Michael Saylor isn’t slowing down. The Strategy chair has laid out a vision for the next four years that can be summarized in five words: issue more credit, buy more Bitcoin.

Between March 2 and March 8 alone, Strategy purchased 17,994 BTC for approximately $1.3B, funded primarily through common stock sales.

The never-sell, always-buy playbook

Saylor has stated plainly that the company will buy Bitcoin every quarter, indefinitely, with no plans to sell during downturns.

The most recent batch of coins was acquired at an average price of roughly $76K per Bitcoin. Across all of Strategy’s purchases, the total average acquisition price sits around $71K.

To fund this perpetual buying spree, Strategy is pulling from multiple capital levers. The company has been issuing common stock, which bankrolled the bulk of its latest $1.3B purchase. Strategy has also introduced perpetual preferred shares, a financing instrument that gives the company permanent capital without a maturity date.

Saylor has described the company’s entire capital structure as being designed to amplify Bitcoin’s price movements, creating what he calls a digital credit ecosystem around the holdings.

The company maintains a public dashboard tracking every Bitcoin purchase and acquisition.

The four-year thesis

Given that the firm rebranded from MicroStrategy to Strategy, effectively shedding its legacy software identity in favor of a Bitcoin-first brand, there’s no ambiguity about the corporate direction.

Saylor has argued that Bitcoin will outperform indices like the S&P 500 over a four-to-eight-year horizon.

What this means for investors

For anyone holding Strategy stock, the investment thesis is straightforward but carries concentrated risk. The company’s capital structure is deliberately designed to move faster than Bitcoin in both directions. When Bitcoin rises, Strategy’s stock tends to outperform. When Bitcoin drops, the stock tends to fall harder.

Strategy was essentially alone in the public-company Bitcoin accumulation game for years, but the arrival of spot Bitcoin ETFs in the US has created alternative vehicles for institutional exposure.

Strategy has one asset, one thesis, and one decision-maker driving the entire corporate strategy. If Bitcoin enters a prolonged bear market that lasts longer than the company’s capital structure can absorb, the leverage that amplified gains on the way up becomes a serious liability on the way down.