Quick Insights

  • Strategy bought 34,164 BTC for $2.54 billion between 13 and 19 April, at an average price of $74,395 per coin.
  • Total holdings now stand at 815,061 BTC, acquired for roughly $61.56 billion at an average cost basis of $75,527.
  • The purchase is Strategy's third-largest on record and the biggest weekly accumulation since November 2024.
  • Strategy's stack now exceeds BlackRock's IBIT, which held 802,823 BTC as of its latest disclosure.

Strategy added 34,164 bitcoin to its treasury last week at an average price of $74,395 per coin, for a total outlay of roughly $2.54 billion. The purchase, disclosed in a Monday SEC filing, is the company's third-largest on record and its biggest weekly accumulation since November 2024. Total holdings now sit at 815,061 BTC.

The funding came from two sources: $2.18 billion raised through sales of the company's perpetual preferred stock, STRC, and $366 million from common stock offerings. No other preferred share classes — STRF, STRK, or STRD — were tapped during the period.

815,061
Total BTC held by Strategy
$61.56B
Total spent acquiring BTC
$75,527
Average cost per coin
9.5%
BTC Yield year-to-date 2026

With Bitcoin trading around $75,000 at the time of filing, Strategy's position sits roughly at break-even on an aggregate basis. The company has spent an average of $75,527 per coin across its entire accumulation programme, which began in August 2020 when Michael Saylor first converted the then-business intelligence firm's cash reserves into Bitcoin.

The more notable figure is what 815,061 BTC represents in context. BlackRock's iShares Bitcoin Trust, the world's largest spot Bitcoin ETF, held 802,823 BTC as of its latest disclosure. Strategy's corporate treasury now holds more Bitcoin than the biggest ETF in the market.

Strategy's Stack Now Outweighs BlackRock's IBIT

The milestone matters because IBIT has been the benchmark for institutional Bitcoin demand since spot ETFs launched in January 2024. The fact that a single corporate treasury has overtaken it reflects how aggressively Strategy has deployed capital, particularly since ICE's investment in Polymarket earlier this year drew attention to how quickly Wall Street is moving into digital assets.

Strategy still has considerable firepower remaining. The company disclosed $1.62 billion in STRF capacity, $2.10 billion in STRK, $4.01 billion in STRD, and $26.73 billion in MSTR stock available under its at-the-market offering programme. That gives the firm significant room to continue accumulating, assuming shareholders remain willing to absorb dilution.

MSTR shares were down more than 2.5% in pre-market trading following the disclosure, a pattern that has become familiar around large purchase announcements as markets weigh the ongoing equity dilution against the Bitcoin exposure it buys.

The purchase has also renewed debate about how much of Bitcoin's price is structurally supported by Strategy's buying. Early Uber investor Jason Calacanis asked an AI model how much lower Bitcoin might trade without the $61 billion Saylor has deployed since 2020. The estimate came back at $10,000 to $20,000 lower than current levels. Whether that analysis holds up to scrutiny is a different question, but the concentration of buying in a single entity continues to attract criticism from those who argue the price discovery is not as organic as it appears.

For Strategy, none of that appears to be slowing the programme. As Saylor posted to X alongside the disclosure:

The buy pushes Strategy ahead of BlackRock’s IBIT and reinforces Michael Saylor’s position as the most aggressive corporate Bitcoin buyer in the market. It also raises fresh questions about how much one company now influences Bitcoin’s supply and price.

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