MicroStrategy expands reserves with $330 million Bitcoin purchase funded by STRC

Michael Saylor’s firm Strategy, formerly known as MicroStrategy, has carried out another large Bitcoin purchase, extending its crypto exposure through equity-based fundraising rather than operating cash.

Another major Bitcoin buy financed with stock issuance

Strategy disclosed that it purchased approximately $329.9 million worth of Bitcoin between April 1 and April 5, 2026. During the period, the company added exactly 4,871 BTC at an average purchase price of $67,718 per coin.

The acquisitions were funded using proceeds from stock issuance rather than operating cash. Strategy said roughly $330 million in proceeds from STRC and MSTR stock sales was deployed into Bitcoin during the first days of April.

Bitcoin holdings rise to 766,970 BTC

Following the transaction, Strategy’s total Bitcoin holdings increased to around 766,970 BTC, reinforcing its position as one of the largest corporate holders of the asset globally. The firm now controls approximately 3.65% of Bitcoin’s circulating supply.

Strategy reported that it has spent close to $58 billion in aggregate to accumulate its position, with an average cost basis of about $75,644 per coin. With the market price below that level, the company is carrying substantial unrealized losses.

Based on its disclosures, Strategy’s estimated unrealized loss on the Bitcoin position is around $5.34 billion.

SEC filing highlights large unrealized loss and tax benefit

Strategy’s latest SEC filing for the first quarter of 2026 showed a $14.46 billion unrealized loss related to its Bitcoin holdings. In the same quarter, the company reported a $2.42 billion deferred tax benefit, which partially offsets the accounting impact of the crypto-related drawdown.

“Stretch” preferred stock program supports further purchases

Strategy said the latest acquisition round was not financed solely through traditional debt or internal cash. Instead, it raised capital by issuing a new series of STRC preferred stock under a program branded as the “Stretch” offering.

The company launched the preferred stock program in late March 2026 and raised about $21 billion. Proceeds from the Stretch preferred issuance, combined with sales of MSTR stock, were directed into additional company Bitcoin purchases.

Implications for Strategy and institutional Bitcoin demand

Strategy’s approach centers on treating Bitcoin as a primary treasury reserve and accumulating during periods of market uncertainty. The company’s multi-year buildup reflects a long-term thesis, but it also exposes its balance sheet to significant mark-to-market volatility.

Strategy’s continued scale of purchases also signals institutional demand for Bitcoin. When a publicly traded company repeatedly allocates billions of dollars into a single digital asset, it can shape sentiment among other investors, asset managers, and high-net-worth participants.

What to watch next

Market participants will be watching whether Strategy maintains its current pace of accumulation or adjusts based on regulatory developments, macroeconomic conditions, or Bitcoin price movements. The company’s recent actions indicate it is prepared to continue deploying capital into Bitcoin when it deems conditions favorable.

Overall, Strategy’s April 2026 purchase of 4,871 BTC at an average of $67,718—financed through STRC and MSTR stock issuance—underscores its conviction in Bitcoin as a core treasury asset and keeps attention on its high-risk, high-conviction strategy for digital reserves.