Strategy Inc (formerly MicroStrategy) filed an 8-K with the SEC on April 20, confirming a massive Bitcoin purchase last week. Between April 13 and 19, the company spent $2.54 billion to acquire 34,164 BTC, with an average cost of $74,395 per coin — well below the current market price of ~$78,000.
The timing was deliberate: a brief BTC dip triggered by Middle East tensions gave Strategy a chance to bottom-fish at a discount.
Two-Pronged Fundraising: Preferred Stock + Common Shares
Where did the cash come from? The report breaks down $2.5423 billion in net proceeds: roughly 21.79 million shares of floating-rate Series A perpetual preferred stock (STRC) raised $2.1763 billion, while selling 2.165 million shares of Class A common stock (MSTR) brought in $366 million. As of filing, MSTR common shares still have $26.7 billion in remaining at-the-market capacity, plus billions more across other preferred series (STRF, STRK, STRD).
815K BTC: A New Milestone
As of April 19, Strategy's Bitcoin stash stands at 815,061 BTC, with a cumulative cost of $61.56 billion and an average price of $75,527. That's nearly 4% of Bitcoin's total 21 million supply — held by a single corporate whale.
The playbook remains unchanged: issue high-yield or floating-rate securities, convert proceeds into BTC, repeat. Another huge buy could land any week.