Undeterred by a significant decline in its share price, Strategy Inc. continues to aggressively expand its Bitcoin holdings. The company has turned to a novel financial instrument to raise the capital required for its latest multi-million dollar investment, underscoring its commitment to a crypto-focused strategy even as it faces substantial paper losses.
Unrealized Losses Mount Amid Persistent Buying
The firm’s unwavering expansion strategy comes at a cost. Strategy now holds a total of 766,970 Bitcoin, acquired at a total cost of $58.02 billion. This translates to an average purchase price of $75,644 per coin. With the current market value sitting considerably below this average, the company recorded an unrealized book loss of $14.46 billion on its digital assets in the first quarter of 2026.
This financial pressure is reflected directly in its equity performance. Since the start of the year, the stock has declined by 18.5 percent. Trading at a current price of $128.15, the shares are nearly 72 percent below their 52-week high from July 2025. As the world’s largest corporate holder of Bitcoin, Strategy’s valuation remains inextricably linked to the cryptocurrency’s notorious volatility.
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Preferred Share Issuance Fuels Latest Purchase
Between April 1 and April 5, 2026, the company acquired an additional 4,871 Bitcoin for approximately $330 million, paying an average price of $67,718 per coin. The method of financing this purchase is particularly notable. Rather than liquidating existing crypto assets or relying solely on traditional debt, Strategy opted to place a new series of preferred shares on the market.
This instrument, dubbed “Stretch,” was specifically designed to provide the capital for these acquisitions. The issuance of these special STRC securities alone raised roughly $330 million. While this structure facilitates the continuous growth of its Bitcoin position, it further ties the company’s worth to the long-term price trajectory of the cryptocurrency.
Analysts Maintain Confidence in Long-Term Approach
Despite the share price weakness and extreme market swings, market observers continue to view the company’s actions favorably. Investment firms including Texas Capital and B. Riley maintain “Buy” ratings on the stock, pointing to growing regulatory acceptance of Bitcoin as a positive backdrop. Furthermore, with untapped capacity valued at over $22 billion specifically for the new STRC preferred shares, Strategy retains significant financial firepower to continue growing its reserves in the coming months.
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