Strategy continues to increase BTC holdings: The financing logic behind holding 815,061 coins and its market impact

As of April 27, 2026, according to Gate Market Data, Bitcoin (BTC) is currently priced at $78,576.23 USD. Bitcoin’s price has rebounded over 30% from the low of about $60,000 in February. During this recovery phase, a publicly listed company has played a significant role. Strategy (formerly MicroStrategy) increased its holdings by approximately $2.54 billion over the past week, acquiring 34,164 BTC, bringing its total holdings to 815,061 BTC. Meanwhile, the company’s Executive Chairman Michael Saylor posted Bitcoin Tracker information again on April 26 via the X platform, with the caption “The ₿eat Goes On.” Historically, this often signals a prelude to a new round of accumulation disclosures. This combined action has sparked multi-level discussions within the industry—from the direct impact of increased holdings on market supply and demand, to debates over financing models’ intrinsic logic, and to the reshuffling of enterprise rankings in Bitcoin reserves.

How does the 815,061 BTC holding affect market supply and demand structure?

Strategy currently holds approximately 815,061 BTC, accounting for about 3.88% of Bitcoin’s total supply of 21 million coins. At current market prices, this book value exceeds $63 billion USD. The latest accumulation occurred between April 13 and April 19, with an average purchase price of about $74,395 USD per BTC. From the speed of accumulation, Strategy has invested roughly $11 billion USD in Bitcoin since early 2026, and its current corporate holding rate has surpassed Bitcoin’s daily new mining output.

This scale of continuous buying exerts a dual impact on the supply-demand structure. On one hand, Strategy’s hoarding pattern shifts a large amount of Bitcoin from circulating market to corporate treasury, reducing effective circulating supply and making spot prices more susceptible to upward transmission when facing incremental demand. On the other hand, the transparent record of 107 cumulative purchases built by the company enhances a traceable corporate demand expectation, influencing other market participants’ trading decisions.

How do public accumulation signals shape market expectation mechanisms?

After Michael Saylor posted updates on Bitcoin Tracker and related charts on the X platform, the market quickly interpreted this as a pre-signal of imminent accumulation. The April 26 post included a chart showing Strategy’s 107 Bitcoin accumulation records since 2020, with the caption “The ₿eat Goes On.” Historically, there is usually a lag of one to several days between Saylor’s posting and the company’s filing of Form 8-K with the SEC disclosing specific purchase details.

This signaling mechanism is highly regarded because Strategy’s purchase scale can influence spot prices, and the mere expectation of such signals can alter price behavior. Market participants tend to adjust their positions around these signals before formal disclosures, making the signals themselves a factor influencing short-term prices. It is important to emphasize that these signals are not official corporate announcements; the X posts do not constitute confirmation of transactions. Investors should rely on official releases such as Strategy’s Form 8-K filings or press releases for formal information, including purchase quantities and prices.

Where does the funding for this accumulation come from?

The funding structure for Strategy’s large-scale purchases can be clearly broken down: approximately 85% comes from ATM financing via STRC preferred shares, netting about $2.18B USD; the remaining comes from the sale of MSTR common shares at market prices, netting about $366 million USD. STRC is a variable-rate, perpetual, deferred preferred stock issued by Strategy in 2025, with an initial annual dividend rate of 9%, now rising to 11.5%.

The sustainability of this model depends on two premises: first, that MSTR’s stock price maintains a significant premium over its net asset value, making Bitcoin purchases via stock financing financially attractive; second, that demand for STRC preferred shares remains strong enough to support the 11.5% annual dividend. When dividend rates need to be maintained through issuing more preferred shares, the company’s capital structure becomes more complex, requiring more refined leverage management.

Will the current pace of accumulation continue?

Based on the disclosed capital channels, Strategy’s MSTR ATM trading volume this week has been zero. The direct reason is that MSTR’s stock price recently hovered around $99.46, slightly below its net asset value, and Saylor generally avoids issuing new shares when the stock trades below NAV to prevent dilution of shareholder equity.

Alternative funding options still exist. The company can issue up to $26.7 billion USD under the common stock ATM program, provided MSTR’s stock price recovers to a clear premium over NAV. Additionally, mechanisms like SATA, though smaller in scale, suggest that Strategy can technically maintain buying activity even under unfavorable financing conditions. These arrangements indicate that Strategy’s accumulation strategy does not aim to set record scales every cycle but seeks to find suitable windows for accumulation within the balance of capital market conditions and Bitcoin’s environment.

How does the company’s position surpass that of BlackRock’s IBIT, and what does this mean for its competitive status?

After the latest accumulation, Strategy’s Bitcoin holdings have surpassed BlackRock’s iShares Bitcoin Trust (IBIT), which holds 802,823 BTC, making Strategy the world’s largest institutional Bitcoin holder. This shift is symbolically significant—an enterprise-managed treasury holding more BTC than the world’s largest spot Bitcoin ETF. The 815,061 BTC includes long-term accumulated value of acquired Bitcoin and actively reduces market liquidity, contrasting with ETF mechanisms that indirectly reflect holdings through share issuance.

In the corporate competitive landscape, Strategy’s lead has further widened. Japan’s Metaplanet increased holdings by about 5,075 BTC in Q1 2026, reaching 40,177 BTC, ranking third among listed companies globally. However, Strategy’s holdings are over 20 times larger. Twenty One Capital holds about 43,514 BTC, ranking second. Notably, MARA Holdings reduced holdings from 53,822 BTC at the start of the year to 38,689 BTC, cashing out roughly $1.1 billion USD for debt management, diverging from corporate hoarding strategies. Trump Media & Technology transferred 15,000 BTC to long-term strategic reserves, while Fold continues a regular buying strategy. Currently, Strategy’s spot holdings still dominate among corporate entities.

Are there hidden risks associated with leverage financing and high-yield preferred stocks?

Market skepticism exists regarding Strategy’s financing model. Economist Peter Schiff described the company’s structure as a “death spiral,” arguing that the 11.5% annual dividend rate requires continuous issuance of better-capitalized preferred instruments. If Bitcoin’s price cannot generate enough unrealized gains to “subsidize” this high-frequency capital cost, the company might eventually need to liquidate part of its Bitcoin holdings to pay dividends. The first-quarter financials showed an unrealized loss of $14.5 billion USD during Bitcoin’s decline from $126,000 to around $60,000. Now, with Bitcoin rebounding above $78,000, the book value has recovered to profitability, but such volatility highlights the fragility of leverage.

While this risk scenario has logical basis, the specific conditions—such as Bitcoin long-term falling well below average cost and simultaneous financing channel disruptions—have not historically occurred together. For crypto market participants, whether Strategy can sustain its current accumulation pace remains a key ongoing concern.

Has the surge in listed company accumulation changed the pricing framework for crypto assets?

Strategy’s accumulation is not an isolated institutional phenomenon. Spot Bitcoin ETFs have seen continuous net inflows over multiple trading days, with institutional buying ongoing. Meanwhile, the framework for U.S. strategic Bitcoin reserves is advancing; the Treasury has ceased selling approximately $15 billion USD worth of seized BTC and is preparing structurally based on relevant legislation. These factors collectively create an unprecedented institutionalized buying environment. Direct corporate hoarding, ETF capital inflows, and national reserve absorption are shaping a multi-layered influence on the pricing structure of the world’s most liquid asset.

From Metaplanet raising about $255 million USD through international stock issuance and warrants to support its Bitcoin purchases, to giants like Block and Tesla maintaining “buy-and-hold” long-term positions, the trend of listed companies integrating Bitcoin into their treasury assets is accelerating globally. These enterprises form a continuous force absorbing market supply. Tracking their reserve behaviors is an essential entry point for analyzing the evolution of market structure.

Summary

Strategy’s corporate holdings of 815,061 BTC have surpassed BlackRock’s IBIT fund, making it the world’s largest institutional Bitcoin holder. The funding behind this accumulation is approximately 85% from STRC preferred stock financing, with the 11.5% annual dividend rate being a core variable and major concern in market discussions. Saylor’s latest Tracker signals again hint at further accumulation, but the fact that MSTR’s stock price remains below NAV suggests that current funding conditions do not support billion-dollar-scale new purchases—thus, the pace may slow, but “buying still continues” through alternative means. In terms of corporate competition, giants like Metaplanet and MARA show divergent positioning, with Strategy far exceeding their combined holdings. Its approach—using public signals to guide expectations and leveraging layered financial tools to fund Bitcoin purchases—provides valuable insights into how crypto assets are integrating into corporate financial structures.

FAQ

Q1: How many Bitcoin does Strategy currently hold?

As of the latest official disclosure, Strategy holds 815,061 BTC, with a book value estimated at about $63.6 billion USD at current spot prices. The company has completed 107 Bitcoin purchase transactions, with an average cost of approximately $75,528 USD per BTC.

Q2: Does Michael Saylor’s X post necessarily indicate the company will increase holdings?

Saylor’s Tracker posts have historically preceded official purchase disclosures, making them viewed as pre-signals of upcoming accumulation. However, the posts themselves are not official SEC filings or corporate announcements and should not be considered confirmed transactions. Investors should rely on official filings like Form 8-K or press releases for formal confirmation.

Q3: What are the main funding sources for Strategy’s Bitcoin accumulation?

The primary source is the issuance of STRC preferred shares, which raised about 85% of the recent purchase funds. About 15% came from the sale of MSTR common stock at market prices. The annual dividend rate on STRC has increased from 9% at issuance to 11.5%.

Q4: Is the 11.5% high dividend preferred stock model risky?

Market analysts have differing views. Critics argue that if Bitcoin’s price remains significantly below the company’s average cost and financing channels for preferred shares are blocked, Strategy might need to liquidate part of its BTC holdings to pay dividends, weakening its long-term hoarding strategy. Supporters note that Bitcoin’s price has recovered above average cost levels, and the company still has hundreds of billions USD in ATM issuance capacity as a buffer.

Q5: How do other listed companies’ Bitcoin holdings compare?

As of April 2026, the top three are: Strategy (815,061 BTC), Twenty One Capital (~43,514 BTC), and Metaplanet (40,177 BTC, Japan). MARA Holdings reduced holdings from 53,822 BTC at the start of the year to 38,689 BTC, raising about $1.1 billion USD for debt management, diverging from hoarding strategies. Tesla holds about 11,509 BTC mainly for long-term holding. The strategies among these companies vary widely, from continuous accumulation to active reduction.