How Strategy’s STRC could propel the Michael Saylor’s firm Bitcoin holdings past BlackRock’s IBIT this week

Strategy has executed a $1 billion Bitcoin acquisition between April 6 and April 12, purchasing 13,927 BTC at an average cost of $71,902 per coin. Notably, the entire purchase was funded through the issuance of STRC preferred stock, introducing zero dilution to existing MSTR common shareholders. The timing of this acquisition proved strategically significant: Bitcoin rallied to approximately $75,600 by April 14, matching Strategy's exact average cost basis across its entire 780,897 BTC treasury. This convergence marked the company's return to paper profitability for the first time since January, following the cryptocurrency's sharp decline from $126,000 to $60,000 during the Middle East conflict period earlier in the year.

The pace and scale of Strategy's accumulation strategy has accelerated markedly. The company deployed more than $1.33 billion in Bitcoin purchases within two consecutive weeks in mid-April (the $1 billion purchase plus a $330 million acquisition the prior week), demonstrating sustained conviction during volatile market conditions. Year-to-date, Strategy has already acquired over 108,000 BTC in 2026. Michael Saylor's weekend post of his "Orange Dots" accumulation chart, captioned "Think even Bigger," signals imminent further acquisitions. The STRC instrument itself has become a market force: it achieved record daily trading volume of $1.156 billion on April 13, validating the preferred equity structure as a capital-raising mechanism.

Strategy is projected to overtake BlackRock's iShares Bitcoin Trust (IBIT) as the largest corporate Bitcoin holder by the week of April 21, 2026. Current estimates suggest the company will purchase more than 25,000 BTC during the current week, compared to IBIT's more modest weekly inflow of approximately 3,000 BTC. Strategy currently holds 780,897 BTC versus IBIT's 791,272 BTC—a gap of roughly $1.5 billion at current prices. The projected milestone represents a historic transition in Bitcoin institutional custody, occurring notably during a bear market rather than a bull-market environment, underscoring Strategy's disciplined execution across market cycles.

Strategy maintains substantial dry powder for continued acquisitions. The company has raised $1.76 billion in capital through STRC available for immediate deployment, and retains approximately $49 billion in authorized but unsold STRC and MSTR shares. At the company's disclosed average cost basis of $75,577 per coin across current holdings, the remaining authorization provides capacity to acquire additional Bitcoin at scale. Management has publicly stated its target of accumulating 1 million BTC by November 2026, a goal that current purchasing velocity and available capital appear positioned to achieve. The company's strategy of converting global credit market demand through preferred equity issuance into on-balance-sheet Bitcoin accumulation has established a structural competitive advantage versus traditional Bitcoin ETF inflows, which remain comparatively constrained by fee structures and regulatory parameters.