Strategy Used Equity Sales to Fund a $1.92 Billion Bitcoin Buy

Strategy disclosed on March 31, 2025 that it had acquired 22,048 bitcoin for approximately $1.92 billion in cash during the period from March 24 through March 30. The company reported an average purchase price of $86,969 per bitcoin, including fees and expenses, and said the acquisition lifted its holdings to 528,185 BTC.

The filing mattered because it connected one of the largest disclosed corporate bitcoin purchases to a specific capital-markets mechanism. Strategy said the purchases were funded with proceeds from sales of common stock, perpetual preferred stock and a newly completed preferred-stock offering. The company was not merely reallocating operating cash; it was issuing securities and converting the proceeds into bitcoin.

What the filing established

Strategy’s Form 8-K reported that its 528,185 BTC had cost an aggregate $35.63 billion as of March 30, or an average $67,458 per bitcoin, including fees and expenses. The company disclosed neither the individual bitcoin trades nor their execution venues, timestamps or custodial addresses. The $86,969 figure was therefore a seven-day acquisition-period average, not bitcoin’s price at a particular moment on March 31.

During the same March 24–30 window, Strategy sold 3,645,528 shares of MSTR common stock for $1.20 billion in net proceeds and 213,807 shares of its 8% Series A Perpetual Strike Preferred Stock, trading as STRK, for $18.52 million. The filing rounded those proceeds to a combined $1.22 billion after sales commissions.

A third funding source had closed on March 25: an offering of 8.5 million shares of 10% Series A Perpetual Strife Preferred Stock, or STRF, priced at $85 per share. Strategy estimated net proceeds of approximately $711.2 million after underwriting discounts, commissions and offering expenses. The filing explicitly attributed the bitcoin purchases to proceeds from all three channels.

A larger balance-sheet bet

The financing showed how Strategy had turned access to public equity markets into a recurring bitcoin-acquisition system. Common-share sales increased the share count. STRK and STRF added securities with dividend and liquidation preferences. Bitcoin, meanwhile, generated no contractual cash flow with which to meet those corporate obligations.

That combination gave investors exposure to more than the price of bitcoin. The outcome also depended on Strategy’s future access to capital, the market prices of its securities, continuing dividend requirements and management’s ability to support the structure through volatile bitcoin cycles. The March 31 disclosure did not establish that the purchase would be accretive to any class of shareholder.

The scale was nonetheless institutionally notable. Coinburn calculates that 528,185 BTC equaled about 2.52% of Bitcoin’s eventual 21 million-unit issuance limit. That comparison uses the protocol ceiling, not the smaller circulating supply available on March 31, and it does not mean all other bitcoin was liquid or available for purchase.

Market context and limits

CoinMarketCap’s historical snapshot for March 31 listed bitcoin at $82,548.91, with a reported 24-hour change of 0.26%, seven-day change of negative 5.66% and 24-hour volume of about $29.00 billion. Those figures are a cross-market aggregate snapshot rather than a venue-specific closing auction, and the page does not provide Strategy’s trade-level executions. They cannot show whether the company caused any intraday move or whether its average acquisition price was favorable.

The event-day conclusion was narrower: Strategy had used roughly $1.9 billion raised through common and preferred equity programs to expand an already concentrated bitcoin treasury. Its filing verified the quantities, aggregate costs and financing channels, while leaving trade execution, custody and the long-term economics of the capital structure unresolved.