2026-04-20 14:35:32
coMSTR Stock Fails to Recover Despite Michael Saylor’s Strategy $2.54 Billion Bitcoin Buy
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Strategy Inc. has added another large block of Bitcoin to its balance sheet, but the move did not lift MSTR shares in early trading. The company disclosed today that it bought 34,164 BTC for about $2.54 billion at an average price of $74,395 per coin. Even with that purchase, MSTR shares were down more than 2.5% in pre-market trading, showing that the stock did not recover alongside the latest treasury expansion. Michael Saylor announced the purchase on X and said Strategy had achieved a 9.5% BTC yield year-to-date in 2026. He also said the company now holds 815,061 BTC acquired for about $61.56 billion at an average price of $75,527 per Bitcoin. That leaves Strategy close to break-even at current Bitcoin prices near the mid-$75,000 range, with its average cost basis still acting as a key reference point for investors tracking the stock. Strategy Pushes Bitcoin Holdings Above 815,000 BTC The latest purchase keeps Strategy far ahead of other publicly traded companies in Bitcoin holdings. The company began buying Bitcoin in 2020 and has since built the largest corporate reserve in the market. Based on the figures disclosed, the firm’s Bitcoin stash is worth more than $61 billion at current prices, placing the company’s balance sheet even more closely in line with Bitcoin market direction. The company’s latest filing with the U.S. Securities and Exchange Commission confirmed the purchase through a Form 8-K. The filing showed that Strategy used capital raised through its at-the-market programs to fund the transaction. That approach has become central to the company’s treasury model, with regular issuance of preferred and common shares used to finance new Bitcoin acquisitions. The purchase followed Saylor’s orange-dot post on X, a signal that traders often read as a sign that another Bitcoin buy is coming. The final figure matched those expectations, with the company adding more than 34,000 BTC in one week. Capital markets remain the main funding channel Strategy said it raised $2,542.3 million during the reporting period. That included $2,176.3 million in net proceeds from the sale of 21,795,389 shares of STRC preferred stock. Another $366.0 million came from selling 2,165,000 shares of Class A common stock. Those proceeds were then directed into the Bitcoin purchase. The filing also showed that the company still has large issuance capacity available. Strategy listed $19,463.0 million tied to STRC stock and $26,729.7 million linked to common stock offerings. Those figures suggest that the company still has room to keep using equity markets to expand its Bitcoin reserve. Strategy’s dashboard added more balance sheet details. It listed a BTC reserve value of $58,756 million, Bitcoin per share of 205,812 sats, and an mNAV ratio of 1.28. The company also reported $8,254 million in debt and a net leverage ratio of 10%. Annual dividend obligations were listed at $1,237 million, with 47.5 years of dividend coverage based on Bitcoin holdings. MSTR Stock Slips as Investors Weigh Dilution and Funding Costs Despite the larger reserve, MSTR stock failed to recover after the announcement. That reaction suggests investors were weighing the size of the purchase against the cost of raising new capital. While Strategy expanded its Bitcoin exposure, it also relied on more share issuance, a factor that remains closely watched by the market. The latest Bitcoin purchase also renewed debate around Strategy’s financing structure. Peter Schiff said the company’s bitcoin acquisition model may lead to more shareholder dilution through repeated share issuance. He said Strategy is moving toward more expensive forms of capital as earlier funding methods become harder to use under current market conditions. Schiff pointed to preferred shares with an 11.5% yield as part of that shift. His comments focused on Strategy’s growing use of STRC and the long-term cost of raising money through newer instruments. The debate comes as Strategy keeps using equity-linked offerings to expand its Bitcoin treasury at scale.