Strategy Inc. (formerly MicroStrategy) deepened its bitcoin treasury with a $2.54 billion acquisition of 34,164 BTC on April 20, 2026, pushing total holdings to a record 815,061 coins. The company now needs just 184,939 more BTC to reach the 1 million milestone. Executive Chairman Michael Saylor noted the year-to-date bitcoin yield reached 9.5% following the latest purchase.
STRC Preferred Stock: The Engine Behind the Buying Spree
The acquisition was primarily funded through Strategy's STRC preferred stock program, known as "Stretch," which pays an 11.5% monthly dividend yield. This structure allows the firm to raise capital without selling its existing bitcoin hoard. Since January 2025, Strategy has conducted 57 separate purchases totaling 367,593 BTC over sixteen months. According to data from bitcoin investment platform River, the STRC program alone has purchased roughly 77,000 BTC so far in 2026 — compared to a combined net inflow of just 8,000 BTC into all U.S. spot bitcoin ETFs over the same period. River stated on X: "STRC has bought 10X more bitcoin than all ETFs so far in 2026."
Permanent Reserve vs. Liquid ETF Holdings
Strategy's bitcoin holdings behave fundamentally differently from ETF-held coins. ETFs are subject to outflows during price declines, but Strategy treats its bitcoin as a permanent reserve asset with no intention to sell — even when BTC trades below its average purchase price of approximately $74,395. This distinction creates a more durable demand structure: purchased coins are locked away indefinitely. At its historical acquisition pace of roughly 774 BTC per day (averaged over the last 57 buys), the company is projected to reach 1 million BTC by December 15, 2026. Actual purchases tend to occur in bursts tied to financing windows, but the trajectory makes the year-end target realistic.
Strategy currently holds bitcoin valued at approximately $58.7 billion and carries a net leverage ratio of around 10%. The latest purchase was funded through at-the-market (ATM) programs tied to both STRC shares and Class A common stock. The path to a million bitcoin depends on continued demand for the STRC instrument and steady access to capital markets — conditions that remained favorable through April 2026. This aggressive accumulation strategy is reshaping corporate bitcoin adoption and raising questions about supply scarcity as institutional demand intensifies.