Estratégia 4 Rendimento de Bitcoin em abril: análise de posição de 815.000 BTC e taxa de retorno de 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 — a 6.2% Bitcoin return in the first three weeks, adding 47,079 Bitcoins worth roughly $3.6 billion at current market prices. The company’s total holdings also hit a new high of over 815,061 Bitcoins, 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 Bitcoins, corresponding to a BTC return of 6.2%. Based on Bitcoin’s price of approximately $76,483 at that time, the holdings were valued at about $36 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 start of 2026: 9.5%.
• BTC return for full year 2025: 22.8%.

Comparison with BlackRock holdings

After this increase, Strategy’s 815,061 BTC holdings surpassed BlackRock’s iShares Bitcoin Trust. Data from the same period shows BlackRock IBIT holding about 806,178 BTC. Notably, on April 20, BlackRock IBIT also added 3,355 BTC to its portfolio, recording a net inflow of $256.05 million, maintaining nine consecutive days of net inflows. The synchronized accumulation by both institutions forms a significant 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Holding proportion and historical reference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 21 million Bitcoin supply. According to market analysis firm Arch Public, this holding represents 74% of the estimated 1.1 million total inventory of Bitcoin created by Satoshi Nakamoto. If the company maintains its current financing and accumulation pace, it is expected to surpass Nakamoto’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 across April:

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

2026 Full-Year Accumulation Speed Comparison

By April 19, Strategy had purchased approximately 94,470 BTC since the start 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 continued to deplete exchange liquidity.

Compared to 2025, in just the first 110 days of 2026, Strategy has completed 62.8% of last year’s total Bitcoin purchases. Projecting linearly at the current pace, the company’s total holdings could surpass 1 million BTC within the year, representing over 5% of the total Bitcoin supply.

Logic Behind BTC Return Metrics

When releasing data, Michael Saylor described BTC Gain as “the closest measure to net profit under Bitcoin denominated terms.” This statement reveals a deeper shift: under traditional accounting, unrealized gains on Bitcoin holdings are not included in net profit, causing 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 early 2026 indicates the BTC per share has increased by that percentage.
• BTC Gain: The absolute increase measured in Bitcoin, such as the 47,079 BTC added in the first three weeks of April.

Multiple Perspectives and Potential Controversies

Regarding Strategy’s latest report, market participants have formed the following main viewpoints:

Institutional Endorsement Continues to Strengthen

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

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

The follow-on effect of institutional adoption may further amplify. Capital Group’s American Funds nearly simultaneously increased its MSTR stake to $1.78 billion, seen as further endorsement of Strategy’s Bitcoin approach by traditional capital.

Risks of Leverage and Holding

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

Cost pressures 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 could 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 start of 2026, Strategy has bought 94,470 BTC, equivalent to 2.2 times the new issuance 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 continues to expand its financing channels, this “supply absorption” effect may intensify further in the remaining months of 2026.

Demonstration Effect of Corporate Treasury Model

Capital Group’s American Funds increased its holdings of 4.32 million MSTR shares, with a total market value of $1.78 billion. This provides an indirect endorsement of Strategy’s Bitcoin strategy from the traditional asset management sector. As a global asset manager managing about $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

Strategy surpassing BlackRock IBIT to become the largest publicly traded corporate Bitcoin holder marks a shift in institutional holdings — from passive ETF-driven ownership to a dual model of active corporate allocation alongside ETFs. ETFs represent collective investor funds, while Strategy’s holdings reflect direct corporate balance sheet allocation. The combined accumulation supports the current structural demand for Bitcoin.

Conclusion

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