Michael Saylor’s buying machine just shifted into a higher gear. Strategy disclosed on Monday that it purchased 34,164 Bitcoin between April 13 and April 19 for approximately $2.54 billion. That is the company’s third-largest single purchase in its history and its biggest since November 2024.
Strategy purchased 34,164 bitcoin for about $2.54 billion last week at an average price of $74,395 per coin. The company has spent roughly $61.56 billion on its bitcoin at an average cost of $75,527 per coin.
The purchase brings Strategy’s total holdings to 815,061 BTC. To put that number in perspective, only 21 million Bitcoin will ever exist. Strategy now owns over 3.8% of Bitcoin’s eventual fixed supply. No other publicly traded company comes close.
How They Paid for It
Strategy does not use cash from operations to buy Bitcoin. It sells shares. That has been the playbook since 2020, and last week was no different.
The purchase was funded by $366 million in common stock sales and $2.18 billion from preferred stock (STRC).
STRC, the “Stretch” preferred stock, has become the primary engine of Strategy’s Bitcoin accumulation. It pays an 11.5% annual dividend in cash and has a market cap of roughly $6.4 billion. Last week it recorded over $1 billion in single-day trading volume. The instrument has become so popular with income-seeking investors that it now regularly trades more volume than some mid-cap stocks.
The model works like this: investors buy STRC for the 11.5% yield. Strategy uses the proceeds to buy Bitcoin. If Bitcoin goes up, MSTR common stock rises and everyone benefits. If Bitcoin goes down, STRC holders still get their dividend, but MSTR common shareholders absorb the loss. It is a layered capital structure designed to funnel as much money as possible into Bitcoin while spreading the risk across different types of investors.
Why the Stock Dropped Anyway
Despite the massive purchase, MSTR shares fell more than 2.5% in pre-market trading on Monday. That might seem strange for a company that just made one of the biggest Bitcoin purchases in history, but the market has seen this pattern before.
The stock jumped more than 10% on April 17 after news emerged that the company had returned to breakeven on its bitcoin holdings. But that bounce has not done much to repair the longer-term damage.
MSTR is still down roughly 48% over the past 12 months. The stock traded at $455 in July 2025 when Bitcoin was near its all-time high of $126,000. Today it sits around $166. The gap between MSTR’s performance and Bitcoin’s performance reflects the market’s growing unease with the company’s leverage and dilution. Every time Strategy sells shares to buy Bitcoin, existing shareholders own a slightly smaller piece of the company. Over time, that dilution compounds.
The Concentration Risk Nobody Talks About
With 815,061 BTC, Strategy now holds more Bitcoin than any entity except possibly Satoshi Nakamoto’s dormant wallets. It holds more than BlackRock’s iShares Bitcoin Trust. It holds more than the US government’s 328,361 BTC strategic reserve. It holds more than any sovereign wealth fund or pension fund.
That concentration creates a unique dynamic in the Bitcoin market. Strategy is both the largest buyer and, potentially, the largest source of future selling pressure if circumstances ever force it to liquidate. The company has $1.12 billion in annual dividend obligations across its preferred stock series. Those dividends must be paid in cash regardless of what Bitcoin does. If Bitcoin drops far enough and stays down long enough, the company could face a situation where it needs to sell Bitcoin to meet its obligations.
Saylor has repeatedly dismissed this risk. At a recent Mizuho investor event, he said Bitcoin likely bottomed around $60,000 and that the company’s breakeven annual BTC yield of 2.05% means it can cover dividends indefinitely as long as Bitcoin grows faster than that rate. He also pointed out that Strategy has $26.7 billion in MSTR shares and $19.5 billion in STRC shares still available for issuance, giving it enormous capacity to raise capital without selling a single satoshi.
What It Means for the Market
Strategy’s purchases are not just about Strategy. They represent structural demand that removes Bitcoin from circulation. Every BTC that lands in Strategy’s treasury is unlikely to be sold anytime soon. That tightens the available supply for everyone else, from ETF issuers to retail investors to sovereign wealth funds.
Last week’s $2.54 billion purchase came during a week when Bitcoin ETFs also pulled in nearly $1 billion in inflows. Combined, that is over $3.5 billion in institutional buying in a single week. On the supply side, Bitcoin miners produce approximately 450 BTC per day, or about 3,150 per week. Strategy alone bought more than ten times what miners produced.
The maths is simple. When institutional demand consistently exceeds new supply by a factor of ten, and the total supply is permanently capped at 21 million, something eventually has to give. Whether that something is price, positioning, or both depends on what happens with the ceasefire on Tuesday and the Fed meeting next week. But the structural picture keeps tilting in one direction, and Michael Saylor keeps buying.
