Strategy Inc. (Nasdaq: MSTR) disclosed on April 20 that it had acquired 34,164 Bitcoin for approximately $2.54 billion, at an average price of $74,395 per coin. The purchase pushed the firm's total holdings to 815,061 BTC, with Executive Chairman Michael Saylor noting that the year-to-date Bitcoin yield reached 9.5%.
STRC Preferred Stock: The Financing Engine
The capital for the latest acquisition was primarily raised through Strategy's STRC preferred stock program, known as 'Stretch.' The instrument pays an 11.5% monthly dividend yield to holders, enabling the company to raise funds without liquidating existing Bitcoin holdings. Since January 2025, Strategy has completed 57 separate acquisitions, totaling 367,593 BTC over 16 months.
STRC vs. ETFs: A Ten-to-One Advantage
Data from Bitcoin investment platform River reveals that the STRC program alone has purchased roughly 77,000 BTC so far in 2026. In contrast, all U.S. spot Bitcoin ETFs combined have seen net inflows of only 8,000 BTC over the same period. River commented on X: 'STRC has bought 10X more bitcoin than all ETFs so far in 2026.' This stark discrepancy underscores the growing institutional preference for structured financing instruments over exchange-traded funds for Bitcoin accumulation.
On the Path to One Million Bitcoin
Strategy currently holds Bitcoin valued at approximately $58.7 billion, with a net leverage ratio of around 10%. To reach the 1-million-BTC milestone, the company needs an additional 184,939 coins. Based on the historical acquisition rate of roughly 774 BTC per day (averaged over the latest 57 purchases), projections indicate the target could be achieved around December 15, 2026. While actual purchases are typically clustered around financing windows, the sustained pace makes the end-of-year goal realistic.
It is important to note that Strategy's holdings differ fundamentally from ETF-held Bitcoin. ETFs can experience rapid outflows during price declines, but Strategy treats its Bitcoin as a permanent reserve asset and has never signaled any intention to sell. This stance remained intact even when BTC prices dipped below the company's average purchase price. As a result, Strategy's buying exerts a more persistent bullish pressure on the market: Bitcoin entering its treasury is effectively removed from the circulating supply.
The feasibility of crossing the 1 million threshold ultimately depends on continued demand for the STRC instrument and steady access to capital markets. As of April 2026, both conditions remain firmly in place.