Bitcoin treasury company Strategy acquired an additional 34,164 BTC for approximately $2.54 billion at an average price of $74,395 per bitcoin between April 13 and April 19, according to an 8-K filing with the Securities and Exchange Commission on Monday — its largest weekly acquisition since November 2024.

Strategy now holds a total of 815,061 BTC — worth around $61.2 billion — bought at an average price of $75,527 per bitcoin for a total cost of around $61.6 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor.

Measured against bitcoin’s fixed supply, the holdings amount to over 3.8% of the eventual 21 million total, leaving the position about $400 million underwater at current prices.

The latest acquisitions were made using proceeds from at-the-market sales of its Class A common stock, MSTR, and perpetual Stretch preferred stock, STRC. Last week, Strategy sold 2,165,000 MSTR shares for approximately $366 million. As of April 19, $26.7 billion worth of MSTR shares remain available for issuance and sale under that program, the firm said. Strategy also sold 21,795,389 STRC shares for approximately $2.18 billion, with $19.46 billion worth of STRC shares remaining available for issuance and sale under that program.

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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'Think even bigger'

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, "Think even bigger," suggesting a more substantial purchase than the prior week's 13,927 BTC.

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 in recent weeks. It currently offers an annualized rate of 11.5%.

On Friday, Strategy proposed updating the dividend payment schedule for STRC, shifting from once per month to twice per month. The company stated that the change could "lead to reduced reinvestment lag, enhanced liquidity, market efficiency, and increased price stability."

Strategy will hold an annual meeting on June 8 when the voting on the proposed update closes. If approved, the first record date under the new semi-monthly schedule is June 30, with the first payment expected July 15.

Earlier in the week, STRC recorded a $1.1 billion trading day, up nearly 50% from its previous high.

DAT recovery?

According to Bitcoin Treasuries data, 195 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 63%, for example. While some investors remain concerned about Strategy's valuation and numerous bitcoin acquisition programs, the firm's mNAV recently recovered to 1.00, per Bitcoin Treasuries.

Strategy's stock gained 27.1% overall last week, closing Friday up 11.8% at $166.52, according to The Block's MSTR price page, to cap one of its best weeks in months. Bitcoin rose approximately 9.3% over the same period.

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