Strategy Crosses 815,000 Bitcoin After Its Third Largest Purchase Ever

Strategy, formerly MicroStrategy, bought 34,164 Bitcoin between April 13 and 19, 2026. The purchase cost $2.54 billion at an average price of $74,395 per coin. Total holdings now stand at 815,061 BTC, acquired for $61.56 billion overall.

This ranks as the company's third-largest Bitcoin acquisition by coin count. Only two November 2024 purchases — 55,500 BTC and 51,780 BTC — were larger. The new stack puts Strategy above 800,000 BTC for the first time.

Bitcoin is trading near $75,300 today, slightly above Strategy's average purchase price of $75,527 per coin. That gap is thin. The company holds an unrealized gain, but it is narrow compared to prior periods.

How Strategy Funds Its Purchases

The April purchase relied mostly on STRC, Strategy's perpetual preferred security called Stretch. STRC generated $2.18 billion, or 85.7% of total proceeds. Common stock sales contributed the remaining $366 million.

STRC is a high-yield preferred security paying around 11.5% annual yield, reset monthly. It attracts income-seeking investors who want Bitcoin exposure without holding the asset directly. Strategy uses those proceeds to buy more BTC.

The week of April 13 set two consecutive STRC daily records. On April 13, 11.9 million STRC shares sold through the at-the-market program for over $1 billion in volume, tied to an estimated 7,741 BTC. The following day, 14.4 million shares sold, tied to an estimated 9,364 BTC.

Those two days combined produced an estimated 17,204 BTC worth of buying power. That was 518% above the prior four-week daily average. Strategy also announced it plans to pay STRC dividends twice monthly, which would make it the only preferred security globally on a semi-monthly dividend schedule.

Where This Strategy Comes From

Strategy began accumulating Bitcoin in August 2020. The first purchase was 21,454 BTC for $250 million, described as a treasury reserve asset replacing cash. At the time, few public companies held Bitcoin on their balance sheets.

The model evolved quickly. Through at-the-market equity programs, convertible notes, and preferred stock issuances, Strategy has raised capital to acquire Bitcoin without selling its core holdings. The software business still runs but plays a smaller role in valuation.

The company rebranded to Strategy in early 2025 to reflect that Bitcoin had become its primary corporate identity rather than a sideline to the business intelligence software division. It has never sold a single coin from its treasury.

By January 2025, Strategy held 471,107 BTC at an average cost of $64,511. Holdings crossed 687,000 BTC by January 2026. A $1.3 billion purchase in early March 2026 added 17,994 coins. Last week alone added another 13,927 BTC for $1 billion.

The Bitcoin Market Around This Purchase

Bitcoin reached its all-time high of $126,198.07 on October 6, 2025. It then fell sharply. A crash on February 5, 2026 sent prices down to $60,000. Bitcoin spent much of early 2026 trading between $70,000 and $76,000.

Strategy's latest purchases came during this recovery window. The April 13 to 19 buying window straddled prices in the low-to-mid $70,000 range. BlackRock's iShares Bitcoin Trust attracted $284 million in single-day inflows on April 17, 2026.

U.S. spot Bitcoin ETFs have now taken in more than $56 billion in total inflows. That institutional floor has helped stabilize prices during the 2026 consolidation period.

What the Numbers Mean

Strategy now holds roughly 3.9% of Bitcoin's total 21 million supply. No other public company comes close. The position is worth approximately $61.5 billion at today's price of around $75,300.

The company's overall average purchase price is $75,527. With Bitcoin at $75,300 today, Strategy is essentially at breakeven on its full cost basis. A meaningful price decline would put the position underwater.

For this model to remain viable, Bitcoin needs to appreciate faster than Strategy's obligations compound. The company carries significant long-term debt and preferred dividends. If Bitcoin stagnates, the math tightens.

On the other hand, each large purchase removes more BTC from open markets. Corporate and ETF accumulation has compressed available supply. That supply tightening could support future prices, benefiting Strategy's existing position.

What Comes Next

Strategy shows no sign of slowing down. Michael Saylor teased this purchase on Sunday before the official announcement Monday morning, following his now-familiar pattern. The semi-monthly STRC dividend proposal, if approved, would attract more capital into the preferred stock and fund more Bitcoin buys.

The core bet remains unchanged since 2020: Bitcoin will be worth substantially more in the future than it is today. Every purchase, regardless of current price, is a statement that the company believes this. The accumulation pace has accelerated, not slowed, even as the position grows larger and more concentrated.

Whether that concentration becomes a strength or a vulnerability depends entirely on where Bitcoin trades in the years ahead.