Strategy, the enterprise software firm formerly known as MicroStrategy, has executed another massive Bitcoin acquisition, solidifying its position as the largest corporate holder of the cryptocurrency. In a filing dated April 20, 2026, the company disclosed it purchased 34,164 Bitcoin during the week ending April 19, spending approximately $2.54 billion. This strategic move elevates its total Bitcoin treasury to 815,061 coins.
Funding the Purchase and Expanding the Treasury
The company financed this substantial acquisition by selling $2.54 billion in securities. The sales consisted of 21.8 million shares of its STRC preferred stock and an additional 2.17 million common shares. Strategy paid an average price of $74,395 per Bitcoin in this latest transaction. Consequently, the company's cumulative average cost basis across its entire 815,061-Bitcoin holdings now stands at $75,527 per coin, representing a total investment of $61.56 billion.
As of the latest data, Bitcoin was trading near $78,331, which places the cryptocurrency's price just slightly above Strategy's average cost. This latest purchase has a significant competitive implication: by raw coin count, Strategy now holds more Bitcoin than BlackRock's iShares Bitcoin Trust (IBIT), a prominent spot Bitcoin ETF. Analysts from TipRanks and TradingKey highlighted this milestone, noting it underscores Strategy's unique position as a leveraged corporate proxy for Bitcoin, distinct from a direct tracking ETF.
Market Performance and Institutional Interest
Strategy's stock has significantly outperformed Bitcoin itself throughout April. As of Monday's close, shares had rallied close to 37% for the month, although they were indicated to open about 4% lower in premarket trading on Wednesday. In contrast, Bitcoin gained roughly 20% over a similar period following the onset of geopolitical tensions involving Iran, according to MarketWatch data. This divergence highlights that the stock's movement is driven by factors beyond simple Bitcoin price correlation.
Some of this outperformance is attributed to technical market dynamics. Hedge funds reportedly closed out paired trades involving gold, Bitcoin, and Strategy stock, creating upward pressure. Stephen Coltman, macro chief at 21Shares, noted that short interest in Strategy sits around 11%, a level he considers "not particularly elevated." Concurrently, institutional interest remains strong. Capital Group's American Funds Fundamental Investors fund acquired an additional 4.32 million Strategy shares for about $747 million, boosting its total stake to 10.33 million shares.
Evolving Business Model and Funding Strategy
Strategy's entire business model hinges on its ability to raise capital to buy more Bitcoin, primarily through equity and debt markets. A key metric watched by analysts is its market-to-net-asset value (mNAV), which reflects the premium the stock trades at relative to the value of its Bitcoin holdings. TradingKey reports this premium has narrowed considerably from its peaks earlier in 2024. This compression places greater importance on share price appreciation, as rallies now play an "outsized role" in the company's capacity to fund future acquisitions.
Historically, a popular hedge fund trade was to be long Bitcoin while shorting Strategy stock, capitalizing on the company's share premium. As that premium has contracted, Strategy has shifted its funding mix toward preferred securities. The company is now seeking shareholder approval to make one of these preferred securities more attractive to investors. It proposes changing the dividend schedule for its STRC preferred shares from monthly to semi-monthly distributions.
Proposed Dividend Change and Underlying Risks
CEO Phong Le pitched this change as making the security "two times better" for investors, with payouts split across the month to reduce reinvestment lag. Executive Chairman Michael Saylor stated the goals are to "stabilize price" and "grow demand" for the preferred shares, which could improve liquidity and support the company's funding engine. However, the model carries inherent risks, as detailed in the company's annual report.
Strategy maintains a $2.25 billion U.S. dollar reserve intended to cover preferred dividend and debt interest payments. The company explicitly cautions that maintaining this reserve is contingent on favorable market conditions and its ability to raise equity at opportune times. A further legal complication exists under Delaware law: even if the reserve is sufficient, the company could be blocked from paying cash dividends on preferred shares if it lacks the necessary surplus or profits.
The company's rebound and continued acquisitions occur amidst a wave of renewed institutional interest in Bitcoin, putting Strategy back in the spotlight as a publicly-traded avenue for cryptocurrency exposure. Unlike a spot ETF like IBIT, which is designed to mirror Bitcoin's price directly, Strategy combines substantial coin ownership with capital-market leverage, creating a different risk-return profile for investors. The market will continue to watch how the evolving premium, funding mechanics, and Bitcoin's price action influence the stock's trajectory moving forward.
