Strategy has completed a substantial Bitcoin purchase, acquiring 13,927 BTC for about $1 billion at an average price of $71,902 per coin. This transaction pushes Strategy’s total Bitcoin treasury to 780,897 BTC—equal to roughly 3.8% of Bitcoin’s total circulating supply—making it the largest corporate holder worldwide.
Largest institutional Bitcoin holder grows stash
Founded as a business intelligence and cloud software company, Strategy has become the most prominent institutional investor in Bitcoin since pivoting its capital allocation strategy in 2020. The company is led by Executive Chairman Michael Saylor, who is recognized for transforming Strategy into a bellwether for corporate BTC adoption.
This latest acquisition brings Strategy’s cumulative Bitcoin investment to $59.02 billion based on the average blended purchase price of $75,577 per unit. No other public company comes close; the next largest institutional holder, Twenty One Capital, controls just 43,514 BTC, a fraction of Strategy’s holdings.
Saylor highlighted the purchase on X, noting the current scale and impact of the firm’s position. Under his leadership, Strategy has expanded its Bitcoin reserves to levels that now distort publicly available supply.
“Our BTC Breakeven ARR is approximately 2.05%. If Bitcoin grows faster than that over time, we can cover our dividends indefinitely without issuing new MSTR shares,” Saylor explained while sharing the details of the company’s capital and income model.
Financial strategy: cover dividends with Bitcoin growth
Ahead of the latest move, Saylor disclosed that the company’s preferred stock dividends could be funded indefinitely if Bitcoin appreciates by just 2.05% per year, far below its historical annualized returns. The company’s dashboard shows that at current reserve levels, preferred shareholders’ dividends are covered for nearly 49 years.
To finance these purchases, Strategy relies on its Variable Rate Series A Perpetual Preferred Stock (STRC), which yields 11.5% annually and trades near its $100 par value. Capital raised through STRC is used to acquire additional Bitcoin, with dividends paid out monthly in cash.
Despite a reported $14.5 billion in unrealized losses during the first quarter of 2026—driven by a roughly 20% drop in Bitcoin’s value below the company’s average cost—Strategy pressed ahead with its expansion. The firm has logged a BTC Yield of 5.6% so far in 2026, measuring returns on a per-share basis and supporting the sustainability of the model even amid volatility.
Saylor’s recurring Sunday posts on X, featuring the phrase “Think Bigger,” have consistently preceded major Bitcoin acquisitions by the company. These posts have become a signal in the crypto community, often forecasting a Monday regulatory filing announcing new purchases.
Accumulation pace outstrips new supply
Since beginning its Bitcoin strategy in August 2020, Strategy has completed over 105 separate acquisitions. The firm’s purchasing pace now consistently overshadows new Bitcoin creation. In March 2026, Strategy bought 46,233 BTC, nearly three times the 16,200 BTC produced by all global miners that month.
Strategy’s available market offering limits across all share classes now exceed $57 billion, granting the group significant leeway for continued large-scale acquisition.
Market observers believe that if acquisition rates persist and Bitcoin prices remain stable, reaching the symbolic milestone of one million BTC by November 2026 is plausible for Strategy. Achieving this hinges on steady capital inflow from existing and future stock offerings.
Currently, company shares trade at a 10% premium to net asset value, reflecting strong investor demand for direct exposure to Bitcoin through traditional equity markets. Whether this premium will continue relies on future Bitcoin price behavior and Strategy’s ability to keep funding new purchases.
