NEW YORK, March 4, 2026, 17:49 EST
- Strategy jumped roughly 10% Wednesday, tracking bitcoin’s rally.
- The firm picked up 3,015 more bitcoin at a cost of $204 million, according to a recent filing.
- The March dividend on Strategy’s STRC preferred stock has gone up to 11.50%.
Strategy Inc shares jumped roughly 10% Wednesday, riding a wave of gains as bitcoin broke past $72,000 and sent a group of crypto-linked stocks higher.
This matters: Strategy, chaired by veteran bitcoin bull Michael Saylor, has effectively turned itself into an equity-market stand-in for bitcoin. Years of funneling both cash and fresh capital into crypto have led it here.
Investors are tracking the company’s appetite for funding more purchases, eyeing especially its use of at-the-market offerings — a setup that allows shares to be sold intermittently, directly into the market.
Shares tied to crypto followed bitcoin’s lead. Coinbase advanced. A handful of bitcoin miners also traded higher after the cryptocurrency’s climb in the latest session, according to market updates.
Strategy disclosed in a March 2 filing that it picked up 3,015 bitcoin from Feb. 23 to March 1, shelling out a total of $204.1 million and boosting its stash to 720,737 bitcoin. Over that stretch, the company offloaded 1,730,563 shares of Class A common stock, bringing in net proceeds of $229.9 million, and also sold 71,590 shares of STRC preferred stock for $7.1 million in net proceeds.
Strategy lifted the dividend rate on its STRC perpetual preferred stock for March, bumping it up to an annualized 11.50%. These preferred shares, which take priority over common stock when it comes to dividends, still don’t promise payouts—Strategy says cash payments aren’t guaranteed, and the securities aren’t backed by any bitcoin assets.
Once an enterprise software firm, the company has methodically pivoted to a bitcoin treasury focus—a move that’s now made its market value far more sensitive to crypto price moves.
That connection isn’t always a plus. Strategy posted a $12.4 billion loss for the fourth quarter, using mark-to-market accounting—that’s where assets get repriced to the market’s current levels—after digital assets swung wildly. “The actions by big finance, the actions by the big banks and the actions by the financial regulators are the fundamentals,” Saylor said to investors during the post-earnings call. Reuters
The setup comes with clear dangers. A sudden bitcoin drop would hurt both Strategy’s portfolio value and appetite for its shares. If demand slows, pricier preferred stock dividends could also squeeze cash reserves.
At the moment, traders view Strategy as a high-beta play tied to bitcoin’s swings—daily price action is responding more to crypto moves and how quickly the company is adding to its holdings than to performance from its software business.
