#Gate广场四月发帖挑战

Michael Saylor and his company Strategy have done it again. Between April 6 and April 12, 2026, Strategy acquired 13,927 Bitcoin for approximately $1 billion, paying an average price of roughly $71,902 per coin. The announcement came directly from Saylor himself via X on April 13, 2026, in the precise format his followers have come to recognize: the acquisition size, total cost, average price per coin, and the year-to-date BTC Yield metric. As of April 12, 2026, Strategy now holds 780,897 BTC in total, acquired for approximately $59.02 billion at an average price of $75,577 per bitcoin. That represents approximately 3.7% of Bitcoin's entire circulating supply sitting under the control of a single publicly traded company.

The scale of this accumulation deserves to be stated plainly. Strategy holds more Bitcoin than any other public company in the world, and it is not even close. With 780,897 BTC, Strategy dwarfs the next largest corporate holders by an enormous margin. According to CryptoQuant data cited by CNBC, Strategy alone now accounts for approximately 65% of all Bitcoin held by public companies, and the share of Bitcoin treasury purchases coming from companies other than Strategy has fallen to just 2%, down from 95% back in October 2025. What was briefly a broad corporate Bitcoin treasury trend has become, in practical terms, a one-company phenomenon.

The financing mechanism for this latest purchase is worth understanding in detail. Strategy did not raise this $1 billion by issuing new shares of MSTR, its common stock. Instead, the entire purchase was funded through the sale of 10,028,363 shares of STRC, a perpetual preferred stock instrument that trades on NASDAQ under the ticker $STRC. STRC is a variable-rate cumulative preferred stock that pays monthly dividends, and it has become an increasingly important funding vehicle for Strategy's Bitcoin acquisition program alongside its MSTR at-the-market equity offering. By using STRC rather than MSTR for this purchase, Strategy is diversifying the capital stack through which it finances its Bitcoin holdings, offering investors with different risk profiles a way to gain exposure to the same underlying accumulation strategy.

The BTC Yield metric that Saylor always cites alongside acquisition announcements is a proprietary figure that measures the percentage change in the ratio of Strategy's Bitcoin holdings to its fully diluted share count. A YTD BTC Yield of 5.6% as of April 12 means that for every diluted share of Strategy, the proportional claim on the company's Bitcoin holdings has grown by 5.6% since the start of 2026. This metric is Saylor's answer to the dilution criticism: yes, Strategy constantly issues new shares to buy more Bitcoin, but if the BTC per diluted share is still increasing, shareholders are getting richer in Bitcoin terms even as the share count grows.

The broader market context for this purchase is important. Strategy bought this Bitcoin at an average of $71,902 per coin, which is below its overall average acquisition cost of $75,577 per coin. That means this purchase brought down Strategy's cost basis, adding Bitcoin at a relative discount compared to its historical average. The company is sitting on significant unrealized losses relative to the Bitcoin prices seen at the peak of the last bull cycle, but Saylor has consistently framed this as irrelevant to the thesis. Bitcoin is a long-duration store of value, and the company's time horizon is not measured in quarters.

Bitcoin ETFs also saw substantial inflows during the same week, with spot BTC ETFs recording $786 million in total inflows between April 6 and April 12. Nomura's Laser Digital research team cited Strategy's buying as one of the key signals that supported Bitcoin's price action during the week, alongside the ETF inflows and a return of U.S. equities to pre-tariff-conflict levels. The convergence of corporate treasury buying, institutional ETF demand, and improving macro sentiment created a supportive backdrop for BTC, and Strategy's $1 billion purchase was the largest and most visible single signal in that mix.

What makes the Strategy story genuinely remarkable at this point in 2026 is its persistence. Other companies that had briefly adopted Bitcoin treasury strategies have largely backed away, with some selling their holdings to cover debt obligations. Genius Group liquidated its entire Bitcoin treasury in Q1 2026 to pay off $8.5 million in debt. MARA Holdings sold 15,133 BTC for around $1.1 billion in March 2026. Cango Inc. sold 4,451 BTC. The broader corporate Bitcoin treasury movement has effectively collapsed. Only Strategy has continued buying aggressively and consistently, and the gap between Strategy and every other corporate Bitcoin holder grows wider with each passing week. Whether this concentration of BTC in a single corporate entity is healthy for the ecosystem is a legitimate question, but what is not in question is Saylor's commitment to the strategy. The man is not selling.

#StrategyBuys13,927BTC
#GateSquareAprilPostingChallenge
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Deadline: April 15th
Details: https://www.gate.com/announcements/article/50520