Strategy (MSTR) Nears 767,000 BTC as Saylor Signals Next Buy
Michael Saylor signalled another Bitcoin purchase on Sunday as Strategy holds 766,970 BTC worth roughly $54.5 billion. The Bitcoin treasury company (MSTR) is accumulating nearly three times faster than miners can produce new coins, even with $14.5 billion in Q1 unrealised losses.
Quick Insights
- Strategy (MSTR) holds 766,970 BTC after its most recent purchase of 4,871 coins for $329.9 million on April 6, at an average price of $67,718 per coin.
- The Bitcoin treasury company accumulated 46,233 BTC in March alone, nearly three times the 16,200 BTC produced by the entire global mining network that month.
- Strategy's BTC cost basis is $75,644 per coin, and the company reported $14.5 billion in unrealised losses for Q1 2026 in its SEC filing.
Michael Saylor posted "Think bigger" on X on Sunday alongside the familiar Bitcoin purchase tracker from Strategy (MSTR), the Bitcoin treasury company he co-founded. Followers have come to recognise these posts as signals of an imminent buy announcement. Strategy's most recent confirmed purchase was on April 6, when it acquired 4,871 BTC for approximately $329.9 million at an average price of $67,718 per coin. That brought its total holdings to 766,970 BTC, valued at roughly $54.5 billion and representing about 3.8% of Bitcoin's total circulating supply.
The company has now completed 105 Bitcoin transactions since it began accumulating in August 2020, spending approximately $58 billion at a blended cost basis of $75,644 per coin. Strategy reported $14.5 billion in unrealised losses on its BTC holdings for Q1 2026 in a filing with the SEC, though that gap has narrowed as Bitcoin recovered from its lows earlier this year.
MSTR Absorbed Three Times the Mining Output in March
The scale of Strategy's accumulation is difficult to overstate. In March, the company bought 46,233 BTC while the global mining network produced approximately 16,200 new coins. A single company absorbed nearly three times the amount of Bitcoin that every miner on earth generated in the same period, a pace that has led some analysts to flag a potential supply squeeze.
Strategy funds these purchases primarily through sales of its STRC preferred stock and common equity. The April 6 batch was financed with $227.3 million from STRC sales and $72 million from common stock. At its recent pace of 40,000-plus BTC per month, Strategy's next filing could push total holdings well past 800,000 before long.
"The global consensus is that BTC is digital capital. The four-year cycle is dead. Price is now driven by capital flows. Bank and digital credit will determine Bitcoin's growth trajectory."
MARA Sells as Strategy Doubles Down on Institutional Bitcoin Adoption
Strategy's contrarian approach stands in sharp relief against other Bitcoin treasury companies. MARA Holdings, the second-largest publicly traded Bitcoin holder after Strategy, sold 15,133 BTC in March for roughly $1.1 billion to buy back $1 billion in zero-coupon convertible notes at a discount. CEO Fred Thiel said the move enhanced the company's "financial flexibility" as it pivots toward digital energy and AI infrastructure.
The next largest holder after Strategy is Twenty One Capital, with 43,514 BTC, a fraction of Strategy's position. According to BitcoinTreasuries data, no other corporate entity comes close to Strategy's accumulation rate or total holdings. Saylor has framed the current environment not as a bear market to survive but as an opportunity to build a position that compounds over decades, a thesis the company is backing with increasingly aggressive weekly purchases regardless of price.
