Saylor plans more credit issuance and Bitcoin buys

Michael Saylor, chair of Strategy, has outlined a plan to issue more credit and continue buying Bitcoin over the next four years. The company says purchases will be funded with equity and debt, with a commitment to quarterly buys and no sales during downturns. Between March 2 and March 8, Strategy acquired 17,994 BTC for about $1.3 billion, a purchase financed primarily through common stock sales.

The most recent tranche averaged roughly $76,000 per Bitcoin. Across all of Strategy’s holdings, the company’s total average acquisition cost is about $71,000 per coin. Strategy maintains a public dashboard that records each purchase, listing transaction dates, amounts and funding sources.

To support ongoing accumulation, Strategy used common stock issuances to finance the March buy and has issued perpetual preferred shares, a financing instrument with no maturity date that provides permanent capital without a fixed repayment schedule. Company executives describe the capital structure as engineered to magnify returns tied to Bitcoin’s price movement and to create a “digital credit ecosystem” around the holdings.

Strategy rebranded from MicroStrategy to emphasize a Bitcoin-first identity. The company projects that Bitcoin will outperform broad market indexes such as the S&P 500 over a four- to eight-year horizon, a forecast Saylor has made in public statements.

Historical trading patterns show Strategy’s stock has tended to rise faster than Bitcoin during rallies and fall more steeply during declines. Analysts and company filings note that leverage in the capital plan can amplify both gains and losses. The recent expansion of spot Bitcoin exchange-traded funds in the U.S. provides other institutional options for Bitcoin exposure that do not involve Strategy’s concentrated corporate structure.

Strategy’s quarterly acquisition commitment, use of stock and perpetual preferred capital, and public purchase reporting reflect a persistent accumulation strategy focused on increasing its Bitcoin holdings. Saylor has described the approach as “never-sell, always-buy.”