Strategy adds 13,927 Bitcoin to holdings in $1 billion purchase

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Strategy adds 13,927 Bitcoin

Highlights

Strategy bought 13,927 BTC at an average price of $71,902 per coin, including fees and expenses.
The entire transaction was financed through STRC: the company sold 10,028,363 STRC shares and generated $1.0013 billion in net proceeds.
After the purchase, Strategy’s Bitcoin reserve rose to 780,897 BTC. A week earlier, the company had already bought 4,871 BTC for about $329.9 million.

A $1 billion purchase and a bigger role for STRC

According to the Form 8-K filed on April 13, Strategy acquired 13,927 BTC at an average price of $71,902 per coin. In the same filing, the company said that between April 6 and April 12 it sold 10,028,363 STRC shares and received $1.0013 billion in net proceeds. It did not sell any MSTR shares or any STRF, STRK, or STRD securities during that period.

In company filings, STRC is described as Variable Rate Series A Perpetual Stretch Preferred Stock. For Strategy, this is no longer a one-off financing tool. On March 23, the company also announced separate ATM programs worth $21 billion for STRC and another $21 billion for MSTR, creating two parallel channels for raising capital.

Holdings approach 781,000 BTC

Following the latest purchase, Strategy’s total Bitcoin reserve reached 780,897 BTC. The aggregate acquisition cost of those holdings, according to the company, came to $59.02 billion, while the average purchase price across the full portfolio rose to $75,577 per Bitcoin. The scale of the position suggests that this is no longer a series of isolated bets on the crypto market, but a systematic treasury model built around continuously expanding its BTC reserve.

The pace of purchases has also accelerated again. A week earlier, Strategy said it had acquired another 4,871 BTC for about $329.9 million, bringing its holdings to 766,970 BTC at that point.

Large companies keep increasing their crypto exposure

Strategy’s latest Bitcoin purchase comes as other public companies continue to expand their positions in digital assets. Bitmine Immersion Technologies said it bought another 71,524 ETH over the past week, bringing its total holdings to 4.87 million ETH, or about 4.04% of Ethereum’s total supply.

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Taken together, the latest disclosures from Strategy and Bitmine suggest that large corporations are continuing to treat cryptocurrencies as a long-term balance sheet strategy rather than a short-term trade. While Strategy is steadily adding to its Bitcoin reserves, Bitmine is building one of the largest corporate positions in ether.

A new phase in the corporate treasury model

The main takeaway from Strategy’s latest disclosure is that the company is relying more heavily on a multi-layered financing structure for its Bitcoin strategy. In its February materials released alongside quarterly results, Strategy described MSTR and STRC as complementary elements of its capital structure. That approach is now clearly visible in practice: the entire $1 billion used for the new purchase was raised through STRC.

This matters for the market for two reasons. First, the company is showing that it is prepared to continue making large purchases even after a previously reported pause. Second, the funding channel is becoming almost as important a story as Bitcoin itself. In Strategy’s model, different classes of securities are increasingly being used for one purpose: expanding the company’s BTC reserve.

As previously covered, Strategy dominates March Bitcoin buying as MSTR extends losing streak.

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