NEW YORK, March 4, 2026, 17:49 EST
- Strategy shares rose about 10% as bitcoin rallied on Wednesday
- A recent filing showed the firm added 3,015 bitcoin for $204 million
- Strategy also lifted the March dividend rate on its STRC preferred stock to 11.50%
Strategy Inc shares climbed about 10% on Wednesday as bitcoin pushed above $72,000, lifting a cluster of crypto-linked stocks.
The move matters because Strategy, chaired by long-time bitcoin advocate Michael Saylor, has become a de facto proxy for bitcoin in equity markets, after years of turning cash and new capital raises into cryptocurrency holdings.
Investors have also been watching how aggressively the company funds additional purchases, including through at-the-market offerings — a program that lets a company sell shares into the market from time to time.
Crypto-linked names moved in the same direction. Coinbase rose, and several bitcoin miners gained, after bitcoin’s jump in the latest session, market updates showed. 1
In a filing dated March 2, Strategy said it bought 3,015 bitcoin between Feb. 23 and March 1 for an aggregate purchase price of $204.1 million, taking total holdings to 720,737 bitcoin. The filing said the firm sold 1,730,563 shares of its Class A common stock for net proceeds of $229.9 million and sold 71,590 shares of its STRC preferred stock for net proceeds of $7.1 million during the same period. 2
Strategy also raised the dividend rate on its STRC perpetual preferred stock for March to an annualized 11.50%. Preferred stock is a class of shares that typically pays dividends ahead of common stock, though Strategy warns cash dividends are not guaranteed and the preferreds are not collateralized by its bitcoin holdings. 3
The company, once known for enterprise software, has steadily recast itself around its bitcoin treasury strategy, a shift that has tied its market value more tightly to swings in the cryptocurrency.
That linkage can cut both ways. Strategy reported a $12.4 billion loss for the fourth quarter under mark-to-market accounting — a method that revalues assets to current prices — after a volatile stretch for digital assets. “The actions by big finance, the actions by the big banks and the actions by the financial regulators are the fundamentals,” Saylor told investors on the post-earnings call. 4
But the model carries obvious risks: a sharp bitcoin selloff can hit both the value of Strategy’s holdings and sentiment around its share sales, while higher dividend costs on preferred stock can tighten cash needs if market demand cools.
For now, traders are treating Strategy as a high-beta bet on bitcoin’s direction, with day-to-day moves driven less by software results than by crypto prices and the company’s pace of buying.
