Estrategia 4 Ganancias de Bitcoin en abril: análisis de la posición de 815,000 BTC y un rendimiento del 6.2%

Bitcoin experienced a market turning point in April 2026, shifting from extreme fear to gradual recovery, coinciding with Strategy’s latest holdings report. According to Gate market data, as of April 22, 2026, Bitcoin was priced at $77,993.1, with a 24-hour increase of 2.67%, a market cap of approximately $1.49 trillion, and a market share of 56.37%. Against this backdrop, Strategy announced impressive April performance—achieving a 6.2% Bitcoin return in the first three weeks, adding 47,079 Bitcoin gains, worth about $3.6 billion at current market prices. The company’s total holdings also surpassed 815,061 coins, a new all-time high, surpassing BlackRock’s iShares Bitcoin Trust, becoming the world’s largest publicly traded corporate Bitcoin holder.

Core Data for the First Three Weeks of April

On April 21, 2026, Strategy’s Executive Chairman Michael Saylor announced on social platform X the company’s Bitcoin holdings performance for the first three weeks of April (April 1 to April 19). During this period, the company gained 47,079 BTC, corresponding to a BTC return of 6.2%. Based on Bitcoin’s price of approximately $76,483 at that time, the value was about $3.6 billion.

Complete holdings data as of April 19, 2026

• Total holdings: 815,061 BTC.
• Total acquisition cost: approximately $61.56 billion.
• Average cost per BTC: about $75,527.
• BTC return since the beginning of 2026: 9.5%.
• BTC return for the full year 2025: 22.8%.

Comparison with BlackRock holdings

After this increase, Strategy’s 815,061 BTC holdings have surpassed BlackRock’s iShares Bitcoin Trust holdings. As of the same period, BlackRock IBIT held about 806,178 BTC. Notably, on April 20, BlackRock IBIT also took action, adding 3,355 BTC to its portfolio, recording a net inflow of $256.05 million, maintaining nine consecutive days of net inflow. The synchronized accumulation behavior of both institutions forms an important demand-side support for the Bitcoin market in late April.

Holding proportion and historical reference

The 815,061 BTC holdings account for over 4% of the total supply of 21 million Bitcoins. According to market analysis firm Arch Public, this holding has reached 74% of the estimated 1.1 million total inventory of Bitcoin’s creator, Satoshi Nakamoto. If the company maintains its current financing and accumulation pace, it is expected to surpass Satoshi’s estimated holdings within 9 to 14 months.

Accumulation Pace and Capital Structure

April accumulation timeline and scale breakdown

Since April, Strategy’s accumulation pace has shown a clear acceleration. The following is the complete timeline of purchase activities in April:

The 34,164 BTC accumulated from April 13 to 19 is the third-largest single purchase in the company’s history. About 85% of the funds for this round of buying came from STRC preferred stock ATM financing, netting approximately $2.176 billion; the remaining about $366 million came from MSTR common stock issuance.

Comparison of 2026 annual accumulation speed

As of April 19, Strategy had purchased approximately 94,470 BTC since the beginning of 2026. This figure is 2.2 times the new issuance volume of Bitcoin during the same period after the 2024 halving. In other words, the company has absorbed all newly mined Bitcoins and is continuously consuming liquidity from exchange reserves.

Compared to 2025, the company has already completed 62.8% of its total Bitcoin purchases for the previous year within just the first 110 days of 2026. If the current accumulation speed continues linearly, Strategy’s total holdings could surpass 1 million BTC within the year, accounting for over 5% of the total Bitcoin supply.

Logic behind BTC return metrics

When announcing the data, Michael Saylor defined BTC Gain as “the closest measure to net profit under Bitcoin denominated terms.” This statement reveals a deeper shift: under traditional accounting frameworks, unrealized gains on Bitcoin holdings are not included in net profit, leading to a significant divergence between reported performance and actual value creation.

• BTC return: The percentage increase in Bitcoin quantity achieved through financing activities, assuming no dilution of existing shareholders’ Bitcoin holdings. The 9.5% BTC return since the beginning of 2026 indicates that the BTC per share has increased by 9.5% since the start of the year.
• BTC gain: The absolute increase measured in Bitcoin, such as the 47,079 BTC in the first three weeks of April.

Multiple Perspectives and Potential Controversies

Regarding this report from Strategy, market parties have formed the following main viewpoints:

Institutional recognition continues to strengthen

BTC gains as a new performance benchmark are reasonable. Supporters argue that for a company that considers Bitcoin a core strategic asset, traditional P/E valuation no longer accurately reflects its value creation ability. BTC return provides a more aligned measure with business reality.

Surpassing BlackRock has symbolic significance. Strategy surpassing the Bitcoin ETF of the world’s largest asset manager as a corporate treasury reserve is seen as a validation of the “active holding” strategy over the “passive ETF allocation.”

The follow-the-leader effect may further amplify. Capital Group’s American Funds nearly simultaneously increased its MSTR holdings to $1.78 billion, which market observers interpret as further endorsement of Strategy’s Bitcoin strategy by traditional capital.

Risks of leveraged holdings

Is the BTC return metric overly optimistic about operational performance? Critics point out that this indicator heavily depends on financing ability and market prices, and during Bitcoin downturns, it could experience sharp declines. Investors should not equate it with traditional corporate net profit concepts.

Cost pressure from preferred stock financing. Of the $2.54 billion increase, 85% came from STRC preferred stock, which carries fixed dividend obligations. If Bitcoin prices remain below the average cost long-term, interest expenses will exert ongoing pressure on the company’s cash flow.

Industry Impact Analysis: Three Dimensions of Structural Shock

Increased absorption effect on Bitcoin supply

Since the beginning of 2026, Strategy has purchased 94,470 BTC, equivalent to 2.2 times the new issuance volume of Bitcoin during the same period. This means that even without other buyers, this single institution could create an imbalance in Bitcoin supply and demand. As the company’s financing channels continue to expand, this “supply absorption” effect may intensify further in the remaining months of 2026.

Demonstration effect of corporate treasury reserve model

Capital Group’s American Funds increased its holdings of 4.32 million MSTR shares, with a total market value rising to $1.78 billion. This move provides an indirect endorsement of Strategy’s Bitcoin approach from the traditional asset management sector. As a global asset manager managing approximately $3.3 trillion, Capital Group’s continued accumulation of MSTR may encourage more traditional funds to participate indirectly in Bitcoin asset allocation.

Reshaping of institutional holdings structure

Strategy surpassing BlackRock IBIT to become the largest publicly traded corporate Bitcoin holder marks a shift in the institutional holding structure—moving from passive holdings dominated by ETF products to a dual-driven model combining active corporate allocation and ETF. ETFs represent collective investor funds, while Strategy’s holdings reflect direct corporate balance sheet allocation. The combined accumulation by both forms constitutes an important structural support for current Bitcoin demand.

Conclusion

Strategy’s April report showing a gain of 47,079 BTC and a 6.2% monthly return offers multiple interpretations amid the current market recovery from extreme fear. Factually, its holdings of 815,061 BTC have made it the largest publicly traded corporate holder, with Capital Group’s simultaneous accumulation further validating traditional capital’s recognition. Structurally, the company’s purchase volume since the beginning of the year has reached 2.2 times the new issuance of Bitcoin during the same period, with supply absorption effects intensifying. From a risk perspective, the high-cost nature of preferred stock financing and Bitcoin’s strong volatility remain structural tensions. As 2026 progresses, whether Strategy can sustain its accumulation pace and whether this model will inspire more corporate adopters will be key indicators of institutionalization in crypto assets.