Strategy bought another 4,871 bitcoin for about $329.9 million between April 1 and April 5, taking its total holdings to 766,970 BTC and extending a treasury strategy that has made the company the largest corporate holder of the cryptocurrency. The purchase price averaged $67,718 per bitcoin, below the company’s overall average cost of $75,644 across holdings acquired for roughly $58.02 billion, according to a filing published on April 6. The latest acquisition was financed through sales under Strategy’s at-the-market share programmes, with the filing showing net proceeds of about $102.6 million from sales of STRC preferred stock between April 1 and April 5, alongside roughly $72 million from common stock sales in the same period. The company had also raised about $227.3 million from STRC and $72 million from common stock during March 30-31, suggesting last week’s bitcoin buying was supported chiefly by the preferred instrument as Strategy deepens its use of dividend-bearing securities to fund purchases.
That shift matters because STRC, branded by Strategy as its “Stretch” preferred stock, has become a more visible part of Michael Saylor’s financing model. Earlier this year, the company relied more heavily on perpetual preferred shares in larger bitcoin purchases, and on March 23 it expanded its capital-raising capacity with new programmes tied to both STRC and common stock. The April 6 filing said available issuance capacity remained above $22.6 billion for STRC and above $27 billion for common stock, underlining how much room Strategy still has to keep buying if market conditions allow.
Markets treated the disclosure as constructive. Strategy shares closed at $127.58 on April 6, up about 6.5 per cent on the session, while bitcoin traded at $69,638, having moved above its average acquisition price for this latest batch but remaining below Strategy’s aggregate cost basis. Coverage of the filing also pointed to a rebound in the stock after a brief pause in weekly purchases, reflecting how closely investors now track the company’s treasury cadence as a signal on both bitcoin conviction and access to capital.
The purchase, however, landed alongside a reminder of the volatility embedded in Strategy’s balance sheet. In the same filing, the company said it recorded a $14.46 billion unrealised loss on digital assets for the first quarter, along with an associated deferred tax benefit of $2.42 billion. As of March 31, it reported a digital asset carrying value of $51.65 billion, while also noting that the fair value of its bitcoin holdings had fallen below cost basis at quarter-end. That accounting impact does not alter the number of coins held, but it sharpens the debate over how sustainable the strategy remains if bitcoin prices weaken for a prolonged period.
Supporters argue that Strategy has built a new kind of listed vehicle: part software company, part leveraged bitcoin proxy, and part capital markets machine. Critics counter that the model depends on investors continuing to buy common shares and preferred securities linked, directly or indirectly, to bitcoin’s appeal. Analysts cited in market coverage over the past fortnight have noted that Strategy’s valuation has often traded at a premium to the market value of its bitcoin holdings, a feature that helps it raise fresh money but can narrow quickly when crypto sentiment turns.
Chronology also matters. Strategy paused purchases in the week ended March 29, leaving holdings at 762,099 BTC, before resuming buying in the first days of April. The company’s March 23 financing expansion and its resumed acquisition this week indicate there has been no retreat from the broader accumulation plan despite quarter-end mark-to-market pressure. The dashboard on Strategy’s website now shows the updated reserve at 766,970 BTC, equal to a sizeable share of all bitcoin in circulation.
Topics
Cryptocurrency