‘Think bigger’: Michael Saylor’s Strategy buys another 13,927 bitcoin for $1 billion as holdings reach 780,897 BTC

Bitcoin treasury company Strategy (MSTR) acquired an additional 13,927 BTC for approximately $1 billion at an average price of $71,902 per bitcoin between April 6 and April 12, according to an 8-K filing with the Securities and Exchange Commission on Monday — its fourth-largest weekly purchase this year.

Strategy now holds a total of 780,897 BTC — worth around $55.4 billion — bought at an average price of $75,577 per bitcoin for a total cost of around $59 billion, including fees and expenses, according to the company’s co-founder and executive chairman, Michael Saylor.

For perspective, that’s the equivalent of more than 3.7% of bitcoin’s total 21 million supply and implies around $3.6 billion of paper losses at current prices.

The latest acquisitions were made using proceeds from at-the-market sales of its perpetual Stretch preferred stock, STRC. Last week, Strategy sold 10,028,363 STRC shares for approximately $1 billion. As of April 12, $21.6 billion worth of STRC shares remain available for issuance and sale under that program, the firm said. No shares of its Class A common stock, MSTR, were sold last week, with $27.1 billion remaining under that ATM program.

Strategy’s STRK, STRC, STRF, and STRD perpetual preferred stock’s respective $21 billion, $4.2 billion, $2.1 billion, and $4.2 billion ATM programs are in addition to the firm’s “42/42” plan, which targets a total capital raise of $84 billion in equity offerings and convertible notes for bitcoin acquisitions through 2027.

Last month, Strategy extended those ATM programs to include up to an additional $21 billion of MSTR, alongside a further $21 billion of its STRC preferred stock and $2.1 billion of STRK preferred stock.

‘Think bigger’

Saylor gave his usual Sunday hint at the firm’s latest set of acquisitions ahead of time, sharing an update on Strategy’s bitcoin acquisition tracker, stating, “Think bigger” — suggesting a substantial purchase announcement.

STRC, a variable‑rate, cumulative preferred stock offering monthly dividends, with adjustable rates designed to keep it near par, has increasingly been used as a driver of its bitcoin acquisitions alongside its MSTR ATM in recent months.

Some investors have become increasingly concerned about the Strategy’s market cap to net asset valuation and its numerous bitcoin acquisition programs, though Saylor sought to reassure them again over the weekend. “Our BTC Breakeven ARR is ~2.05%,” he said on X. “If bitcoin grows faster than that over time, we can cover our dividends indefinitely without issuing new MSTR shares.”

Speaking at a recent Mizuho investor event, Saylor said bitcoin likely bottomed around $60,000, pointing to a familiar pattern in which downturns end not with improving sentiment but with the exhaustion of forced sellers. He also dismissed quantum computing risks as “theoretical” and solvable over time.

Last week, Strategy added another 4,871 BTC to its bitcoin holdings for about $330 million in the first week of April, bringing its total to 766,970 BTC. However, Strategy also reported a $14.46 billion unrealized loss on its bitcoin holdings for Q1 2026.

DATs ‘likely here to stay’

According to Bitcoin Treasuries data, 195 public companies have adopted some form of bitcoin acquisition model. Tether-backed Twenty One, Metaplanet, MARA, Adam Back, and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company, Bullish, Riot Platforms, Coinbase, Strive, and Hut 8, and make up the remainder of the top 10, with 43,514 BTC, 40,177 BTC, 38,689 BTC, 30,021 BTC, 24,300 BTC, 15,680 BTC, 15,389 BTC, 13,741 BTC, and 13,696 BTC, respectively.

However, the value of many of the cohort’s shares is down significantly from their summer 2025 peaks as their market cap-to-net asset value ratios sharply contracted, with Strategy itself down around 72%, for example. Strategy’s mNAV currently sits at approximately 0.84, per Bitcoin Treasuries.

On Friday, analysts at TD Cowen cut their Strategy price target by 20% to $350, citing weaker bitcoin assumptions and a revised valuation for future dollar BTC gains. However, they simultaneously initiated buy-rated coverage of digital asset treasury firms Sharplink, Strive, Nakamoto Holdings, and The Smarter Web Company.

TD Cowen argued that public bitcoin and ether ETH treasury companies represent operating activities that add value to investors and their underlying digital asset ecosystems, adding that the sector “is likely here to stay and could command increasing investor attention over time.”

Strategy’s stock gained 7.4% overall last week, closing Friday at $128.64, according to The Block’s MSTR price page. Bitcoin rose around 6.3% over the same period.

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