TYSONS CORNER, Virginia, April 15, 2026—MicroStrategy Inc. has significantly expanded its Bitcoin treasury, acquiring an additional 13,927 BTC for roughly $1 billion in the week ending April 12. The enterprise software firm, led by executive chairman Michael Saylor, financed the purchase exclusively through the sale of its STRC variable-rate perpetual preferred stock, according to a filing dated April 13. This strategic move solidifies MicroStrategy's position as the world's largest corporate holder of Bitcoin.
The company utilized its at-the-market (ATM) offering program to sell 10,028,363 shares of STRC preferred stock, generating net proceeds of approximately $1.001 billion. Notably, MicroStrategy did not sell any shares of its common stock (MSTR) during this period to fund the acquisition. The Bitcoin was purchased at an average price of $71,902 per coin. With this latest addition, MicroStrategy's total Bitcoin holdings now stand at 780,897 BTC, acquired at an aggregate cost of $59.02 billion, translating to an average cost basis of $75,577 per Bitcoin.
Funding Mechanism and Market Activity
This transaction marks the first time since the security's launch in July that a weekly Bitcoin purchase was fully covered using only the proceeds from the STRC preferred shares. The STRC security is a variable-rate perpetual preferred stock with no maturity date, offering an 11.50% annual dividend paid monthly in cash. Its dividend rate adjusts monthly to help maintain a market price near its $100 par value.
Trading activity in STRC shares surged ahead of the dividend record date. Volume jumped from 11.7 million shares on April 13 to 15.7 million shares on April 14, with the price trading close to $100. Saylor noted on social media platform X that the issue demonstrated "$1.156B of liquidity" and closed at par with minimal volatility.
Corporate Context and Performance
MicroStrategy's reported Bitcoin holdings have grown from 672,500 BTC at the end of 2025 to the current 780,897 BTC as of April 12. In a recent post, Saylor highlighted that the company achieved a "BTC Yield of 5.6% YTD 2026," a proprietary metric comparing Bitcoin appreciation to diluted shares outstanding. The company confirmed it will release its first-quarter 2026 financial results after U.S. markets close on May 5.
Following the news, MicroStrategy's common stock (MSTR) traded approximately 4.5% higher at $143.54 in late Wednesday trading. Bitcoin's price also saw a modest increase, rising 0.9% to $74,821. Data from BitcoinTreasuries.net shows MicroStrategy's Bitcoin reserves far exceed those of other corporate holders like Metaplanet and Marathon Digital Holdings (MARA).
Risks and Considerations
While the STRC offering provides a novel funding avenue, the structure carries specific risks. According to MicroStrategy, the STRC preferred shares are not backed by the company's Bitcoin holdings, nor do they hold more than a preferred claim on remaining corporate assets in a liquidation. Dividend rates can decrease substantially, and cash payments are not guaranteed. Consequently, the model's sustainability heavily relies on continued investor demand to keep the shares trading around their $100 par value.
The company retains significant additional capacity for future fundraising, with approximately $21.6 billion remaining in its STRC preferred stock ATM program and about $27.1 billion available under its common stock offering program.
