The $2.54 Billion Bitcoin Splash: Third-Largest Single Purchase
Strategy (formerly MicroStrategy) disclosed in a July 2026 regulatory filing that it added 34,164 bitcoin to its treasury last week at an average price of $74,395, spending approximately $2.54 billion. This marks the company's third-largest single purchase on record. The acquisition brings total holdings to 815,061 BTC, with cumulative spending of roughly $61.56 billion at an average cost basis of $75,527 per coin. With bitcoin trading near $75,000, the entire position sits close to break-even after recent market volatility.
Notably, this purchase propels Strategy past BlackRock, which holds 802,823 BTC primarily through its spot bitcoin ETF products. Strategy now holds more than 3.8% of bitcoin's fixed supply of 21 million coins, cementing its role as the largest publicly traded bitcoin holder.
Surpassing BlackRock: The Institutional Bitcoin Arms Race
BlackRock's iShares Bitcoin Trust (IBIT) is the largest spot bitcoin ETF on the market, but Strategy's direct corporate holdings have now overtaken it. Executive Chairman Michael Saylor signaled the move with a social media post urging the community to "think even bigger." Following the news, Strategy shares fell about 2.5% in pre-market trading, reflecting investor sensitivity to bitcoin volatility and continued capital market dependence.
Funding the Billions: Equity Sales and STRC Preferred Stock
The $2.54 billion purchase was financed via $366 million from common share sales and $2.18 billion through its perpetual preferred stock offering, STRC. This instrument has become central to recent acquisitions. STRC carries a variable dividend structure designed to maintain a $100 par value while offering an annualized yield of roughly 11.5%. The company recently proposed shifting dividends from monthly to semi-monthly to improve liquidity and reduce reinvestment delays.
Strategy continues expanding its capital-raising capacity, with billions of dollars in additional common and preferred shares authorized for issuance. These efforts are part of a broader plan to fund further bitcoin purchases through 2027.
STRC Payout Frequency Shift: Bi-Weekly Dividends
To attract income-focused investors, Strategy plans to shift STRC dividend payments from monthly to semi-monthly. This change would split the current 11.50% annualized yield into two monthly payments, offering more frequent cash flow. Given bitcoin's volatile trading around $74,000, shorter-duration income streams become more appealing. STRC's variable dividend mechanism adjusts yields automatically when the share price dips below $100, supporting price stability. The adjustment from monthly to semi-monthly would make the rate-setting process more responsive. As of writing, bitcoin trades between $75,000 and $76,000.