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Strategy Inc. bought $2.54 billion worth of Bitcoin over the past seven days, the largest acquisition by the company operating a “Bitcoin treasury” program since November 2024. The purchases were carried out in the week ending April 19, according to an SEC filing dated April 20.
The company said most of the funds for the buys came from a perpetual preferred stock sale of STRC (Stretch), which raised $2.18 billion. The remainder was raised by selling common stock.
Strategy’s Bitcoin purchases come as a recent rally in Bitcoin has increased demand for both the company’s common shares and its STRC preferred shares. The company’s stock rose nearly 30% in the prior week as Bitcoin reached a two-month high.
Strategy, co-founded and chaired by Michael Saylor, has been reshaping how it funds Bitcoin accumulation. Saylor, who helped pioneer the Bitcoin treasury strategy and led the company’s shift from software development to Bitcoin buying in 2020, has expanded funding channels by issuing variable-rate preferred stock.
Previously, Strategy raised tens of billions of dollars primarily by selling common stock to purchase cryptocurrency. The move toward preferred shares is occurring as concerns about dilution of common shareholders have grown following a significant decline in cryptocurrency assets since late last year.
In earlier periods, Strategy could raise capital by selling common stock at a premium to Bitcoin, which reduced dilution during crypto market upswings. That premium had largely disappeared after Bitcoin fell sharply from its all-time high in October 2025.
Preferred shares are described as non-dilutive like common stock, but they carry a high dividend. The STRC preferred shares can pay dividends of up to 11.5%, increasing the company’s leverage.
Strategy raised $2.25 billion last year, in part to build cash reserves when Bitcoin prices fell and in part to reduce liquidity risk.
Last Friday, Strategy proposed paying semi-monthly dividends on STRC rather than monthly. The company said the change is intended to stabilize the preferred share price and allow it to issue new stock without the large discounts typically required in secondary offerings.
Strategy has also marketed hybrid securities, which it says offer yields comparable to high-yield bonds, primarily for individual investors as a low-volatility investment.
Bitcoin is hovering around $76,000, according to CoinMarketCap data, after touching $78,000 at the end of last weekend—the highest level since early February. Over the first six months of the year, Bitcoin traded in a range of $65,000 to $75,000, with brief rallies suggesting a cautious trading mood.
On April 20, STRC shares rose about 2.6%, trading above $170.8 per share. However, the STRC stock has fallen roughly 45% over the past year, compared with Bitcoin’s decline of just over 10% over the same period.
Strategy currently holds Bitcoin valued at about $61 billion. Bitcoin does not generate cash flow or profits.
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