#StrategyBTCPurchase
What Strategy Does
Core thesis: Executive Chairman Michael Saylor calls it a “Bitcoin-focused treasury strategy” — they convert corporate cash/equity into BTC as their primary reserve asset
Started: August 2020
Goal: Buy Bitcoin every quarter “forever,” per Saylor. He says “we’re not going to be selling”
How They Buy
Strategy funds purchases by raising capital, then converting it to BTC:
1. Common stock sales: ATM offering of MSTR Class A shares
2. Preferred stock programs: STRC, STRK, STRF, STRD — perpetual preferred shares with 8–11.5% dividends
3. Convertible notes & warrants: Like the $42M raise for Janover c17a934ccbe3
Recent example: Mar 9-15, 2026 they bought 22,337 BTC for $1.57B, funded by selling $1.18B of STRC preferred + $396M of common stock. 9025
Current Holdings as of April 2026
Total BTC: ∼761,000 – 762,000 BTC
Aggregate cost: ∼$57.6B – $57.7B
Average price: ∼$75,694 per BTC
% of supply: Over 3.3% of all Bitcoin that will ever exist
As of April 20, 2026, BTC is $75,880, so their position is roughly at breakeven.
Recent Moves & Strategy Shifts
1. *100th purchase milestone*: Bought 592 BTC for $39.8M
2. Funding shift: STRC preferred stock now primary vehicle vs common stock. Annual dividend burden now tops $1B
3. *Skipped a week*: First time in 2026, Strategy bought 0 BTC between Mar 23-29, though Saylor says pauses won’t continue
4. Underwater periods: BTC closed below Strategy’s $75,694 avg cost every day since Feb 3, 2026
Why It Matters
Largest corporate holder: Eclipses reserves of many nations
Market signal: Their purchases and pauses move sentiment. They didn’t buy during the Iran war dip
Risk: $1B+ annual dividend obligations from preferred shares. MSCI may delist MSTR for being >50% digital assets
Bottom line: “StrategyBTCPurchase” Michael Saylor’s company issuing stock/preferred shares to continuously stack Bitcoin. They now own ∼762K BTC worth ∼$57.6B, buying almost every week since 2020.
