Strategy: $2.54 billion increase in a single week, adding 34,164 BTC, with a holding of over 815k coins, surpassing BlackRock to reclaim the global number one position

On April 20, 2026, Strategy (formerly MicroStrategy) filed an 8-K document with the U.S. Securities and Exchange Commission, disclosing that the company purchased 34,164 bitcoins between April 13 and 19, at a total cost of approximately $2.54 billion, with an average price of about $74,395 per bitcoin. This was the company’s largest weekly acquisition since November 2024 and the third-largest single purchase in company history by dollar amount.

As of April 19, 2026, Strategy’s total holdings reached 815,061 bitcoins, with a cumulative investment of about $61.56 billion and an average cost of approximately $75,527 per bitcoin. Based on current market prices, the market value of the holdings is about $61.2 billion, nearly breaking even overall. This scale of holdings has allowed Strategy to surpass BlackRock’s iShares Bitcoin Trust (IBIT), which holds about 798,000 bitcoins, making it the world’s largest bitcoin holding institution again.

The funding sources for this purchase are clearly structured: approximately $2.18 billion was raised through the issuance of perpetual preferred shares STRC, and about $366 million was raised via market placement of Class A common shares MSTR. About 85% of the funds came from STRC, with only around 15% from common equity.

An $81 billion financing plan—what kind of capital circulation system is being built?

Strategy’s continuous accumulation is not reliant on software revenue or operational cash flow but is part of a carefully designed capital operation system. From 2024 to early 2025, the company mainly relied on issuing low-interest or zero-interest convertible bonds for financing. By 2026, as the premium of MSTR stock price relative to bitcoin net asset value shrank, the convertible bond financing space significantly narrowed, prompting the company to shift heavily toward financing via perpetual preferred shares.

STRC is the core tool of this model. It is designed as a perpetual preferred stock with a face value of $100, floating dividends, and no maturity date. The dividend rate adjusts dynamically based on the market price of STRC, aiming to keep the stock price anchored near $100. When the stock price exceeds the face value, the company sells new shares to the market and uses the proceeds directly to buy more bitcoins. Currently, STRC offers an annualized variable dividend of about 11.5%, successfully attracting institutional investors seeking stable returns.

The upper limit of this model depends on the company’s financing plan. Strategy’s “42/42” financing strategy aims to raise $84 billion by 2027 for ongoing bitcoin accumulation. The company still has about $26.7 billion in issuance capacity for MSTR common shares and about $19.46 billion for STRC preferred shares.

From a 100k bitcoin gap to overtaking—what is the timeline of this bitcoin holding race?

The competition between Strategy and BlackRock’s IBIT for bitcoin holdings has not been overnight. Back at the end of 2025, Strategy held about 672,500 bitcoins, compared to IBIT’s approximately 773,990, a gap of roughly 100k bitcoins. Entering 2026, the pace of accumulation accelerated significantly.

In the first quarter, Strategy added approximately 89,599 to 94,470 bitcoins, marking the second-largest quarterly purchase in company history, with an increase equivalent to about 40% of the total accumulated in 2025. By mid-March, the gap had narrowed to about 21,102 bitcoins. On April 2, it further shrank to around 16,000. Between April 6 and 12, Strategy increased holdings by about $1 billion to acquire 13,927 bitcoins, bringing total holdings to 780,897 bitcoins, maintaining a gap of roughly 10,000 bitcoins with IBIT. Ultimately, after acquiring an additional 34,164 bitcoins from April 13 to 19, the holdings surpassed IBIT, completing the overtaking.

So far in 2026, Strategy’s bitcoin return has reached 9.5%, meaning the growth of bitcoin holdings per share outpaces share dilution, supporting its accelerated accumulation strategy.

Active accumulation versus passive absorption—what are the fundamental structural differences in demand logic?

Strategy and BlackRock’s IBIT represent two fundamentally different mechanisms for bitcoin demand. IBIT, as a spot bitcoin ETF, functions like a “pump,” drawing retail and institutional funds into the ETF product, which then converts into bitcoin purchases. Its holdings fluctuate with market sentiment—funds inflow leads to buying, outflows lead to selling pressure.

Strategy, on the other hand, adopts an active financing model, not relying on market sentiment but continuously raising funds through capital markets by issuing preferred and common shares, all directed toward buying bitcoin. This model has three key features: first, the source of funds is independent of market bull or bear cycles; second, the pace of buying is autonomously decided by the company, typically progressing weekly; third, it strictly adheres to a “buy and hold” (HODL) policy, viewing price pullbacks as opportunities to increase holdings.

In terms of capital transmission speed, ETF models are more dependent on market sentiment catalysis, while corporate treasury models provide a more rigid, ongoing buying force. They are not mutually exclusive but instead form a layered effect on bitcoin market supply and demand.

How is the $2.5 billion weekly net buy changing the structure of bitcoin’s circulating supply?

This accumulation is not an isolated event but a microcosm of the trend of listed companies increasing their bitcoin holdings. According to SoSoValue data, as of April 20, 2026, the total weekly net buy of bitcoin by global listed companies (excluding mining firms) reached $100k, a 154.2% increase from the previous week. The total bitcoin holdings among these listed companies are about 1,081,576 bitcoins, up 3.28% from the previous week, with a current market value of approximately $81.65 billion, accounting for about 5.4% of bitcoin’s circulating market cap.

In terms of distribution, Strategy accounts for about 75% of the total holdings among listed companies. The remaining companies—including Japan’s Metaplanet (about 40,177 bitcoins), Tesla, Strive, and others—hold roughly 260k bitcoins combined. This pattern indicates that corporate bitcoin holdings remain highly concentrated, but participation by other firms is gradually increasing.

Strategy’s holdings represent about 3.88% of the fixed total supply of 21 million bitcoins, while the total holdings of listed companies account for approximately 5.4%. Although this is not yet a level that can decisively influence market prices, persistent rigid buying demand is exerting a structural tightening effect on circulating supply.

Can the high interest rate of preferred stock financing be sustained, and under what circumstances might risks be triggered?

Strategy’s financing model is not without costs. The annualized dividend rate of about 11.5% on STRC continuously consumes the company’s free cash reserves. Current estimates suggest that dividend payments can cover about two years of expenses. If bitcoin prices remain depressed over the long term, the company might need to expand its financing scale further to maintain dividend payments, increasing overall financial leverage.

Another key constraint is that STRC must maintain a $100 face value. Strategy will only issue new shares when STRC’s market price equals $100; issuing below face value would immediately worsen financing costs. Although current liquidity remains high—last week, daily trading volume once surged to $750 million—this liquidity depends on sustained market demand for high-yield preferred stocks.

Market reactions show that announcements of large bitcoin purchases by Strategy have historically sometimes acted as “sell-the-news” catalysts, with some traders choosing to exit early after announcements, creating short-term reverse trading patterns. This means that while the company’s buying behavior provides long-term rigid demand support, price fluctuations near announcement windows still require cautious assessment.

From strategic overtaking to structural divergence—what changes are occurring in the global institutional holdings landscape?

Strategy surpassing BlackRock’s IBIT to become the world’s largest bitcoin holder marks a significant shift in institutional bitcoin holding patterns. On a broader scale, the single largest bitcoin holder remains Satoshi Nakamoto, with about 100k bitcoins, while Strategy’s 815k bitcoins approach that level.

More structurally meaningful is the divergence in sources of funds. The ETF model represented by IBIT offers passive exposure, with demand fluctuating with capital flows; the corporate treasury model represented by Strategy provides active, policy-driven accumulation. Both are developing in parallel rather than one replacing the other. The spot bitcoin ETF market saw net inflows of $996 million during the week of April 13–17, 2026—the highest weekly inflow since mid-January 2026—and has seen three consecutive weeks of net inflows. IBIT alone contributed $906 million in weekly net inflows, leading the sector.

Market participants are also paying attention to increased regulatory transparency, adoption by retirement funds, and early sovereign interest, which could further accelerate institutional integration of bitcoin, increasing the concentration of supply held by large holders and reinforcing bitcoin’s narrative as a reserve asset within the global financial system.

Summary

In April 2026, Strategy increased its holdings by 34,164 bitcoins, totaling 815,061 bitcoins, surpassing BlackRock’s IBIT to reclaim the top spot globally. Behind this milestone is a capital operation system centered on perpetual preferred shares—STRC, with an annualized dividend of 11.5%—which attracts substantial institutional funds, enabling the company to continue weekly bitcoin purchases.

From a structural perspective, the rigid buy-in demand of the corporate treasury model complements the market sentiment-driven ETF model, together forming the institutional demand foundation for bitcoin. The total holdings of listed companies worldwide have exceeded 1.08 million bitcoins, accounting for about 5.4% of the circulating supply. However, high dividend payments continuously deplete free cash flow, and the stability of preferred stock face value and short-term market reactions near announcement windows remain key risk factors for this model’s sustainability.

FAQ

Q: What was the scale and source of funds for Strategy’s recent accumulation?

This occurred from April 13 to 19, 2026, with 34,164 bitcoins purchased at a total cost of about $2.54 billion, averaging approximately $74,395 per bitcoin. Funds mainly came from issuing perpetual preferred shares STRC (about $2.18 billion) and market placement of Class A common shares MSTR (about $366 million).

Q: What is Strategy’s current total holdings and average cost?

As of April 19, 2026, Strategy held 815,061 bitcoins, with a total investment of about $61.56 billion, and an average cost of approximately $75,527 per bitcoin.

Q: How does Strategy’s holdings compare to BlackRock’s IBIT?

Strategy has surpassed IBIT (about 802,823 bitcoins) to become the world’s largest bitcoin holder. If including Satoshi Nakamoto, Strategy ranks second.

Q: How does the STRC preferred stock financing model work?

STRC is a perpetual preferred stock with a face value of $100 and a floating dividend rate, approximately 11.5% annually. When the stock price exceeds $100, the company can issue new shares and use the proceeds to buy more bitcoins, creating a continuous capital-to-bitcoin conversion cycle.

Q: How many bitcoins do global listed companies hold in total?

As of April 20, 2026, the total holdings among listed companies (excluding miners) are about 1,081,576 bitcoins, with a market value of approximately $81.65 billion, representing about 5.4% of bitcoin’s circulating supply.

Q: What potential impacts does this holding pattern have on the bitcoin market?

The rigid buy-in demand from corporate treasuries combined with passive absorption via ETFs helps absorb circulating supply. However, high dividend payouts, preferred stock face value constraints, and short-term market reactions near announcement windows pose risks to the long-term sustainability of this demand structure.