Bitcoin treasury company Strategy acquired an additional 3,273 BTC for approximately $255 million at an average price of $77,906 per bitcoin between April 20 and April 26, according to an 8-K filing with the Securities and Exchange Commission on Monday.
Strategy now holds a total of 818,334 BTC — worth around $63.7 billion — bought at an average price of $75,537 per bitcoin (BTC) for a total cost of around $61.8 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor.
This stack represents 3.9% of bitcoin's 21 million hard cap — implying roughly $1.9 billion in paper gains at current prices.
The latest acquisitions were made using proceeds from at-the-market sales of its Class A common stock, MSTR. Last week, Strategy sold 1,451,601 MSTR shares for approximately $255 million. As of April 26, $26.47 billion worth of MSTR shares remain available for issuance and sale under that program, the firm said.
Strategy's STRK, STRC, STRF, and STRD perpetual preferred stock's respective $21 billion, $4.2 billion, $2.1 billion, and $4.2 billion ATM programs are in addition to the firm's "42/42" plan, which targets a total capital raise of $84 billion in equity offerings and convertible notes for bitcoin acquisitions through 2027. Strategy recently extended those ATM programs to include up to an additional $21 billion of MSTR, alongside a further $21 billion of its STRC preferred stock and $2.1 billion of STRK preferred stock.
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Saylor gave his usual Sunday hint about the firm's latest acquisition announcement ahead of time, sharing an update on Strategy's bitcoin acquisition tracker and stating, "The beat goes on," following its third-largest 34,164 BTC purchase the week prior.
STRC, a variable‑rate, cumulative preferred stock offering monthly dividends, with adjustable rates designed to keep it near $100 par value, has increasingly become the primary driver of its bitcoin acquisitions recently, though it was not utilized last week.
Strategy recently proposed updating the dividend payment schedule for STRC, shifting from once per month to twice per month. The company states that the change could "lead to reduced reinvestment lag, enhanced liquidity, market efficiency, and increased price stability."
Last week, analysts at TD Cowen said the proposed dividend changes could benefit both its common stockholders and holders of bitcoin treasury peer Strive.
According to Bitcoin Treasuries data, 196 public companies have adopted some form of bitcoin acquisition model. Tether-backed Twenty One, Metaplanet, MARA, Adam Back, and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company, Bullish, Riot Platforms, Coinbase, Strive, and Hut 8, and make up the remainder of the top 10, with 43,514 BTC, 40,177 BTC, 38,689 BTC, 30,021 BTC, 24,300 BTC, 15,680 BTC, 15,389 BTC, 13,768 BTC, and 13,696 BTC, respectively.
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However, the value of many of the cohort's shares is down significantly from their summer 2025 peaks as their market cap-to-net asset value ratios sharply contracted, with MSTR itself down around 62%, for example, with an mNAV of 0.99, per Bitcoin Treasuries.
Nevertheless, Strategy's stock gained 10.6% overall last week, closing on Friday at $171.02, according to The Block's MSTR price page. Bitcoin rose approximately 4.6% over the same period.
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