Strategy adds $255 million in bitcoin, pushing holdings to 818,334 BTC
Bitcoin treasury firm Strategy bought an additional 3,273 BTC between April 20 and April 26, spending about $255 million at an average price of $77,906 per bitcoin, according to a new filing with the U.S. Securities and Exchange Commission.
The purchase lifts Strategy’s total holdings to 818,334 BTC, now worth roughly $63.7 billion. Across all purchases to date, the firm’s average cost basis stands at $75,537 per bitcoin, or about $61.8 billion including fees and expenses, filings from co‑founder Michael Saylor show. The unrealized gain on the position is estimated at about $1.9 billion.
Strategy now controls 3.9% of bitcoin’s capped supply
With the latest acquisition, Strategy holds approximately 3.9% of bitcoin’s fixed 21 million coin supply, reinforcing its position as the largest known corporate holder of the asset. The firm’s stash is understood to exceed that of IBIT, the largest spot bitcoin exchange-traded fund run by BlackRock, making Strategy the single largest institutional holder globally.
The company continues to pursue an explicitly aggressive accumulation policy. Saylor has outlined a target of holding one million BTC by the end of 2026, and the latest filing indicates the company remains on track with that plan.
Stock issuance funds ongoing bitcoin purchases
The recent 3,273 BTC purchase was financed through at‑the‑market (ATM) sales of Strategy’s Class A common stock. The firm sold 1,451,601 shares for proceeds of about $255 million, which were then deployed directly into bitcoin.
As of April 26, around $26.47 billion of Class A common stock capacity remained available for issuance under the ATM program, giving the company significant room to raise additional capital for future purchases.
In parallel, Strategy is running several preferred stock programs as part of a broader capital expansion plan targeting up to $84 billion in financing by 2027. Active preferred lines include:
- $21 billion for STRK
- $4.2 billion for STRC
- $2.1 billion for STRF
- $4.2 billion for STRD
The firm recently extended these programs, including up to $21 billion in additional Class A shares and increases in both STRK and STRC preferred stock issuances.
STRC preferred stock central to financing, with payout shift proposed
STRC, a variable-rate cumulative preferred stock with a par value that has held near $100, has emerged as a key financing tool for Strategy’s bitcoin accumulation. Although STRC was not tapped for last week’s purchase, it has been central to earlier funding rounds.
Strategy has proposed changing STRC’s dividend payment schedule from once per month to twice per month. The company argues that semi-monthly payouts could improve liquidity and transaction efficiency for holders. Analysts note that the change may influence both common and preferred shareholders by accelerating capital circulation within the capital structure.
Corporate bitcoin holders: Strategy leads a growing group
Strategy’s approach sits within a broader trend of public companies using balance sheet capital to accumulate bitcoin. Data from Bitcoin Treasuries shows 196 publicly listed firms now hold bitcoin in their treasuries.
After Strategy, the next largest disclosed corporate holders include:
- Twenty One with 43,514 BTC
- Metaplanet with 40,177 BTC
- MARA with 38,689 BTC
- Adam Back’s Bitcoin Standard Treasury with 30,021 BTC
Other names round out a top tier of bitcoin-heavy balance sheets, though all remain far behind Strategy in absolute scale.
Market backdrop: renewed institutional demand and price recovery
The latest purchase comes amid a renewed wave of institutional participation. U.S. spot bitcoin ETFs recorded more than $2.44 billion in net inflows during April 2026. Survey data indicates that about 67% of institutional firms have already allocated to digital assets or related products, pointing to a broadening adoption base.
Bitcoin’s price has climbed roughly 4.6% over the last week and more than 13% so far this month, marking its strongest April performance since 2020. The rally follows a weak first quarter in which bitcoin fell back from levels above $100,000.
Analysis from BitMEX suggests that bitcoin markets show greater resilience when Strategy is actively buying, with some market watchers viewing the firm’s steady demand as a structural support for price stability.
Strategy share performance lags long-term despite weekly rebound
Despite the company’s continued accumulation and the recent recovery in bitcoin, equity market performance for major bitcoin treasury firms has remained under pressure. Several have seen their market valuations drop sharply from mid‑2025 peaks.
Strategy’s own shares are down about 62% year‑over‑year, with the stock trading near a 0.99 ratio of market value to net asset value, implying pricing close to the underlying bitcoin-adjusted book. Nevertheless, the shares advanced 10.6% last week, ending Friday’s session at $171.02, helped by the latest filing and the broader rebound in bitcoin.
For traders, the divergence between Strategy’s long-term accumulation strategy and its lagging equity performance underscores a continued gap between balance sheet exposure to bitcoin and how public markets are valuing that exposure over time.
Institutional accumulation heating up? Learn how this could shape BTC’s path to $100K in our insight: BTC’s road to $100K.
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