How Large Is Strategy’s Latest Bitcoin Purchase?
Bitcoin treasury company Strategy acquired an additional 3,273 BTC for approximately $255 million between April 20 and April 26, according to a filing with the US Securities and Exchange Commission.
The purchase was made at an average price of $77,906 per bitcoin, bringing the company’s total holdings to 818,334 BTC. At current market prices, the position is valued at roughly $63.7 billion, with a total acquisition cost of about $61.8 billion, including fees and expenses.
The latest addition represents a continuation of the firm’s aggressive accumulation strategy, which now accounts for approximately 3.9% of bitcoin’s 21 million supply cap.
How Is Strategy Funding Its Bitcoin Accumulation?
The latest purchases were funded through at-the-market sales of Strategy’s Class A common stock, MSTR. The company sold 1,451,601 shares last week, generating approximately $255 million in proceeds used for the acquisition.
As of April 26, around $26.47 billion in MSTR shares remains available under the existing issuance program. These equity sales form part of a broader capital strategy designed to finance continued bitcoin accumulation.
In addition to common stock, Strategy has multiple preferred stock programs in place, including STRK, STRC, STRF, and STRD, with combined capacity exceeding $30 billion. These instruments operate alongside the firm’s “42/42” plan, which targets $84 billion in total capital raised through equity offerings and convertible notes by 2027.
Investor Takeaway
What Role Do Preferred Stocks Play in the Strategy?
Preferred stock offerings have become an increasingly important funding channel. STRC, a variable-rate cumulative preferred stock with monthly dividends, has emerged as a primary driver of recent acquisitions, although it was not used in the latest purchase.
The company has proposed adjusting STRC’s dividend schedule from monthly to twice monthly payments. According to the firm, the change is intended to reduce reinvestment lag, improve liquidity, and support price stability.
Analysts at TD Cowen said the proposed adjustments could benefit both common shareholders and participants in similar bitcoin treasury strategies.
How Is the Broader Bitcoin Treasury Market Performing?
Strategy remains the dominant player in the corporate bitcoin treasury segment, but competition has expanded. According to industry data, 196 public companies now hold bitcoin as part of their balance sheet strategy.
Other major holders include firms such as Twenty One, Metaplanet, MARA, Riot Platforms, Coinbase, and Hut 8, each holding tens of thousands of BTC. Despite this growth, many bitcoin treasury stocks have declined significantly from their 2025 peaks as market valuations reset.
Strategy’s own stock has fallen around 62% from prior highs, with its market value now trading close to its net asset value. Even so, the stock gained 10.6% last week, closing at $171.02, while bitcoin rose approximately 4.6% over the same period.
