Michael Saylor, the co-founder and executive chairman of Bitcoin treasury giant Strategy (NASDAQ: MSTR), signaled on Sunday that his company could be expanding its massive BTC treasury.
The news comes as bitcoin trades slightly above $67,000, further reinforcing the world’s largest digital asset treasury (DAT) company’s commitment to a “Bitcoin-only” financial strategy.
Michael Saylor Hints at Fresh Bitcoin Buy for Strategy on X
“The Second Century Begins,” said Saylor on X, sharing Strategy’s BTC accumulation chart that has become synonymous among traders as a formal signal that the firm has either initiated, or is in the process of finalizing, another multi-million dollar bitcoin acquisition.
The timing is also notable. Strategy’s (formerly MicroStrategy) most recent purchase came during the last week of February, when it added 3,015 BTC to its coffers for approximately $204 million. That move brought the company’s total holdings to a staggering 720,737 BTC, worth roughly $48.1 billion at current market prices.
However, according to data from SaylorTracker, a website that tracks Strategy’s bitcoin and cash reserves, the apex cryptocurrency is now trading significantly below the company’s average purchase cost of $75,985 per coin.
Traditionally, in corporate finance, a publicly listed company trading below its average cost basis while its Net Asset Value (NAV) sits below 1 – meaning the stock is cheaper than the total assets it holds – might be expected to pause or pivot its strategy. However, Saylor is diving headfirst into the volatility, utilizing Strategy’s debt and equity financing to buy more at the current price point. The company is attempting to lower its aggregate entry price while most digital asset treasury (DAT) companies are struggling with a collapse in their NAVs.
Analyst Sees 2026 DAT Consolidation; Saylor Rejects M&A Talk
According to Wojciech Kaszycki, chief strategy officer of BTCS, 2026 could be a year of consolidation for DATs, as he believes companies with operating businesses that generate cash flow will buy up treasury firms that simply accumulate bitcoin and other digital assets.
“If you consolidate with another player, sometimes two plus two equals six or more, you can win faster, because everybody in this market is trading below net asset value and is struggling,” he told crypto media outlet Cointelegraph.
He added that crypto treasury firms can provide blockchain validation services, mine cryptocurrencies, offer private or public credit instruments, or start a business unrelated to digital assets to generate revenue.
However, Saylor has dismissed the idea of Strategy acquiring competitors or distressed DATs, citing financial uncertainty as the main reason for avoiding mergers and acquisitions.
“An idea that looks good when you start might not still be a good idea six months later,” Saylor said, emphasizing that direct bitcoin accumulation is a faster, clearer path to growth than absorbing the competition.
STRC Dividend Hiked to 11.5% as Strategy Turns to Preferreds
Last week, Strategy announced that it is increasing the annualized dividend rate for the STRC “Stretch” preferred to 11.5% for March 2026, a 25 basis-point hike from the previous rate of 11.25%. This marks the seventh consecutive dividend hike since the Nasdaq-listed product was launched in July 2025 and comes as MSTR suffers huge sell-offs alongside BTC.
The move is part of a broader shift in the company’s financial engineering strategy as it navigates a volatile period for the crypto market.
STRC is a bitcoin-backed perpetual preferred stock with no set maturity and a variable yield that the company adjusts each month to keep the contract’s price near its $100 par value and dampen volatility.
On March 31, Strategy will pay a dividend of 11.5% to STRC shareholders of record as of March 13. If the preferred product’s rate remains constant all year, then roughly $11.5 in dividends will be issued per year per share, representing about $0.96 per month.
CEO Phong Le recently stated that the company is moving away from issuing MSTR common stock to fund its bitcoin acquisitions, instead opting for preferred capital to reduce volatility and dilution often associated with common share offerings. In 2025, STRC and Strategy’s other perpetual preferreds raised $7 billion in capital, helping the company continue accumulating BTC, even when prices were below its average cost basis.
The dividend increase comes at a peculiar time for Strategy’s balance sheet. The firm reported a staggering $12.4 billion net loss for Q4 2025, which stemmed from an impairment of its bitcoin holdings. While STRC managed to hold steady near the $100 range, MSTR has been under heavy pressure, hitting an 8-month low earlier in the year.
Analysts estimate that with the latest rate hike, the company’s annual dividend obligations for its preferred stock now exceed $900 million.
Strategy Inc. (MSTR) closed Friday’s session at $133.53 – down 4.49% on the day. At the time of writing, Bitcoin (BTC) is trading at $67,232 – down 0.23% in 24 hours.
