Every Monday, Strategy files an 8-K with the SEC. And every Monday, crypto Twitter collectively wonders: did they buy more?
This week, the answer was yes. Big.
Strategy filed with the SEC on April 13 announcing the acquisition of 13,927 BTC between April 6 and April 12 at an average price of $71,902, for a total of approximately $1 billion. The purchase brings its aggregate holdings to 780,897 BTC at an average cost basis of $75,577.
To put that purchase in perspective, here's the number that should stop you cold.
Cumulative Bitcoin purchases by other public companies have collapsed, plummeting 99% from roughly 69,000 BTC in August 2025 to just 1,000 BTC in the 30 days ending March 2026. Of the 47,435 BTC that flowed into corporate treasuries in March, a staggering 44,377 came from Strategy alone. The company's monthly absorption rate now dwarfs global production — in March, it bought 46,233 BTC, nearly triple the network's mining output of approximately 16,200 new coins for the same period.
The company is currently sitting on an unrealized loss of $14.46 billion for Q1 2026, partially offset by a deferred tax benefit — yet the accumulation continues, funded by over $21.6 billion in remaining capacity under its STRC preferred stock program and $27.1 billion under its common stock ATM program.
The obvious question: is this reckless? Here's the honest answer — it depends entirely on what Bitcoin does over the next 3–5 years. If BTC returns to $100K+, Strategy's position looks like one of the most brilliant corporate treasury decisions in history. If BTC stays below $75K for an extended period, the carrying cost of 11.5% annual dividends on preferred shares becomes increasingly painful.
Michael Saylor has been clear about his math: the company only needs Bitcoin to appreciate at 2% annually to cover all dividend and interest obligations indefinitely. That's a low bar for an asset that's averaged significantly higher over any 4-year period.
At its current pace, analysts believe Strategy is on track to hit the symbolic one-million-Bitcoin mark by the end of the year.
Whether that's visionary or reckless — history will decide. But nobody can say they didn't see it coming.
#Strategy #Bitcoin #BTC #InstitutionalCryptoAccess #Saylor