Strategy's stock has soared 35% off its February low, more than doubling bitcoin's gain

MW Strategy's stock has soared 35% off its February low, more than doubling bitcoin's gain

By Tomi Kilgore

Strategy is loading up on bitcoin again, and the company's stock is doing what Executive Chairman Michael Saylor said it would do

Strategy Executive Chairman Michael Saylor said Strategy's stock would amplify bitcoin's volatility - and it's been doing just that.

Michael Saylor was right. The "bug" that sank Strategy's stock earlier this year was falling bitcoin prices, but that's also been the "feature" that has driven such a big bounce off the February low.

As bitcoin was losing half of its value from its October peak, with losses accelerating in late January - Strategy's stock lost more than two-thirds of its value over the same time - Saylor's strategy to not only not sell the cryptocurrency, but also to keep buying every quarter "forever," came under heavy criticism.

The business-software company turned cryptocurrency proxy (MSTR) did slow its purchases for a bit as bitcoin prices stabilized at just above $60,000, around the lowest levels in more than a year. But as bitcoin (BTCUSD) started bouncing - coincidentally as the Iran conflict started - Strategy started loading up. And Strategy's stock has been surging.

During the week to March 15, the company raised about $1.6 billion through the sale of $1.2 billion in preferred stock and the sale of $400 million in common stock. The company used that money to buy 22,337 bitcoin at an average purchase price of $70,194 per bitcoin.

In the past two weeks, the company has spent about $2.9 billion to buy 40,331 bitcoin at an average price of $70,530. That's about five times the total amount it spent to buy bitcoin over the previous six weeks.

And it's been a good purchase so far, as bitcoin was gaining 0.9% to just above $73,300 in recent midday trading on Monday.

Bitcoin is trading just about 3% below the average price Strategy has paid - $75,696 - to buy the 761,068 bitcoin it now holds. Strategy's bitcoin holdings have been underwater - the price paid was below the market price - since early February.

Meanwhile, Strategy's stock has now soared 35.1% since it closed at a 21-month low of $106.99, while bitcoin has rallied about 16% over the same time.

That's basically what Strategy Executive Chairman Saylor said would happen. He said in February that the volatility of digital currencies was not only the "bug," but also a "feature" for Strategy investors.

Saylor said the aim for Strategy's stock is to amplify bitcoin's value, meaning it should fall faster when bitcoin drops, and rise faster when bitcoin advances.

-Tomi Kilgore

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March 16, 2026 12:29 ET (16:29 GMT)

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