Strategy, the world's largest corporate holder of Bitcoin, has come under increased scrutiny as the price of cryptocurrencies wavers. A securities filing shows the company purchased even more Bitcoin last week.

The company disclosed on Monday that it had snapped up 3,015 tokens in the period between Feb. 23 and March 1 for a total of $204.1 million, or roughly $67,700 apiece.

Strategy separately sold $237.1 million worth of common and preferred stock under its at-the-market equity offering program. The company relies on these sales to fund its Bitcoin purchases.

The latest acquisition brings Strategy's Bitcoin holdings to 720,737 tokens with an average purchase price of $75,985. Bitcoin was up 5.5% over the past 24 hours to $68,903, according to CoinDesk data. The price of the world's largest cryptocurrency earlier slipped to $63,254 amid conflict in the Middle East.

Strategy advanced 5.7%. The company has faced mounting criticism regarding the volatility of its treasury model and the resulting impact on its financial stability. Shares were caught in the crossfire last week amid a broad-based selloff in technology stocks that caused the price of cryptos to slide.

Bullish as ever, Strategy chairman and co-founder Michael Saylor hinted in a social media post over the weekend that the company stood by its Bitcoin bet and would be announcing another purchase. "The Turn of the Century," Saylor captioned a chart depicting Strategy's past purchases.

The chairman vowed last month the company would continue buying Bitcoin "forever" as he attempted to dispel concerns over the crypto's falling price.

Strategy has been in for a rough ride this year. Shares are down 10% this year, compared with 0.4% gain for the S&P 500 and a 2.4% decline for the tech-heavy Nasdaq Composite.

While Strategy has a legacy software business, this brings in comparatively little revenue as crypto dominates its balance sheet. The company, formerly known as MicroStrategy, is widely viewed as a levered Bitcoin vehicle.

The stock's decline over the past few months has accompanied a slide in the price of Bitcoin. After peaking near $126,000 in October 2025, the crypto slipped to the mid-$60,000s by early 2026.

Under new accounting rules, the company must mark its Bitcoin holdings to current market value every quarter. Strategy reported a staggering $12.4 billion net loss in the fourth quarter, largely driven by $17.4 billion in unrealized digital asset losses.

It has also been a prolific issuer of new stock so it can continue buying the Bitcoin dip — something that has raised eyebrows among investors.

Preferred shares, Strategy's go-to method, carry heavy fixed dividend obligations. Since Strategy's software business doesn't generate nearly enough to cover these payments, the company must either issue more stock to pay dividends or, in a worst-case scenario, sell Bitcoin.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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