MicroStrategy has reported a significant increase in its Bitcoin holdings, generating a BTC Gain of 17,585 BTC during the first half of April 2026, valued at roughly $1.3 billion. This development reflects both the scale of the company’s recent acquisitions and the unique way it tracks its Bitcoin-related performance.
Understanding BTC Gain
BTC Gain is a proprietary metric introduced by MicroStrategy to measure the net increase in Bitcoin per diluted share. The figure considers both newly acquired coins and the dilutive impact of issuing new equity to make those purchases.
According to Michael Saylor, Executive Chairman at MicroStrategy, this metric serves as their closest equivalent to net income but within a Bitcoin-focused context. He emphasized the distinction between BTC Gain and standard accounting methods by noting its relevance for companies operating under a Bitcoin standard.
Strategy has generated 17,585 BTC of BTC Gain in the first two weeks of April, worth approximately $1.3 billion. BTC Gain is the closest analog to Net Income on the Bitcoin Standard.
It is important to note that this metric diverges from Generally Accepted Accounting Principles (GAAP), which recently recorded a $14.46 billion unrealized loss for MicroStrategy’s Bitcoin holdings during the first quarter of 2026. This GAAP reporting outcome fell short of analyst expectations.
Behind MicroStrategy’s Recent Bitcoin Moves
Through at-the-market common stock offerings and its STRC preferred share program, MicroStrategy acquired approximately 18,798 BTC in the first two weeks of April 2026. After accounting for share dilution, this led to the net BTC Gain of 17,585 coins.
With these purchases, MicroStrategy’s total Bitcoin reserves have grown to around 780,897 BTC, for which the firm reportedly paid a total of $59 billion. This puts the average purchase price near $75,580 per BTC.
Despite these acquisitions, with Bitcoin trading near $73,954, the overall portfolio remains slightly underwater in terms of cost basis. As a result, MicroStrategy’s BTC Gain measure highlights coin accumulation efficiency but does not guarantee profitability for investors.
The BTC Gain does not reflect cash flow, traditional earnings quality, or the rising dividend requirements attached to the company’s preferred shares.
Market watchers point out that MicroStrategy’s performance will hinge on continued access to capital and the direction of the Bitcoin price.
STRC Preferred Stock’s Expanding Role
Co-CEO Phong Le has highlighted the pivotal role of STRC, the company’s perpetual preferred stock. MicroStrategy, established as a leading business intelligence firm before transitioning into one of the world’s most prominent corporate holders of Bitcoin, has used innovative financial instruments like STRC to fuel its crypto strategy. It has recently gained attention due to rising retail trading activity and increased liquidity.
Le noted that STRC’s liquidity has doubled monthly, reflecting growing investor demand. He also described the record date dynamics as noteworthy in the structure of the preferred stock.
Record date dynamics are interesting.
Despite its rising popularity, STRC is intentionally designed so that its price generally remains near $100, regardless of Bitcoin’s market movements. Thus, investors in STRC do not benefit from potential sharp rises in Bitcoin’s price.
