Michael Saylor’s portfolio flips

Michael Saylor’s bitcoin bet is back above water after Strategy’s latest buying spree pushed its holdings near 781,000 coins while bitcoin traded around $74,000. (strategy.com) Strategy said on April 13 that it bought 13,927 bitcoin for about $1.001 billion at an average price of $71,902 each. The company now holds 780,897 bitcoin bought for $59.018 billion at an average cost of $75,577 per coin. (strategy.com) At bitcoin prices near $74,000 to $75,000 this week, the company’s stack is close to breakeven on a blended basis, and social posts tracking the position showed the paper loss largely erased. Bitcoin traded at about $74,040 on April 15 and around $73,775 to $74,445 on April 16, depending on the data source and time stamp. (google.com) (coingecko.com) (coinmarketcap.com) Strategy is not a hedge fund running a mixed portfolio. It is a public company that calls itself a “Bitcoin Treasury Company” and says it uses equity, debt financings, and operating cash flow to accumulate bitcoin as its primary reserve asset. (strategy.com) That structure turned the company into a leveraged proxy for bitcoin over the past six years. When bitcoin rose, Strategy’s stock often rose faster; when bitcoin fell, the company absorbed the hit through a balance sheet loaded with crypto and capital-market funding. (cnbc.com) (strategy.com) The latest move also came as traders kept looking for easier money from the Federal Reserve, but the central bank’s own March 17-18 projections and minutes showed a more cautious picture. Federal Reserve officials published new rate-path projections on March 18, and minutes released later said futures markets had shifted toward a first full rate cut not being priced until December. (federalreserve.gov 1) (federalreserve.gov 2) That gap matters for bitcoin because lower rates usually make risk assets look more attractive by reducing the yield investors can get from cash. Crypto traders have spent April tying bitcoin’s rebound to both renewed institutional demand and hopes that monetary policy will eventually loosen. (coingecko.com) (coindesk.com) Strategy has kept buying through the drawdown instead of waiting for a cleaner turn. Its purchase log shows weekly additions in January, February, March, and April 2026, including buys at prices above $90,000 earlier in the year and at prices below $68,000 this month. (strategy.com) The company has funded that campaign with a growing stack of securities beyond its common stock. An April 13 filing listed at-the-market programs and exchange-listed preferred shares including STRF, STRC, STRK, and STRD alongside the Nasdaq-listed common stock ticker MSTR. (sec.gov) Strategy shares were trading around $140 on April 16 after collapsing from a 52-week high of $457.22 reached on July 16, 2025. The stock’s swing shows how quickly the company’s market value can outrun, and then reconnect with, the value of the bitcoin sitting on its balance sheet. (cnbc.com) (google.com) For now, the flip back toward breakeven says less about a change in Saylor’s playbook than about bitcoin climbing back toward Strategy’s average purchase price. (strategy.com)