Strategy, Michael Saylor’s flagship vehicle and the largest public holder of Bitcoinhas surpassed 800,000 BTC in total holdings after its latest purchases. The company disclosed in an 8-K filing with the U.S. Securities and Exchange Commission that it bought 34,164 BTC for $2.54 billion between April 13 and 19, at an average price of $74,395 per coin.
The new purchase lifts Strategy’s total BTC under custody to 815,061 coins, purchased for $61.56 billion. The firm had about 780,897 BTC after a $1 billion buy just a week earlier. By coin count, the April tranche ranks as Strategy’s third-largest BTC acquisition, behind 55,500 BTC and 51,780 BTC purchases made in November 2024.
Key takeaways
- New BTC haul: 34,164 BTC acquired for $2.54 billion (April 13–19), at an average price of $74,395 per coin.
- Funding mix: Stretch (STRC), the perpetual preferred security, supplied about $2.18 billion (roughly 85.7% of the total proceeds); Class A common stock contributed about $366 million.
- Record-pace activity via STRC ATM: The STRC at-the-market program delivered two consecutive days of heavy buying, with estimated BTC purchases rising to around 17,204 BTC across 11.9 million and 14.4 million shares sold, according to STRC Live—about a 518% surge versus the four-week average.
- Cost basis and scale: The purchase price sits slightly below Strategy’s overall average cost basis, reinforcing the company’s long-standing commitment to accumulating BTC.
- Future dividend signal: Strategy CEO Phong Le has signaled potential semi-monthly dividends for STRC, a unique feature among preferreds, a move the company says could be attractive.
Strategy expands its BTC stake with a mid-April buy
The363,164-BTC addition cements Strategy’s position as the world’s most prominent publicly traded Bitcoin holder. The deal, documented in an 8-K filing, shows the bulk of the purchase was executed through financing channels tied to STRC, the company’s perpetual preferred security. With the new BTC, Strategy’s total holdings stand at 815,061 BTC, a stake amassed for $61.56 billion to date.
For context, Strategy had been holding about 780,897 BTC after a $1 billion purchase a week prior, underscoring a rapid acceleration in accumulation over a short window. The new acquisition sits just below Strategy’s average cost of around $75,527 per BTC, illustrating a cautious approach to price levels over the course of the company’s investment program.
In a regulatory filing, Strategy confirmed the April purchases and reiterated that the company prioritizes a diversified approach to funding its Bitcoin stack, balancing debt-like instruments with equity capital. The size and cadence of the buys highlight how a very large corporate treasury can shape a single-asset narrative, particularly as BTC remains a focal point for corporate treasuries seeking to optimize risk/return over time.
STRC fuels the deal, underscoring the instrument’s role in Strategy’s strategy
The funding structure behind the latest BTC accumulation shows STRC playing a central role. The SEC filing indicates STRC generated $2.18 billion in proceeds from the sale of shares, accounting for roughly 85.7% of the total funding for the new purchase. By contrast, net proceeds from the sale of Class A common stock accounted for about $366 million.
Strategy’s leadership has repeatedly highlighted STRC as a key financing vehicle. Last week, co-founder and executive leadership signaled the potential for STRC to pay semi-monthly dividends, a rarity among preferred securities. In remarks cited by the filing, Strategy CEO Phong Le said, “If we were to move forward with paying STRC semi-monthly, we would be in category one, the only preferred in the world that pays semi-monthly dividends. We think this is unique and attractive.”
ATM program momentum and what it signals
The week’s activity also reflected STRC’s at-the-market program’s capacity to drive large, rapid purchases. STRC Live reported a new daily record on April 13 of about 7,741 BTC tied to the sale of 11.9 million STRC shares, generating more than $1 billion in trading volume. The following day, the program set another record with an estimated 9,364 BTC tied to the sale of 14.4 million shares. Combined, the two days accounted for roughly 17,204 BTC, marking a 518% increase versus the four-week average.
These figures illustrate how a perpetual preferred instrument can work in tandem with a strategic corporate treasury plan to widen exposure to Bitcoin quickly, leveraging market liquidity to scale holdings without committing to large, single-block equity raises.
Market implications and what investors should watch next
Strategy’s latest round of accumulation reinforces the company’s longstanding thesis: Bitcoin remains a core long-term asset, with corporate treasuries willing to deploy significant capital through diversified financing structures. For investors in Strategy and BTC, the coordination between STRC-based funding and large-scale purchases signals a sustained appetite for exposure to Bitcoin as a strategic reserve asset rather than a speculative position.
Key questions moving forward include how STRC dividends will evolve, whether subsequent purchases will follow the same financing pattern, and how regulators might view semi-monthly dividend structures tied to a crypto-asset strategy. Market participants will want to monitor further SEC disclosures and STRC Live updates for new guidance on payout schedules and any shifts in the ATM program’s cadence.
As Strategy continues to expand its BTC stash, eyes will remain on the company’s next steps and the potential ripple effects on corporate treasury behavior, Bitcoin price discovery, and the broader crypto market’s adoption by public-market players.
Readers should watch for additional updates from Strategy and STRC in the coming weeks, including any new 8-K filings or official statements on dividend structure and future ATM activity.