Strategy’s 23 Feb–1 Mar 2026 bitcoin purchase: 3,015 BTC, scored

From 23 February 2026 to 1 March 2026, Strategy Inc. (NASDAQ: MSTR) bought 3,015 bitcoin for about $204.1M, at an average price of $67,700 per bitcoin inclusive of fees and expenses, according to its Form 8-K filed 2 March 2026.

Updated 19 October 2026 · priced on the recorded order books of the same days

+$198 / BTC · +29bp

Strategy’s raw price was above what EnsoTrade’s smart routers would have paid: about 8.9 bitcoin fewer for the same dollars.

Bitcoin bought3,015 BTC
Filed average price (inclusive of fees)$67,700
Raw price (17.5bp stripped)$67,582
EnsoTrade price, same days$67,383
Difference per bitcoin+$198 (+29bp)
Bitcoin difference for the same $204.1M8.9 BTC more at our price
Market’s own volume-weighted average, same trading hours$67,338 (raw +36bp against it)

Of Strategy’s 26 scored purchases in 2026, this had the 8th largest gap against our price. Across the year Strategy stands at −$134 per bitcoin (−16.9bp) — see all of Strategy’s 2026 purchases.

Questions

What did Strategy pay for bitcoin on 23 February–1 March 2026?
Strategy disclosed 3,015 bitcoin bought from 23 February 2026 to 1 March 2026 at an average of $67,700 per bitcoin, inclusive of fees and expenses, in its Form 8-K filed 2 March 2026. After stripping an estimated 17.5bp of fees, the raw price is $67,582.
Did Strategy overpay for its 23 February–1 March 2026 bitcoin purchase?
Measured against EnsoTrade's smart routers on the recorded order books of the same days, yes: Strategy's raw price was $198 per bitcoin (+29bp) higher, about 8.9 bitcoin fewer for the same $204.1M. A single week also reflects when Strategy bought; its year is the better measure.
How is the EnsoTrade price worked out?
It is what EnsoTrade's smart routers would have paid for the same dollars inside the same purchase window, on the exchange order books as they were recorded at the time, with our own fees in. The routing and the models are proprietary.
How did Strategy do across all of 2026?
Across 26 purchases and 182,697 bitcoin, Strategy's raw price averaged −$134 per bitcoin (−16.9bp) against our price, and 10 purchases went Strategy's way.
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How a filed price is stripped to raw

When a filing states its average price “inclusive of fees and expenses,” we divide out an estimated 17.5bp stack for prime brokerage, the desk, market impact and custody. Raw price = filed price ÷ 1.00175. Where a filing says “net of fees” or carries no fee language, nothing is stripped. Our own fees always stay in our price.

The EnsoTrade price comes from our smart routers and smart models, run on the recorded order books of the same days for the same dollars. The routing and the models are proprietary.

Limits, stated rather than buried

Sources

Prepared by EnsoTrade from public filings and public market data. Neither company has reviewed it. Nothing here is investment advice. All scored purchases · Strive · Strategy