Strategy has added another 535 Bitcoin to its corporate treasury, purchasing the digital asset for approximately $43 million during the week, according to the company’s standard Monday disclosure. The latest acquisition brings Strategy’s total Bitcoin holdings to 818,869 BTC, acquired at an average cost basis of $75,540.
The company’s Bitcoin treasury is now valued at approximately $66.5 billion at prevailing prices, representing nearly 3.9% of all Bitcoin that will ever exist. In a post on X, Executive Chairman Michael Saylor announced the purchase with his signature chart tracking the company’s Bitcoin-per-share accretion.
This weekly purchase aligns with Strategy’s long-standing Bitcoin-first treasury strategy and comes just days after the company’s Q1 2026 earnings call, where leadership addressed market speculation around potential Bitcoin sales. Saylor provided clear clarification on the company’s evolving approach to balance-sheet management:
Saylor’s “1 for 10 to 20” Clarification
This weekly purchase aligns with Strategy’s long-standing Bitcoin-first treasury strategy and comes just days after the company’s Q1 2026 earnings call, where leadership addressed market speculation around potential Bitcoin sales.
During the May 5 earnings call, Saylor floated the possibility that the company could tap a portion of its Bitcoin holdings to fund dividend obligations: “We’ll probably sell some Bitcoin to fund a dividend, just to inoculate the market, just to send the message that we did it.”
The comment prompted strong online reaction given Saylor’s long-standing “never sell your Bitcoin” framing. Over the weekend, Saylor clarified in a podcast interview that any sales would be strictly tactical, with the company remaining a net accumulator of Bitcoin at all times: “Even if we were to sell one Bitcoin, we’d be buying 10 to 20 more Bitcoin.”
Saylor went further on the math during a separate interview, telling viewers the structure works out to “buying 30 Bitcoin, selling one Bitcoin” over longer horizons, with the company’s break-even point sitting at approximately 2.3% annual Bitcoin appreciation — well below Bitcoin’s historical 30-40% annual return profile. “The company, as long as it grows, is going to buy more Bitcoin than it sells,” Saylor said. “I expect we’ll be a net buyer of Bitcoin in every month and every quarter going on forever.”
CEO Phong Le reinforced the framing on the earnings call, clarifying that Bitcoin sales would occur only in specific, limited contexts — including funding dividend yields, deferring taxes, and when sales would be accretive to Bitcoin per share — and that neither sales nor purchases should materially affect Bitcoin’s market price given Strategy’s roughly 4% ownership of total BTC supply.
The STRC Math: Why Limited BTC Sales Could Work
The comments helped contextualize Strategy’s use of its STRC (Series A Perpetual Stretch Preferred Stock) program, which carries an annual dividend yield of approximately 11.5%. With roughly $8.5 billion in STRC outstanding following an aggressive $3.2 billion raise in April 2026, the company faces monthly dividend obligations of approximately $80–$90 million to preferred shareholders.
Limited, calculated Bitcoin sales could help fund those obligations without diluting MSTR common shareholders through additional equity issuance — while the bulk of capital continues to flow into Bitcoin accumulation at scale.
Strategy highlighted strong performance on its proprietary BTC Yield metric in the Q1 2026 earnings results.
BTC Yield Performance
The company has delivered a 9.4% BTC Yield year-to-date through the most recent disclosure, compared to its full-year 2025 result of 22.8%.
BTC Yield measures the net increase in Bitcoin per diluted share and serves as Strategy’s key non-GAAP proxy for value creation on a Bitcoin-standard basis. The metric is the centerpiece of how Strategy frames shareholder returns relative to traditional book-value or earnings-per-share measures.
Treasury Performance and Unrealized P&L
Strategy’s Bitcoin holdings reflect an unrealized 7.46% gain on its aggregate cost basis of approximately $61.86 billion, underscoring the long-term success of the strategy.
The most recent verified figure prior to today showed an approximate 7.02% unrealized gain on a cost basis of $61.81 billion.
The company also reported on the Q1 earnings call that its software business posted +12% revenue growth in Q1 2026 — what Saylor characterized as “the strongest quarter in the past decade” for the legacy MicroStrategy enterprise analytics business. Strategy separately disclosed a $12.54 billion net loss for Q4 2025, driven primarily by Bitcoin’s quarterly mark-to-market accounting.
About the Strategy Bitcoin Treasury
Since pivoting its balance sheet to Bitcoin in 2020, Strategy has emerged as the world’s largest corporate holder of the asset. The company funds purchases primarily through a mix of common equity (via at-the-market sales of MSTR shares), preferred stock issuances (including the high-yield STRC series and other Stretch instruments), and operational cash flow — all while targeting consistent growth in Bitcoin per share rather than absolute dollar returns.
The company’s disciplined weekly cadence has continued through periods of significant market volatility, including the recent April 2026 hack crisis that took $13 billion in DeFi TVL offline in 48 hours. Strategy’s signature Monday disclosure pattern has become a closely watched market signal in its own right.
JPMorgan and other analysts have projected the firm could acquire tens of billions more in Bitcoin in the coming years if current pacing continues. Saylor has publicly mapped a path to roughly 1.14 million BTC by end-2026, 1.62 million by end-2027, and over 2 million by 2028 if current velocity holds.
This latest Monday purchase reinforces Strategy’s commitment to disciplined, programmatic buying regardless of short-term market conditions. Saylor has repeatedly described Bitcoin as “digital capital” and the optimal reserve asset for a modern treasury company.
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