#StrategyBuys13,927BTC

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Inside the $1 Billion Bitcoin Purchase That Changed How Corporate Treasuries Work

On April 13, 2026, Michael Saylor's Strategy filed an 8-K with the SEC confirming it had acquired 13,927 Bitcoin for approximately $1 billion between April 6 and April 12. Average purchase price: $71,902 per coin. Total Bitcoin holdings as of April 12: 780,897 BTC, acquired across the company's entire history for roughly $59.02 billion at an average cost basis of $75,577 per coin.

Those are the headline numbers. But what makes this particular purchase remarkable is not just the size. It is how it was funded.

This $1 billion Bitcoin purchase was fully financed through the sale of STRC preferred stock. No MSTR common share dilution and no additional convertible debt. Strategy demonstrated that it can accumulate Bitcoin using a dedicated capital market instrument separate from its equity base.

What Is STRC and Why It Matters

STRC is Strategy's variable-rate cumulative perpetual preferred stock, listed on NASDAQ. It is designed to trade at a $100 par value and offers an approximate 11 to 12 percent dividend yield, attracting institutional income investors who want exposure to Strategy’s Bitcoin strategy without direct equity volatility.

Strategy raises capital by selling STRC shares and uses those proceeds to purchase Bitcoin. STRC holders receive dividends, while MSTR shareholders benefit from an expanding Bitcoin treasury without dilution.

To fund this purchase, Strategy sold 10,028,363 STRC shares for approximately $1 billion. The process was straightforward: raise capital through preferred stock and deploy it directly into Bitcoin.

The Full Treasury Picture: 780,897 BTC

After this acquisition, Strategy holds 780,897 BTC. The company has spent approximately $59.02 billion building this position at an average cost of $75,577 per Bitcoin.

At a BTC price near $70,767 at the time, the holdings were valued at roughly $55.3 billion. This exceeds the company’s equity market capitalization of approximately $33.8 billion.

Strategy’s BTC Yield metric stands at 5.6% year-to-date in 2026, measuring how much Bitcoin is accumulated per diluted share.

During Q1 2026, Bitcoin declined more than 20%, and Strategy recorded approximately $14.5 billion in unrealized losses. Despite this, the company did not sell any Bitcoin and instead increased accumulation, including this 13,927 BTC purchase.

The 21/21 Plan

STRC operates within Strategy’s broader “21/21 Plan,” which aims to raise $42 billion in capital — $21 billion from equity and $21 billion from fixed-income or preferred instruments — to fund Bitcoin purchases.

STRC has already reached around $5 billion in notional value and has become a major funding channel. Combined with MSTR’s at-the-market equity offerings, Strategy maintains continuous access to capital for ongoing Bitcoin accumulation.

This approach has turned Strategy into a consistent structural buyer of Bitcoin, converting capital market inflows into BTC holdings regardless of short-term market conditions.

Corporate Bitcoin Context in 2026

While Strategy continues to accumulate, several other corporate holders have reduced exposure.

MARA Holdings sold over 15,000 BTC in March. Other companies, including Genius Group and Cango Inc., reduced or liquidated holdings. The contrast is clear: while others sell, Strategy continues buying, widening the gap between itself and other corporate holders.

Institutional research has increasingly recognized corporate Bitcoin treasury strategies as a legitimate financial model, reflecting growing acceptance of Bitcoin as a balance sheet asset.

Saylor’s Market Thesis

Michael Saylor has stated that traditional Bitcoin market cycles are no longer the primary driver of price action. Instead, capital flows from institutions, corporations, and financial instruments are becoming the dominant force.

Under this framework, Strategy continues purchasing Bitcoin without attempting to time the market. The STRC mechanism enables continuous accumulation as long as capital markets support it.

Risk Factors

Strategy’s average cost basis of $75,577 means it currently holds unrealized losses at lower market prices. STRC carries dividend obligations that must be maintained regardless of Bitcoin performance.

If Bitcoin experiences a prolonged decline, pressure on dividend sustainability and investor confidence could increase. However, Strategy has maintained its structure through previous market downturns without forced liquidation.

What 780,897 BTC Represents

Strategy’s holdings represent approximately 3.72% of Bitcoin’s total capped supply of 21 million coins. This amount of Bitcoin is effectively removed from active circulation and held long-term.

This is not short-term trading activity. It is long-term accumulation at scale, executed through public market mechanisms.

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