Key Highlights
- Strategy purchased 13,927 BTC for approximately $1 billion at an average price of $71,902 per coin last week; bringing its total holdings to 780,897 BTC, acquired for a cumulative $59.02 billion at an average cost of $75,577 per Bitcoin.
- Michael Saylor revealed that Bitcoin needs only ~2.05% annualized growth to cover Strategy’s preferred stock (STRC) dividends indefinitely without issuing new MSTR shares. He framed the rate as an easily achievable hurdle given Bitcoin’s historical performance, reinforcing the firm’s financial engineering playbook.
- MSTR shares closed at $128.64 on April 10, 2026, trading like a leveraged Bitcoin proxy. The stock remains highly volatile and sits roughly 76% below its all-time intraday peak of $543 hit in November 2024, as ongoing equity issuance and broader market sentiment continue to weigh on the price.
Strategy Inc. has continued its aggressive Bitcoin accumulation, purchasing 13,927 BTC for approximately $1 billion at an average price of $71,902 per coin throughout the last week.
This latest addition—fully backed by proceedings from the sell of its preferred STRC stock—brought the company’s total holdings to 780,897 BTC, acquired for a cumulative $59.02 billion at an average cost basis of $75,577—as of data shared by the firm on X.
According to the firm’s latest 8–K filing, funding for this purchase came through Strategy’s at-the-market equity program, a familiar tool that lets the company sell shares of common stock (MSTR) and its perpetual preferred shares (STRC) to raise capital without traditional debt.
This marks second consecutive weekly purchase—building onto last week’s 4,871 BTC buy— after the firm paused its 13-week buying spree two weeks ago.
Saylor’s breakeven math
On Sunday, April 12, Michael Saylor, Strategy’s executive chairman, posted a concise update on X, revealing the firm’s breakeven Annual Recurring Revenue (ARR). “Our BTC Breakeven ARR is ~2.05%. If Bitcoin grows faster than that over time, we can cover our dividends indefinitely without issuing new $MSTR shares,” he said.
The 2.05% annualized return rate refers to the growth Bitcoin needs to generate enough value to service the dividends on the STRC preferred shares without forcing further issuance of common stock.
Saylor framed it as a low hurdle, noting that Bitcoin’s historical performance has far exceeded that level. This reinforced Strategy’s narrative that its financial engineering turns modest Bitcoin appreciation into sustainable dividend coverage.
MSTR stock performance
Strategy’s shares, which trade like a leveraged bet on Bitcoin, closed at $128.64 on Friday, April 10, 2026, down slightly from the prior session. The stock has been highly volatile in recent months, often amplifying moves in the underlying cryptocurrency.
It has traded with a premium tied to Bitcoin holdings per share and confidence in Saylor’s long-term conviction.
Over the past year, MSTR has shown sharp swings, at times climbing well above $400 during Bitcoin rallies before pulling back. Although the stock is down roughly 76% from its all-time intraday peak of $543 hit on November 21, 2024.
The latest Bitcoin buy is expected to provide a modest lift in its early U.S. trading session, though broader market sentiment and ongoing share issuance continue to weigh on the price.
The broader strategy
Strategy rebranded from MicroStrategy in early 2025 to reflect its evolution into what it calls the world’s first Bitcoin Treasury Company. While the business intelligence software business still generates revenue, Bitcoin now dominates the balance sheet as the primary reserve asset.
Chairman Saylor, known for being an active Bitcoin advocate, has long argued that holding cash in an inflationary environment destroys value, whereas Bitcoin’s fixed supply offers a hedge against monetary debasement.
The company’s approach relies on continuous capital raises through equity markets to fund Bitcoin purchases during dips, steadily increasing its ownership of the asset. It now controls roughly 3.65% of Bitcoin’s total supply, dwarfing other public companies.
As the popularity for the digital asset class grows, investors continue to watch two intertwined assets: Bitcoin itself and MSTR, the stock that has become one of the most direct vehicles for corporate exposure to the cryptocurrency.
Also read: Capital B Expands Bitcoin Treasury to 2,925 BTC After €2.3M Purchase
