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Strategy (MSTR) added to its bitcoin position in early April, acquiring 4,871 BTC for about $329.9 million, reinforcing its balance-sheet-focused accumulation strategy despite sizable unrealized losses.
Strategy Inc. (MSTR) expanded its bitcoin holdings in early April, purchasing 4,871 BTC for approximately $329.9 million as the firm continues to double down on its balance-sheet strategy despite significant unrealized losses.
The company disclosed Monday that the purchases were made between April 1 and April 5 at an average price of $67,718 per bitcoin. The latest accumulation brings Strategy’s total holdings to 766,970 BTC, acquired for roughly $58.02 billion at an average cost basis of $75,644 per coin.
JUST IN: Michael Saylor's Strategy announces it purchased 4,871 BTC for $329.9 million 🚀 pic.twitter.com/09C7qalCAV
At recent prices near $69,500, the firm remains underwater on its aggregate position, reflecting the continued gap between market value and acquisition cost.
To fund the purchases, MSTR tapped its at-the-market (ATM) equity programs. The company raised approximately $227.3 million through sales of its variable-rate Series A perpetual Stretch preferred stock (STRC) in late March, followed by an additional $102.6 million in early April. It also generated $72 million from the sale of Class A common shares during the same period.
STRC is a Variable Rate Series A perpetual preferred stock issued by Strategy that is designed to trade near a $100 par value while paying a high, adjustable monthly dividend. It functions as a bridge between traditional income-focused investors and the company’s Bitcoin-heavy balance sheet by translating Bitcoin exposure into a more stable, yield-oriented instrument.
In practice, STRC enables Strategy to raise capital from fixed-income markets and channel it into acquiring more Bitcoin.
The financing activity underscores Strategy’s ongoing reliance on capital markets to support its bitcoin acquisition plans, which has defined the firm’s corporate identity in recent years.
For the first quarter ended March 31, 2026, Strategy reported a $14.46 billion unrealized loss on its digital asset holdings. The loss was partially offset by a $2.42 billion deferred tax benefit. The company recorded a carrying value of $51.65 billion for its bitcoin portfolio, indicating that fair value remains below cost.
Management noted that additional valuation allowances on deferred tax assets related to its software business may be required, highlighting the broader financial impact of bitcoin price volatility on its balance sheet.
Despite the losses, Strategy has maintained its aggressive accumulation strategy, continuing to position Bitcoin as its primary treasury reserve asset. The company’s approach has drawn both strong support and criticism, as investors weigh the upside potential of bitcoin exposure against the risks tied to leverage and market swings. Last week, the company announced no bitcoin purchases.
