Strategy Inc. (NASDAQ: MSTR) purchased 34,164 bitcoin for $2.54 billion between April 13 and April 19, 2026, its third-largest single acquisition on record. Total holdings now stand at 815,061 BTC, acquired for $61.56 billion at an average cost of $75,527 per coin. With bitcoin trading near $75,0...
"We would consider selling Bitcoin if the stock trades persistently below 1x NAV and capital markets remain closed." — Strategy Inc., SEC 8-K Filing, April 2026
Strategy Inc. (NASDAQ: MSTR) purchased 34,164 bitcoin for $2.54 billion between April 13 and April 19, 2026, its third-largest single acquisition on record. Total holdings now stand at 815,061 BTC, acquired for $61.56 billion at an average cost of $75,527 per coin. With bitcoin trading near $75,000, the position is approximately break-even.
The purchase deepens a structural imbalance in corporate bitcoin accumulation. According to CryptoQuant, non-Strategy treasury companies bought a combined 1,000 BTC over the prior 30-day period — a 99% decline from the August 2025 peak of 69,000 BTC. Strategy now holds roughly 76% of all bitcoin owned by publicly listed treasury companies. The corporate bitcoin treasury thesis, once positioned as a broad institutional trend, has consolidated into a single-firm phenomenon.
Annual preferred dividend obligations have risen to an estimated $1.237 billion, more than 2.5 times Strategy's $477 million software revenue. The company's remaining issuance capacity across all instruments exceeds $46 billion. Whether this capital structure can sustain a prolonged bitcoin drawdown is an open question the market has not yet resolved.
Strategy's 8-K filing dated April 20, 2026, disclosed the acquisition of 34,164 BTC at an average price of $74,395 per coin. Funding came from two sources: $2.176 billion in net proceeds from sales of its variable-rate STRC (Stretch) perpetual preferred stock (21.8 million shares) and $366 million from Class A common stock sales (2.165 million shares).
Key metrics following the purchase:
| Metric | Value | |---|---| | Total BTC Holdings | 815,061 | | Total Acquisition Cost | $61.56 billion | | Average Cost Basis | $75,527/BTC | | Bitcoin per Share | 205,812 satoshis | | Modified NAV Ratio (mNAV) | 1.28x | | BTC Yield (YTD 2026) | 9.5% | | Net Leverage Ratio | 10% |
MSTR shares fell 2.5% in pre-market trading following the announcement, continuing a broader decline from the November 2024 all-time high of $543. As of mid-April, shares traded near $149, down approximately 73% from peak.
The company reports a year-to-date BTC yield of 9.5%, a proprietary metric measuring the percentage increase in bitcoin per share over time. Full-year 2025 BTC yield was 22.8%. This metric captures the accretion benefit of issuing equity above NAV to purchase bitcoin, but it does not account for dilution costs borne by preferred shareholders or the rising dividend burden.
Strategy has constructed what amounts to a multi-tranche perpetual capital-raising apparatus. Four preferred stock instruments now trade publicly, each designed for a distinct investor profile:
STRK (Strike) — 8% perpetual preferred, convertible to MSTR common at approximately $1,000 per share. Trading near $72 against a $100 par value as of April 2026, yielding an effective 10.6%. Remaining issuance capacity: $20.3 billion.
STRF (Strife) — The most senior preferred stock in the capital structure. Fixed dividend rate. Remaining issuance capacity: $1.6 billion.
STRC (Stretch) — Variable-rate perpetual preferred with a monthly dividend adjustment mechanism designed to keep the trading price near its $100 par value. The rate adjusts in 0.25% monthly increments: if the price drops below $100, the rate increases; if it rises above, the rate decreases. Current annualized dividend: 11.50%. Outstanding notional: $6.4 billion. Remaining issuance capacity: $19.5 billion. STRC funded 85% of the latest $2.54 billion purchase.
STRD (Stride) — 10% perpetual preferred. Remaining issuance capacity: $4.0 billion.
Combined remaining issuance capacity across all preferred instruments and common equity: approximately $46.2 billion. On April 17, Strategy filed a preliminary proxy proposing semi-monthly dividend payments for STRC, scheduled for a shareholder vote on June 8 with implementation targeted for mid-July.
The structure minimizes reliance on traditional convertible debt, which dominated Strategy's earlier bitcoin acquisitions. However, each instrument carries perpetual dividend obligations that compound with scale.
VanEck's digital assets team published an analysis in March 2026 estimating Strategy's annual preferred dividend obligations at approximately $904 million for 2026, up from $217 million in 2025 — a 316% increase. Strategy's own filings as of April list annual dividend obligations at $1.237 billion, suggesting the ramp has exceeded even VanEck's projections.
For context, Strategy's software business generated $477 million in revenue in 2025. The dividend obligation is now 2.6 times total software revenue.
Strategy maintains approximately $2.25 billion in reserves designated for dividend coverage, representing roughly 1.8 years of coverage at the current $1.237 billion annual rate. The company reports a dividend coverage metric of "47.5 years based on Bitcoin holdings," which presumes the ability to liquidate bitcoin to meet obligations — precisely the scenario the market would interpret as a structural failure of the treasury model.
The risk calculus is straightforward. If bitcoin remains near current levels, the capital markets remain open, and MSTR continues to trade above 1x mNAV, the issuance machine functions. Strategy can sell equity at a premium to underlying bitcoin value, purchase more bitcoin, and service dividends from proceeds. If any of those conditions breaks — a sustained bitcoin decline below $60,000, a closure of preferred stock demand, or a persistent discount to NAV — the feedback loop reverses.
Strategy acknowledged this explicitly in SEC filings, stating it "would consider selling Bitcoin" if shares trade persistently below 1x NAV and capital markets remain closed. At the current mNAV of 1.28x, there is a buffer. At the November 2024 peak, mNAV exceeded 2.5x. The trajectory is compressive.
CryptoQuant's March 25, 2026 research note documented what it termed a "one buyer market." Non-Strategy treasury companies' share of total corporate bitcoin purchases collapsed from 95% in October 2024 to 2% by March 2026.
The reasons are structural. Bitcoin's decline from above $110,000 in mid-2025 to approximately $75,000 in April 2026 left many treasury-strategy adopters underwater. The playbook — issue equity or debt, buy bitcoin, watch the stock price rise — works only in an appreciating bitcoin market. When bitcoin falls, the strategy generates losses, impairs balance sheets, and makes further capital raises dilutive rather than accretive.
MARA Holdings exemplifies the reversal. In late March 2026, the company sold 15,133 BTC for approximately $1.1 billion and used the proceeds to repurchase $1.0 billion in face value of zero-coupon convertible notes due 2030 and 2031 at a combined $912.8 million, capturing an $88 million discount. MARA reduced its total convertible obligations by 30%, from $3.3 billion to $2.3 billion. The company simultaneously announced a strategic pivot toward digital energy and AI/HPC infrastructure.
Other treasury companies have simply stopped buying. According to BitcoinTreasuries.net, 144 companies have adopted some form of bitcoin treasury, 114 of which are publicly traded. But active purchasing in Q1 2026 was overwhelmingly concentrated in Strategy, with roughly 62,000 BTC added by corporate treasuries overall — Strategy accounting for the vast majority.
Since the April 2024 halving reduced the block subsidy from 6.25 BTC to 3.125 BTC, daily new bitcoin production has fallen to approximately 450 BTC (roughly 164,000 BTC annually). Corporate treasury companies tracked by BitcoinTreasuries.net have accumulated bitcoin at approximately 2.8 times the rate of new mining output over the 94 weeks since the halving, according to the site's data.
Public companies collectively hold approximately 1.13 million BTC — about 5.4% of bitcoin's total supply. Twenty-one new companies across South Korea, the United States, China, Japan, and Canada have added bitcoin to their balance sheets since October 2025, indicating that adoption breadth continues to expand even as purchase volume has consolidated.
The demand-supply imbalance is compounded by ETF flows. In 2025, daily ETF inflows regularly exceeded $500 million — more than 12 times the value of daily mining output. The combination of ETF accumulation and corporate treasury purchases has created a persistent demand overhang relative to new supply, though this has not prevented a 30%+ price decline from mid-2025 highs — a reminder that existing holder selling remains a larger supply factor than new issuance.
The corporate bitcoin treasury space has stratified into tiers:
| Company | BTC Holdings | Funding Strategy | |---|---|---| | Strategy (MSTR) | 815,061 | Perpetual preferred stock issuance | | Twenty One Capital (XXI) | 43,514 | Tether/SoftBank/Cantor Fitzgerald backed | | Metaplanet (3350.T) | 40,177 | Japanese equity raises | | MARA Holdings (MARA) | ~30,000 (est. post-sale) | Pivoting to AI/energy; sold 15K BTC | | KULR Technology (KULR) | 920 | Small-scale accumulation |
Twenty One Capital, backed by Tether ($1.6 billion in bitcoin contribution), SoftBank ($900 million), and Cantor Fitzgerald, began trading on the NYSE under ticker XXI in December 2025 with 43,514 BTC. Japan's Metaplanet added 5,075 BTC in Q1 2026 for $398 million and now ranks third globally.
The gap between Strategy and every other participant is orders of magnitude. Strategy holds 19 times more bitcoin than its closest competitor. No other company has replicated the perpetual preferred stock issuance model at comparable scale.
Strategy has effectively become the corporate bitcoin treasury market. The model works as long as three conditions hold: bitcoin prices remain stable or rise, capital markets continue absorbing preferred stock issuance, and MSTR trades above its bitcoin NAV. All three conditions are currently met, but the margins are thinner than at any point since the strategy's inception in 2020.
The $1.237 billion annual dividend obligation is a fixed cost against a volatile asset. The remaining $46.2 billion issuance capacity provides runway, but each incremental raise adds to the dividend burden. The feedback loop is positive in a rising bitcoin market and negative in a falling one.
The rest of the corporate treasury sector has, for practical purposes, paused. MARA is selling bitcoin to retire debt. Smaller players lack the capital markets access to replicate Strategy's model. Twenty One Capital, backed by Tether's balance sheet, represents the only structurally comparable entrant, and it holds 5% of Strategy's position.
The question is not whether Strategy's model is large. It is whether a $1.237 billion annual obligation against a single volatile asset, operated by a single company that constitutes 76% of its market segment, represents concentration risk or market structure. The data supports both readings. The answer depends on bitcoin's next 12 months.