Strategy, the vehicle launching and managing Bitcoin purchases for Michael Saylor’s empire, added more BTC last week as the market hovered above $77,000. An 8-K filing with the U.S. Securities and Exchange Commission shows that Strategy acquired 3,273 bitcoin between April 20 and 26 for about $255 million, at an average price of $77,906 per coin. The move lifts Strategy’s total holdings to 818,334 BTCpurchased for roughly $61.8 billion. At the time of writing, CoinGecko values the stash at around $63.6 billion.
The latest purchases occurred without the use of STRC, Strategy’s perpetual preferred security. In a separate note, the SEC filing confirms the funding came entirely from Strategy’s Class A common stock (MSTR), with the company selling 1.45 million shares to raise $255 million. This diverges from the prior week’s activity, when Strategy disclosed a 34,164-BTC buy—the third-largest acquisition on record—that did rely on STRC involvement.
On the timing and trajectory of Strategy’s buying, Saylor has publicly signaled that the company would continue expanding its BTC reserve. He previously shared a chart cataloguing Strategy’s Bitcoin purchases—spanning 107 distinct buy events since 2020—hinting at a long-term accumulation plan even as the market fluctuates.
Source: SEC
Key takeaways
- New acquisition details: Strategy bought 3,273 BTC for $255 million between April 20–26, at an average of $77,906 per coin, lifting its total to 818,334 BTC with a cost basis around $61.8 billion.
- Funding method: The purchase was funded entirely by a sale of Strategy’s Class A common stock (MSTR), which raised $255 million by divesting about 1.45 million shares.
- STRC involvement: There were no STRC-linked purchases in the latest week, marking a deviation from the prior week’s action when STRC supported a large BTC buy.
- Market position in context: Strategy now holds more BTC than BlackRock’s roughly 812,300 BTC, though it trails the combined holdings of crypto fund issuers (about 1.32 million BTC), according to trackers.
- Future trajectory: A Bitcoin advocate and Strategy investor suggests Strategy could reach 1.2 million BTC by the end of 2026, implying an ongoing, sizable accumulation over the next few years.
Strategy’s growing ledger and its implications
With the latest purchase, Strategy’s total BTC stash stands at 818,334, a scale that positions the firm as the largest publicly disclosed Bitcoin holder. The position is spread across purchases since 2020, a period during which Saylor has consistently framed BTC as a long-duration treasury asset. The current market value surpasses the $63 billion mark according to CoinGecko, underscoring a substantial paper gain relative to the recorded cost basis of around $61.8 billion.
The decision to fund the April buy entirely through a stock sale underscores Strategy’s willingness to leverage equity markets to secure more Bitcoin without dipping into cash reserves. The sale of 1.45 million MSTR shares provided the capital needed for the acquisition, aligning with previous disclosures that Strategy often deploys equity financing to fund further purchases. This approach contrasts with the earlier week’s action, where STRC was involved in a $ amount of BTC purchasing, an arrangement that did not recur in the most recent filing.
In this context, STRC Live, a data tracker that monitors STRC-linked activity, reported no Bitcoin purchases tied to STRC in the latest period. The absence of STRC involvement suggests Strategy is continuing to fund acquisitions through equity raises rather than via its perpetual security, at least for the week in question.
Even as Strategy compounds its holdings, the landscape of public and private BTC exposure offers a useful lens into corporate treasury behavior. Strategy’s 818,334 BTC sits ahead of BlackRock’s 812,300 BTC in public offerings and ETF-style vehicles but remains behind the combined holdings of crypto fund issuers, which Wallet Pilot tracks at roughly 1.32 million BTC. That disparity highlights two realities: (a) the largest public holders are still concentrated among single-entity programs, and (b) the broader ecosystem of funds and trusts continues to accumulate Bitcoin on behalf of clients, contributing to an ever-expanding available supply for market participants to trade against.
Beyond current figures, industry observers are watching the pace of Strategy’s accumulation. Through the first part of this year, the firm has added approximately 144,551 BTC, which translates to about 36,137 BTC per month on a run rate. If that cadence persisted, projections from some market watchers suggest Strategy could approach 1.2 million BTC by the end of 2026, a scale that would represent a more than threefold increase over today’s holdings. The calculation hinges on continued capital inflows and favorable macro conditions, but it also underscores the risk/return calculus corporate buyers weigh when committing to a long-horizon strategy for Bitcoin as a treasury asset.
Observers and investors continue to contrast Strategy’s posture with other institutional actors. BlackRock’s BTC exposure—though substantial—remains a different kind of story, given the firm’s client-focused and diversified product lineup. Meanwhile, the broader ecosystem of crypto fund issuers’ holdings remains a meaningful counterpoint in the market’s long-term dynamics. The tension between a handful of megaholders and a larger cohort of institutional-grade vehicles shaping price and liquidity is increasingly a defining feature of Bitcoin’s on-chain and off-chain narrative.
As always with Strategy, central questions linger: Will the equity-funded approach continue to dominate its deployment strategy, or will shifts in market sentiment push the program toward alternative financing paths? How will price movements around key macro events affect the pace of new purchases? And how will the evolving regulatory environment influence the viability of large, centralized accumulation programs like Strategy in the years ahead?
The company’s own communications, along with the SEC filing and independent trackers, offer a consistent thread: Strategy remains committed to expanding its Bitcoin hoard, while maintaining transparency about the sources of funding and the timing of purchases. The next steps for investors will be to watch whether the pace sustains, accelerates, or moderates in response to market volatility, and to assess how such accumulation interacts with Bitcoin’s broader adoption and price cycles.
Readers should keep an eye on any further updates from Strategy and commentary from market participants who track corporate BTC purchases, as new data points will shape expectations for the sector’s ongoing experiment in treasury management through digital assets.
Additional context and data referenced: SEC 8-K filing; CoinGecko valuation; STRC Live tracker; Wallet Pilot data; industry commentary from Adam Livingston.
Source references in brief: an 8-K filing with the U.S. Securities and Exchange Commission detailing the 3,273-BTC purchase for $255 million; CoinGecko valuation of Strategy’s BTC; STRC Live’s note on STRC activity; public reporting on Strategy’s prior week buy and Saylor’s broader purchase history; BlackRock and Wallet Pilot data providing comparative benchmarks; and social commentary from BTC advocate Adam Livingston.