Despite carrying significant unrealized losses and watching its share price plummet over recent months, Strategy Inc. is pushing forward with an aggressive cryptocurrency accumulation strategy. The firm has just deployed another $1.28 billion into Bitcoin, raising questions about whether this persistent buying will ultimately reward its investors.
A Treasury Ambition and a Milestone Purchase
Positioning itself firmly as a Bitcoin treasury vehicle, Strategy is banking on broader institutional adoption, a trend it expects will accelerate with upcoming U.S. regulatory frameworks. In line with this expansion-focused mandate, the company executed its 100th discrete transaction since initiating its accumulation program in 2020. Between March 2 and March 8, 2026, the world’s largest institutional Bitcoin holder purchased an additional 17,994 coins.
Notably, this move was not funded from existing cash reserves. Strategy raised the entire $1.28 billion sum through capital markets, issuing both common and preferred shares to finance the purchase without impacting its operational business.
Mounting Losses and a Contrarian Bull Case
The acquisition brings Strategy’s total holdings to 738,731 Bitcoin, representing over 3.4% of the cryptocurrency’s maximum possible supply. However, the portfolio is currently underwater on paper. The average purchase price sits at $75,862 per Bitcoin, which was above the market price at the time of this latest buy. This fundamental pressure is compounded by a massive net loss of $12.6 billion reported for the fourth quarter of 2025.
Should investors sell immediately? Or is it worth buying Strategy?
The market has reflected these strains. The stock has shed approximately 50% of its value over a one-year period, with shares currently trading at €118.55—well below their 200-day moving average.
Yet, Wall Street sentiment is showing signs of a shift. Analysts at B. Riley Securities have initiated coverage with a “Buy” rating. Market strategist Fedor Shabalin argues that since last October, Strategy’s shares have fallen significantly more than Bitcoin itself. He views the current valuation level, supported by multibillion-dollar cash reserves and a digital credit platform, as an attractive entry point.
Ample Firepower for Future Purchases
The management’s roadmap remains squarely fixed on further growth. With nearly $10 billion in remaining capacity from ongoing share programs, Strategy possesses substantial dry powder for future acquisitions. This financial muscle suggests the company’s billion-dollar Bitcoin purchases are likely to continue.
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