MicroStrategy doubles down
- Strategy bought 34,164 BTC between April 13 and April 19, spending $2.54 billion at an average price of $74,395. (stockstotrade.com) - The purchase lifted Strategy's holdings to 815,061 BTC and sent the stock up roughly 9% after hours. (finance.yahoo.com) - Reports say Strategy’s buy reportedly overtook BlackRock's corporate stash, though preferred stock metrics could constrain future purchases. (ainvest.com)
Strategy spent $2.54 billion on 34,164 Bitcoin in one week, pushing its corporate stash to 815,061 coins. (strategy.com) The company said it bought the Bitcoin between April 13 and April 19 at an average price of $74,395 per coin. Strategy’s running cost basis now stands at about $61.56 billion, or $75,527 per Bitcoin. (strategy.com) Strategy financed the latest buying spree through its at-the-market programs, selling common stock and several preferred securities. Its April 6 filing described those programs as a standing source of capital for more Bitcoin purchases. (sec.gov) The stock has become a proxy for Bitcoin itself: MSTR closed at $179.36 on April 22, up 9.39% for the day, while Bitcoin-related headlines dominated the company’s news feed. (finance.yahoo.com) That structure is the core of the trade. Strategy sells stock or preferred shares, uses the cash to buy Bitcoin, and then asks investors to value the company as a large, publicly traded Bitcoin vehicle rather than as a software business. (strategy.com) The preferred stock now matters almost as much as the Bitcoin. Strategy says its STRC perpetual preferred currently pays an 11.50% annual dividend, adjusted monthly, which gives the company another way to raise cash without issuing only common shares. (strategy.com) The comparison with BlackRock comes from scale, but the structures are different. BlackRock’s iShares Bitcoin Trust ETF gives investors fund exposure to Bitcoin, while Strategy holds Bitcoin directly on its own balance sheet; BlackRock’s fund materials describe IBIT as an exchange-traded product designed to track Bitcoin’s price. (ishares.com) Strategy’s own dashboard now shows 815,061 Bitcoin after the April 20 update. Public trackers put BlackRock’s IBIT at a little over 806,000 Bitcoin as of April 21, leaving Strategy ahead on coin count for now. (strategy.com) (bitbo.io) Michael Saylor has been running this playbook for years, but the pace accelerated in 2026. Strategy’s purchase log shows weekly buys on January 5, January 12, January 20, February 2, February 9, February 17, February 23, March 2, March 9, March 16, March 23, April 6, April 13, and April 20. (strategy.com) The immediate question is no longer whether Strategy will keep buying Bitcoin. It is how long investors will keep funding the machine through common stock and high-yield preferred shares. (strategy.com) (sec.gov)
