On April 20, 2026, Strategy (formerly MicroStrategy) filed an 8-K with the U.S. Securities and Exchange Commission, disclosing the purchase of 34,164 bitcoins between April 13 and 19. The total cost was approximately $2.54 billion, with an average price of around $74,395 per bitcoin. This marks the company’s largest single-week acquisition since November 2024, and the third-largest single purchase in its history by dollar amount.
As of April 19, 2026, Strategy’s total bitcoin holdings reached 815,061 BTC, with a cumulative investment of roughly $61.56 billion and an average cost of about $75,527 per bitcoin. At current market prices, the holdings are valued at around $61.2 billion, putting the company close to breakeven. This scale of holdings puts Strategy ahead of BlackRock’s iShares Bitcoin Trust (IBIT), which holds approximately 798,000 BTC, making Strategy once again the world’s largest institutional bitcoin holder.
The funding sources for this acquisition are transparent: about $2.18 billion was raised through the issuance of perpetual preferred stock (STRC), and around $366 million came from an at-the-market offering of Class A common stock (MSTR). Approximately 85% of the funds came from STRC, with the remaining 15% from common stock.
An $81 Billion Financing Plan: Building a Capital Circulation System
Strategy’s ongoing bitcoin accumulation does not rely on software business revenue or operating cash flow. Instead, it is driven by a meticulously designed capital operations framework. From 2024 to early 2025, the company primarily raised funds by issuing low- or zero-coupon convertible bonds. In 2026, as the premium of MSTR shares over net bitcoin asset value narrowed, convertible bond financing became less viable, prompting a large-scale shift toward perpetual preferred stock.
STRC is central to this approach. It is a perpetual preferred share with a $100 face value, floating dividend, and no maturity date. The dividend rate adjusts dynamically based on STRC’s market price, aiming to keep the price anchored near $100. When the share price is above par, the company sells new shares and directly uses the proceeds to purchase bitcoin. Currently, STRC offers a variable dividend yield of about 11.5% annually, successfully attracting significant institutional capital seeking stable returns.
The scale of this model is determined by the company’s financing plan. Strategy’s "42/42" strategy targets raising $84 billion by 2027 for ongoing bitcoin accumulation. The company still has roughly $26.7 billion in issuance capacity for MSTR common stock and about $19.46 billion for STRC preferred shares.
Closing a 100,000 Bitcoin Gap: The Timeline of the Accumulation Race
The competition between Strategy and BlackRock’s IBIT for bitcoin holdings has been a long-term process. At the end of 2025, Strategy held about 672,500 BTC, trailing IBIT’s 773,990 BTC by roughly 100,000 coins. In 2026, the pace of accumulation accelerated significantly.
In Q1, Strategy added approximately 89,599 to 94,470 BTC, marking its second-largest quarterly purchase ever—an increase equivalent to about 40% of its total 2025 accumulation. By mid-March, the gap had narrowed to around 21,102 BTC. On April 2, it further closed to about 16,000 BTC. Between April 6 and 12, Strategy spent roughly $1 billion to acquire 13,927 BTC, bringing its total to 780,897 BTC and narrowing the gap with IBIT to around 10,000 coins. Finally, after purchasing 34,164 BTC between April 13 and 19, Strategy overtook IBIT.
Strategy’s bitcoin return for 2026 so far stands at 9.5%, meaning that per-share bitcoin holdings are growing faster than share dilution, supporting its accelerated accumulation strategy.
Active Accumulation vs. Passive Inflows: Structural Differences in Demand Logic
Strategy and BlackRock’s IBIT represent two fundamentally different mechanisms for bitcoin demand. IBIT, as a spot bitcoin ETF, acts as a "suction pump," channeling retail and institutional capital into the ETF, which then converts inflows into bitcoin purchases. Its holdings fluctuate with market sentiment—buying when money flows in, and facing pressure to sell when money flows out.
In contrast, Strategy employs an active financing model, independent of market sentiment, continuously raising capital through preferred and common stock offerings, all earmarked for bitcoin purchases. This model has three key features: first, funding sources are independent of bull and bear market cycles; second, the purchase pace is self-determined, typically on a weekly schedule; and third, it enforces a strict "buy-only, never sell" HODL policy, treating price pullbacks as buying opportunities.
In terms of capital transmission speed, the ETF model relies more on market sentiment as a catalyst, while the corporate treasury model provides a more rigid, sustained buying force. The two are not substitutes but work in tandem, creating an additive effect on bitcoin market demand.
Weekly Net Purchases of $2.5 Billion: Reshaping Bitcoin’s Circulating Supply
This latest accumulation is not an isolated event but reflects a broader wave of bitcoin allocation by public companies. According to SoSoValue data, as of April 20, 2026, global public companies (excluding miners) collectively net purchased $2.542 billion in bitcoin in a single week—a 154.2% increase over the previous week. These companies now hold a combined 1,081,576 BTC, up 3.28% from last week, with a current market value of about $81.65 billion, representing 5.4% of bitcoin’s circulating market cap.
In terms of distribution, Strategy alone accounts for roughly 75% of all public company holdings. The rest—including Japan’s Metaplanet (about 40,177 BTC), Tesla, Strive, and others—together hold around 260,000 BTC. This pattern shows that bitcoin allocation among public companies remains highly concentrated, though participation by other firms is gradually increasing.
Strategy’s holdings represent about 3.88% of bitcoin’s fixed total supply of 21 million coins, while global public companies collectively hold about 5.4%. Although this is not yet enough to exert decisive control over market prices, persistent, rigid buying demand is structurally tightening the available supply.
Can High-Yield Preferred Stock Financing Be Sustained? What Risks Could Emerge?
Strategy’s financing model comes at a cost. The annualized 11.5% dividend on STRC is steadily depleting the company’s free cash reserves. Current estimates suggest the dividend payout pace can be maintained for about two years. If the bitcoin price remains depressed for an extended period, the company may need to further expand financing to cover dividend payments, increasing overall financial leverage.
Another critical constraint is that STRC must maintain its $100 par value. Strategy only issues new shares when STRC trades at or above par; issuing below par would immediately worsen financing costs. While STRC trading volume remains high—daily turnover peaked at $750 million last week—this liquidity depends on ongoing market demand for high-yield preferred shares.
Historically, Strategy’s large bitcoin purchase announcements have often acted as "sell the news" catalysts, with some traders exiting positions after the news, leading to short-term countertrend moves. This means that while the company’s buying provides long-term demand support, price volatility around announcement windows requires careful assessment.
From Strategic Overtake to Structural Divergence: Shifting Institutional Bitcoin Holdings
Strategy’s overtaking of BlackRock’s IBIT as the world’s largest institutional bitcoin holder marks a significant shift in the landscape. On a broader scale, the largest single holder remains Satoshi Nakamoto (about 1.096 million BTC), with Strategy’s 815,000 BTC closing in on that level.
The more meaningful structural change is in funding sources. The ETF model, represented by IBIT, provides passive exposure, with demand fluctuating alongside capital flows. The corporate treasury model, exemplified by Strategy, delivers active, policy-driven accumulation. Both models are developing in parallel, not at each other’s expense. The spot bitcoin ETF market saw net inflows of $996 million during the week of April 13–17, the highest since mid-January 2026, marking the third consecutive week of net inflows. IBIT led with $906 million in net inflows for the week.
Market participants are also watching for increased regulatory clarity, adoption by pension funds, and early-stage sovereign interest—all factors that could accelerate institutional bitcoin integration, increase supply concentration among large holders, and reinforce bitcoin’s narrative as a global reserve asset.
Conclusion
In April 2026, Strategy acquired 34,164 BTC for $2.54 billion, bringing its total holdings to 815,061 BTC and overtaking BlackRock’s IBIT to reclaim the top spot globally. This milestone was achieved through a capital operations system centered on perpetual preferred shares—STRC’s 11.5% annualized yield has attracted substantial institutional capital, enabling the company to buy bitcoin on a weekly basis.
Structurally, the rigid buying demand of the corporate treasury model complements the market sentiment-driven ETF model, together forming the backbone of institutional bitcoin demand. Public companies now collectively hold over 1.08 million BTC, about 5.4% of bitcoin’s circulating supply. However, high dividend payouts, the need to maintain preferred share par value, and short-term countertrend trading around announcement windows remain key risks for this model.
FAQ
Q: What was the scale and funding source of Strategy’s latest bitcoin purchase?
This purchase took place between April 13 and 19, 2026, with 34,164 BTC acquired at a total cost of about $2.54 billion and an average price of $74,395 per bitcoin. The funds primarily came from STRC perpetual preferred stock issuance (about $2.18 billion) and at-the-market sales of Class A common stock (MSTR, about $366 million).
Q: What is Strategy’s current total bitcoin holding and average cost?
As of April 19, 2026, Strategy holds 815,061 BTC, with a cumulative investment of about $61.56 billion and an average cost of roughly $75,527 per bitcoin.
Q: How does Strategy’s bitcoin holding compare to BlackRock’s IBIT?
Strategy has surpassed BlackRock’s IBIT (about 802,823 BTC) to become the world’s largest institutional bitcoin holder. Including Satoshi Nakamoto, Strategy ranks second globally.
Q: How does the STRC preferred stock financing model work?
STRC is a $100 par value, perpetual preferred share with a floating dividend, currently yielding about 11.5% annually. When the share price is above par, the company can issue new shares and use the proceeds directly to buy bitcoin, creating a continuous capital-to-bitcoin conversion cycle.
Q: How much bitcoin do public companies collectively hold worldwide?
As of April 20, 2026, public companies (excluding miners) tracked in the statistics collectively hold about 1,081,576 BTC, valued at roughly $81.65 billion, accounting for 5.4% of bitcoin’s circulating market cap.
Q: What are the potential impacts of this holding structure on the bitcoin market?
The rigid buying demand from corporate treasuries, combined with passive ETF inflows, creates an additive effect that helps absorb circulating supply. However, high dividend expenses and the need to maintain preferred share par value introduce potential risks, and the long-term sustainability of this model remains to be seen.
