Strategy bought 13,927 Bitcoin for about $1 billion between April 6 and April 12, paying an average of $71,902 a coin and funding the entire purchase with sales of its Stretch perpetual preferred stock, STRC. The company said it sold 10,028,363 STRC shares in that stretch, while leaving its Class A common stock, MSTR, untouched for the week.
That latest purchase lifted Strategy’s holdings to 780,897 BTC, acquired for about $59.02 billion at an average cost basis of $75,577 per coin. At current prices, those coins imply roughly $3.6 billion in paper losses, even though the stack now amounts to more than 3.7% of Bitcoin’s total 21 million supply.
The shift matters because STRC has become one of the company’s main funding valves for Bitcoin buys, alongside the MSTR at-the-market program. As of April 12, Strategy said $21.6 billion of STRC shares remained available for issuance and sale under the program, compared with $27.1 billion still open under the MSTR ATM. That gives the company considerable room to keep raising capital without immediately leaning on its common stock.
Michael Saylor used the weekend to frame that math as a durability test. He wrote on X that the company’s BTC breakeven ARR is around 2.05%, and said that if Bitcoin grows faster than that over time, Strategy can cover its dividends indefinitely without issuing new MSTR shares. STRC is a variable-rate cumulative preferred stock that pays monthly dividends, making its cost of capital central to how the company keeps buying more Bitcoin. For a closer look at how the preferred has been trading, see Crypto Machine: Strategy’s STRC trades $333 million, stays pinned at par.
There is still a gap between the company’s message and the market’s view. On Friday, TD Cowen cut its Strategy price target by 20% to $350, even as it said public Bitcoin and Ethereum treasury companies add value to investors and their underlying digital asset ecosystems. Saylor also told a recent Mizuho investor event that Bitcoin likely bottomed around $60,000 and dismissed quantum computing risks as theoretical and solvable over time.
For now, the answer to the market’s question is plain: Strategy is still buying, STRC is paying for it, and MSTR is being left on the sidelines. The next thing to watch is whether the preferred stock can keep carrying that load if Bitcoin stays below the company’s breakeven pace for long.