of the largest single holders of Bitcoin, has slipped into an unrealized loss. As of March 22, 2026, the company holds 762,099 BTC acquired for an aggregate cost of $57.69 billion. This places its average purchase price at $75,694 per coin. With Bitcoin's price fluctuating around $68,000, the firm’s position is currently underwater by approximately 9-10%.
The paper loss has not deterred the company's accumulation plan. On March 23, 2026, Strategy announced it had purchased an additional 1,031 BTC for $76.6 million, at an average price of $74,326 per coin. This latest acquisition was funded by its at-the-market (ATM) equity offering, demonstrating its commitment to converting its balance sheet into Bitcoin despite short-term price weakness.
Path to 1 Million BTC Relies on Stock Premium
The firm has set an ambitious target to hold 1 million BTC by the end of 2026, a goal requiring the acquisition of nearly 239,000 more coins. This aggressive accumulation is financed primarily through capital markets. While the company previously utilized novel instruments like its high-yield "Stretch" (STRC) perpetual preferred shares, it recently paused funding through that vehicle and has leaned on its ATM program, selling $76.5 million in Class A common stock in the week of March 16-22.
This funding model depends heavily on Strategy's stock (MSTR) trading at a premium to the net asset value (NAV) of its Bitcoin holdings. This premium allows the company to effectively issue equity at a high valuation to purchase the underlying asset at market price. However, as Bitcoin's price has fallen, the NAV has contracted, putting pressure on this premium and potentially constraining the company's capacity to raise new capital for its Bitcoin war chest.
Saylor's Conviction Clashes With Market Scrutiny
Strategy's unwavering buying, even as the Crypto Fear & Greed Index signals "extreme fear," highlights Executive Chairman Michael Saylor's long-term conviction. Saylor, who frames his strategy as the "Orange March," views price dips as opportunities to acquire Bitcoin without significant market impact. This philosophy stands in stark contrast to the growing skepticism from market observers.
Prominent gold advocate Peter Schiff has become a vocal critic, recently calling Saylor "delusional" in response to a resurfaced clip where Saylor projected Bitcoin could reach $10 million per coin. The public dispute sharpens the core debate surrounding Strategy: whether its leveraged accumulation is a visionary move to acquire a future global reserve asset or a high-risk gamble that exposes shareholders to severe volatility.
