Strategy pushes its Bitcoin lead even further
Strategy has expanded its Bitcoin treasury once again, purchasing 13,927 BTC for roughly $1 billion. The latest transaction lifts the company’s total holdings to 780,897 BTC, reinforcing its position as the largest institutional Bitcoin holder in the market. Based on the company’s blended average purchase price, Strategy’s cumulative Bitcoin investment now stands at $59.02 billion, with an average cost of about $75,577 per coin.
The scale gap remains dramatic. According to the report, the next-largest institutional holder, Twenty One Capital, holds just 43,514 BTC. Since pivoting its capital allocation strategy in 2020, Strategy has evolved from a software and business intelligence company into one of the most closely watched corporate proxies for Bitcoin exposure.
Dividend model depends on modest long-term Bitcoin appreciation
Executive Chairman Michael Saylor said before the latest purchase that the company’s preferred stock dividends could theoretically be funded indefinitely if Bitcoin appreciates by only 2.05% annually over time. Company dashboard data further indicates that, at current reserve levels, preferred shareholder dividends are covered for nearly 49 years.
To fund ongoing accumulation, Strategy has been using its STRC Variable Rate Series A Perpetual Preferred Stock. The instrument carries a yield of about 11.5% annually and trades close to its $100 par value. Capital raised through this vehicle is directed toward additional Bitcoin purchases, while dividends are paid monthly in cash. The structure highlights how Strategy is using public market financing to keep expanding its BTC reserves.
Buying pace remains aggressive despite volatility
The company has continued to buy even after reporting about $14.5 billion in unrealized losses in the first quarter of 2026, a result of Bitcoin trading roughly 20% below Strategy’s average cost basis. Even so, the firm said its BTC Yield for 2026 so far has reached 5.6%, a per-share performance metric that management uses to support the durability of its model.
Since launching its Bitcoin strategy in August 2020, Strategy has completed more than 105 acquisitions. In March 2026 alone, it purchased 46,233 BTC, nearly triple the 16,200 BTC mined globally during the same month. The report also notes that the company now has over $57 billion in available market offering capacity across its share classes, giving it substantial flexibility for future purchases.
Some market watchers believe that if the current accumulation pace continues and Bitcoin prices remain relatively stable, Strategy could reach the symbolic 1 million BTC threshold by November 2026. That outcome would depend on continued capital inflows and sustained investor appetite for equity-based Bitcoin exposure. For now, the company’s shares trade at about a 10% premium to net asset value, signaling that demand for Strategy as a traditional-market Bitcoin proxy remains strong.