Key Takeaways
- • Michael Saylor's Strategy (MSTR) acquired 13,927 bitcoin for $1 billion during the week of April 6–12, 2026, at an average price of $71,902 per coin, bringing total treasury holdings to 780,897 BTC.
- • The entire $1 billion purchase was funded through sales of Stretch (STRC), the company's perpetual preferred stock, with 10,028,363 STRC shares sold at-the-market; no Class A common stock (MSTR) was issued.
- • Strategy's cumulative bitcoin acquisition cost stands at approximately $59.02 billion with an average cost basis of $75,577 per coin, representing 3.7% of Bitcoin's 21 million total supply and approximately $3.6 billion in unrealized paper losses at current market prices.
- • Michael Saylor emphasized the company's financial sustainability, noting that MSTR's bitcoin breakeven annual return rate (ARR) is approximately 2.05%, allowing the company to cover dividends indefinitely without issuing additional common shares if bitcoin appreciates faster than that threshold.
- • Bitcoin traded just below $71,000 at the time of the filing, with MSTR shares down 2.5% in pre-market trading; the $75,000–$76,000 range continues to serve as significant technical resistance for the asset.
Summary
Michael Saylor's Strategy (MSTR) announced on April 13, 2026, that it accumulated 13,927 bitcoin over the preceding week, bringing its total treasury position to 780,897 BTC. The acquisition occurred between April 6 and April 12 at an average purchase price of $71,902 per coin, resulting in approximately $1 billion in total expenditure. This represents the company's 106th bitcoin purchase and underscores MSTR's sustained institutional accumulation strategy in the digital asset space.
The funding mechanism for this acquisition reflects MSTR's evolving capital structure. Rather than relying on common stock issuance, the company raised the full $1 billion through at-the-market (ATM) sales of Stretch (STRC), its perpetual preferred stock offering monthly dividends. Specifically, Strategy sold 10,028,363 STRC shares, with $21.6 billion worth of additional STRC shares remaining available for future issuance. Notably, the company did not issue any Class A common stock during this period, leaving $27.1 billion available under its separate ATM program for MSTR shares. This strategic shift toward preferred equity financing represents an important shift in how MSTR is funding its bitcoin accumulation while minimizing dilution to common shareholders.
From a portfolio perspective, MSTR's cumulative bitcoin investment now totals approximately $59.02 billion, with an average cost basis of $75,577 per coin. The company's holdings represent more than 3.7% of Bitcoin's fixed 21 million supply, positioning MSTR as one of the largest institutional bitcoin holders globally. At the time of the filing, with bitcoin trading just below $71,000, the company's treasury carried approximately $3.6 billion in unrealized paper losses relative to its average cost basis.
Executive Chairman Michael Saylor addressed investor concerns regarding the sustainability of MSTR's dividend obligations and continued accumulation strategy. On social media, Saylor noted that the company's bitcoin breakeven annual return rate (ARR) stands at approximately 2.05%, implying that if bitcoin appreciates faster than that rate over time, MSTR can cover its perpetual preferred dividend obligations indefinitely without requiring additional common share issuance. This metric underscores the mathematical foundation of MSTR's leverage-adjusted bitcoin investment thesis.
Market conditions at the time showed MSTR common shares declining 2.5% in pre-market trading, while bitcoin faced technical headwinds near the $75,000–$76,000 resistance level, a range that has repeatedly challenged the cryptocurrency's recent recovery attempts.
The funding mechanism for this acquisition reflects MSTR's evolving capital structure. Rather than relying on common stock issuance, the company raised the full $1 billion through at-the-market (ATM) sales of Stretch (STRC), its perpetual preferred stock offering monthly dividends. Specifically, Strategy sold 10,028,363 STRC shares, with $21.6 billion worth of additional STRC shares remaining available for future issuance. Notably, the company did not issue any Class A common stock during this period, leaving $27.1 billion available under its separate ATM program for MSTR shares. This strategic shift toward preferred equity financing represents an important shift in how MSTR is funding its bitcoin accumulation while minimizing dilution to common shareholders.
From a portfolio perspective, MSTR's cumulative bitcoin investment now totals approximately $59.02 billion, with an average cost basis of $75,577 per coin. The company's holdings represent more than 3.7% of Bitcoin's fixed 21 million supply, positioning MSTR as one of the largest institutional bitcoin holders globally. At the time of the filing, with bitcoin trading just below $71,000, the company's treasury carried approximately $3.6 billion in unrealized paper losses relative to its average cost basis.
Executive Chairman Michael Saylor addressed investor concerns regarding the sustainability of MSTR's dividend obligations and continued accumulation strategy. On social media, Saylor noted that the company's bitcoin breakeven annual return rate (ARR) stands at approximately 2.05%, implying that if bitcoin appreciates faster than that rate over time, MSTR can cover its perpetual preferred dividend obligations indefinitely without requiring additional common share issuance. This metric underscores the mathematical foundation of MSTR's leverage-adjusted bitcoin investment thesis.
Market conditions at the time showed MSTR common shares declining 2.5% in pre-market trading, while bitcoin faced technical headwinds near the $75,000–$76,000 resistance level, a range that has repeatedly challenged the cryptocurrency's recent recovery attempts.
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