Strategy Inc. (Nasdaq: MSTR) disclosed on April 20 that it purchased 34,164 bitcoins for approximately $2.54 billion, at an average price of $74,395 per coin. The acquisition brings its total bitcoin holdings to 815,061 BTC, valued at roughly $58.7 billion. Executive Chairman Michael Saylor noted that the year-to-date bitcoin yield stands at 9.5%.
STRC Preferred Stock Powers Aggressive Accumulation
Strategy’s buying binge is largely fueled by its STRC (Stretch) preferred stock program, which pays an 11.5% monthly dividend yield to holders. This structure allows the company to raise capital without selling any of its existing bitcoin inventory. Since January 2025, Strategy has executed 57 separate acquisitions, adding a total of 367,593 BTC over sixteen months. The latest purchase was funded through at-the-market (ATM) offerings tied to both STRC shares and Class A common stock. The company’s net leverage ratio stands at approximately 10%, indicating a relatively conservative capital structure given the scale of its bitcoin holdings.
Ten Times More Than All Bitcoin ETFs Combined
Data from bitcoin investment platform River highlights the extraordinary scale of Strategy’s activity in 2026. So far this year, the STRC program alone has purchased roughly 77,000 BTC. In contrast, all U.S. spot bitcoin ETFs have seen net inflows of just 8,000 BTC over the same period. River posted on X: “STRC has bought 10X more bitcoin than all ETFs so far in 2026.” This disparity underscores a fundamental difference between ETF-held bitcoin and Strategy’s holdings: ETFs can experience rapid outflows during market downturns, while Strategy treats its bitcoin as a permanent reserve asset with no intention to sell, even when prices fall below its average cost basis. As a result, Strategy’s buying pressure tends to have a more persistent and less reversible impact on the market.
Path to One Million Bitcoin by Year-End
With 815,061 BTC already on its balance sheet, Strategy needs another 184,939 BTC to reach the symbolic milestone of one million bitcoins. At its historical acquisition rate of approximately 774 BTC per day (based on the last 57 purchases), the company would hit the 1 million mark around December 15, 2026. While actual purchases occur in large bursts tied to financing windows, the pace so far makes the target realistic within the calendar year. The continued viability of the STRC instrument and access to capital markets remain the key enabling factors—both conditions are currently favorable as of late April 2026. Strategy’s evolving role as the world’s largest corporate bitcoin holder is reshaping the asset’s demand dynamics, demonstrating that innovative financing structures can generate outsized purchasing power compared to traditional ETF channels.