Strategy, the company that built its identity around hoarding Bitcoin, is now sitting on paper losses — and still buying more.
The company’s average purchase price is around $75,985 per coin, well above where Bitcoin is trading at around $66,850 today.
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This difference has made the Strategy’s net asset value less than 1, meaning that stocks are worth less than Bitcoin. It’s a drastic change for a company that has long commanded premiums from its coffers.
Another round of shopping
However, co-founder Michael Saylor posted the company’s Bitcoin accumulation chart over the weekend with the message “The second century is about to begin” – his repeated signal of another buy.
Strategy’s latest acquisition took place in the last week of February, when the company added 3,015 coins worth more than $200 million, bringing its total volume to 720,737 Bitcoins. At current prices, this cache is worth about $48 billion.
The second century begins. pic.twitter.com/stZzNhLgay
— Michael Saylor (@saylor) March 8, 2026
Debt and equity facilitate acquisitions
Despite the broad market downturn, the company has not stopped its acquisitions. The strategy continues to fund its acquisitions through debt and equity offerings — a model that works more easily when Bitcoin is rising, but attracts tougher scrutiny when prices are falling.
With its NAV now below 1, some investors are exposed to Bitcoin at a discount through stocks, a dynamic that has rarely worked in Saylor’s favor before.
Data from SaylorTracker shows the depth of the current shortage. The company’s windfall widens with every drop in Bitcoin’s price, but the company shows no sign of reversing course.
Saylor made it clear in a previous statement that the Strategy is not a short-term trade, but a long-term bet on Bitcoin as a reserve asset.
Pressure is mounting across the Bitcoin treasury space
Strategy is not just about feeling pressure. According to reports, the broader Bitcoin treasury sector could see consolidation in 2026, with cash-generating ventures moving to absorb companies that merely accumulate coins without generating revenue.
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Wojciech Kaszicki, chief strategist at BTCS, said companies trading below net asset value are under real pressure. Combined with another player, “sometimes two plus two equals six or more,” he said.
Saylor moved away from this path. He said mergers and acquisitions take too long and involve too much uncertainty, noting that deals that look attractive at first can look very different six to nine months later.
Whether or not another purchase has been approved. But if history is any guide, then the chart rarely comes without offering a follow-up.
Featured image from mybrokerone.comchart from TradingView
