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Strategy Still Has The Firepower To Buy Bitcoin

Bitcoin Treasuries Report, March 2026

Ecoinometrics

Mar 11

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Public companies with a Bitcoin treasury strategy are one of the few institutional buyers still accumulating Bitcoin at scale in this bear market.

And when I say scale, I mean it.

Month after month, the purchases coming from these companies can rival what spot Bitcoin ETFs see during their strong inflow periods. That makes them more than just background demand. In the current market, they are one of the forces that can still move the supply-demand balance in a meaningful way.

In practice, though, this entire category is dominated by one company: Strategy.

Strategy now holds one of the largest Bitcoin treasuries in the world, and its ability to keep raising capital to buy more Bitcoin has become an important market question in its own right.

So the key question for investors right now is simple. Can Strategy keep buying Bitcoin through this bear market? That is what we are going to look at today.

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Our team conducts rigorous quantitative research, developing proprietary metrics and institutional-quality visualizations that cut through the noise to reveal key market dynamics.

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Strategy Still Has The Firepower To Buy Bitcoin

The Takeaway

Strategy continues accumulating Bitcoin despite the bear market, even as its stock now trades below the value of the Bitcoin it holds. In previous cycles, that kind of discount typically signalled tightening access to capital and a slowdown in purchases. This time, however, accumulation has remained steady...