TL;DR
- Massive BTC Purchase: Strategy bought 13,927 BTC for $1 billion, raising its holdings to 780,897 BTC and reinforcing its aggressive accumulation strategy.
- Financing and Investor Tension: The firm used STRC preferred stock sales to fund the purchase, while Saylor defended Strategy’s valuation and highlighted a 2.05% BTC breakeven ARR.
- Market Context and Analyst Moves: Strategy reported a $14.46 billion unrealized loss for Q1, its mNAV sits near 0.84, and TD Cowen cut its price target but boosted coverage of other digital asset treasury firms.
Strategy recorded another major accumulation week, securing 13,927 BTC for roughly $1 billion between April 6 and April 12, according to its latest 8-K filing. The purchase, completed at an average price of $71,902 per coin, marks the firm’s fourth-largest weekly acquisition of 2026 and reinforces Strategy’s ongoing commitment to expanding its Bitcoin treasury. The company now holds 780,897 BTC, valued at nearly $55.4 billion, with a total cost basis of about $59 billion. Co-founder Michael Saylor highlighted that this position represents more than 3.7% of Bitcoin’s capped supply.
Capital Programs Fuel Strategy’s Expanding Bitcoin Position
Strategy funded the latest accumulation using proceeds from at-the-market sales of its perpetual Stretch preferred stock, STRC. The firm sold 10,028,363 STRC shares last week for approximately $1 billion, leaving $21.6 billion in issuance capacity under that program. No MSTR shares were sold, with $27.1 billion still available. The company also maintains several perpetual preferred stock programs, including STRK, STRC, STRF, and STRD, which collectively support its broader “42/42” plan targeting $84 billion in capital raises through 2027.
Saylor Signals Confidence Despite Market Concerns
Saylor hinted at the latest purchase ahead of time, posting “Think bigger” on the company’s Bitcoin tracker. STRC, a variable-rate preferred stock with monthly dividends, has become a key financing tool alongside MSTR. Some investors remain uneasy about the firm’s market cap relative to net asset value, though Saylor emphasized that the firm’s BTC breakeven ARR is roughly 2.05%, suggesting dividends can be sustained if Bitcoin outpaces that rate. He also reiterated that quantum computing risks remain theoretical.
Recent Activity Adds to Strategy’s Growing Holdings
In the first week of April, the firm added 4,871 BTC for about $330 million, bringing its holdings at that time to 766,970 BTC. The firm also reported a $14.46 billion unrealized loss for Q1 2026. Broader Bitcoin treasury adoption continues, with 195 public companies participating, though many have seen share prices fall sharply from 2025 highs. the company’s mNAV currently sits near 0.84.
Analysts Adjust Outlook for Strategy and Sector Peers
TD Cowen cut its Strategy price target by 20% to $350, citing weaker Bitcoin assumptions and revised expectations for future dollar-denominated gains. However, the firm initiated buy-rated coverage on several digital asset treasury companies, arguing that Bitcoin and Ether treasury models add value to investors and are likely to attract increasing attention over time.
