Strategy dominates March Bitcoin buying as MSTR extends losing streak

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Strategy dominated March Bitcoin buying

Highlights

Strategy bought 44,377 BTC in March, accounting for 94% of all public-company Bitcoin purchases during the month.
Nine companies reduced their holdings, bringing net corporate growth down to about 25,000 BTC.
MSTR shares have fallen for nine consecutive months despite the growth in Strategy Bitcoin reserves.

According to BeInCrypto, that gap between the scale of the purchases and the investor response became one of the clearest signals at the end of the first quarter. Strategy is increasing its BTC holdings faster than any other corporate buyer, while the rest of the sector, by contrast, is showing weaker appetite for new purchases and, in some cases, a partial exit from positions.

Strategy is buying almost all of the corporate Bitcoin

Public companies purchased more than 47,000 BTC in total in March, but net growth fell to about 25,000 BTC because nine companies were sellers. Against that backdrop, Strategy contribution was dominant: the company bought 44,377 BTC, almost the entire volume of new corporate purchases during the month. One of its weekly purchases amounted to 22,305 BTC, making it one of the largest weekly Bitcoin buys in corporate market history.

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Strategy financed those purchases through capital raising. About $1.18 billion came from STRC ATM sales, while another $396 million came from MSTR ATM sales. After the March buying round, the company total holdings rose to 762,099 BTC, acquired at an average price of $75,699 per coin. At the current Bitcoin price of about $68,698, that position is valued at roughly $52.36 billion.

The rest of the sector is pulling back

Outside Strategy, the corporate market looked much weaker. BeInCrypto wrote that excluding Saylor company, only about 15 firms added roughly 3,000 BTC in total during March. At the same time, nine companies reduced their holdings, with MARA Holdings becoming the largest seller after cutting its position by 15,133 BTC. Exodus Movement sold 1,084 BTC, while GameStop, according to BitcoinTreasuries, effectively reduced its displayed balance to 1 BTC after pledging 4,709 BTC as collateral.

Some smaller buyers still increased their positions: American Bitcoin added 961 BTC, Strive added 496 BTC, and Procap BTC added 450 BTC. But overall, March was one of the weakest months for corporate Bitcoin demand in recent periods, according to BitcoinTreasuries.

What the MSTR trend is showing

Despite the aggressive BTC accumulation, MSTR shares are moving in the opposite direction. According to BeInCrypto, the stock has posted negative returns for nine consecutive months. Since the start of 2025, the decline has reached 47.53%, while in 2026 the shares have fallen another 19.27%. From their all-time high of $473.83 in November 2024, the stock is down about 60% and was trading near $124.83.

For the market, this is an important indicator. On one hand, Strategy remains the biggest corporate buyer of Bitcoin and is effectively supporting a significant share of institutional demand. On the other, the market dependence on a single company is increasing. If other public companies continue to reduce positions or stay neutral, the long-term durability of the corporate Bitcoin accumulation model becomes less clear. The gap between Strategy 44,377 BTC in purchases and just 3,000 BTC bought by the rest of the new buyers in March shows how narrow that demand base has become.

We also reported that Michael Saylor moves lift Strategy despite bearish momentum signals.

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