While corporate Bitcoin purchases have nearly ground to a halt globally, one company continues its relentless accumulation. Strategy executed another massive buy last week, adding 13,927 BTC for approximately $1 billion. This latest purchase, funded exclusively through sales of its Series A perpetual preferred stock (STRC), brings the firm’s total holdings to 780,897 Bitcoin.
The scale of Strategy’s buying activity has become singular. 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.
Financing this aggressive strategy involves significant shareholder dilution. Between April 1 and 5, the company sold 1,027,255 STRC shares for $102.6 million and 593,294 MSTR common shares for $72 million. The most recent $1 billion purchase was funded by selling over ten million STRC shares between April 6 and 12, generating net proceeds of $1.001 billion. The STRC program pays an 11.50% annual dividend monthly in cash. For future raises, Strategy has substantial unused capacity: over $21.6 billion remaining under the STRC program and $27.1 billion under its common stock (MSTR) at-the-market (ATM) program. Both funding pots were increased by $21 billion each on March 23, 2026.
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This buying spree persists despite a substantial paper loss on the existing position. Strategy’s average cost basis stands at $75,577 per Bitcoin. With the cryptocurrency’s price currently below that level, the company reported an unrealized loss of $14.46 billion for Q1 2026, partially offset by a deferred tax asset of $2.42 billion.
Analysts acknowledge the high-stakes model. TD Cowen maintains a Buy rating but slashed its price target by 20.5% to $350, citing a lower assumed Bitcoin price path and a reduced valuation multiple on future Bitcoin gains. The firm’s base case projects Bitcoin reaching $140,000 by December 2026, with Strategy continuing quarterly purchases of around $5 billion. BTIG also maintains a Buy rating with a $250 price target. Critics highlight the structural risk of continuous dilution; if Bitcoin’s price fails to rise sufficiently, investors are left with a smaller stake in a loss-making position.
The company’s stock, currently trading at €107.20, reflects recent Bitcoin weakness, sitting about 47% below its 200-day moving average. Yet, the accumulation machine shows no signs of stopping. At a monthly pace exceeding 40,000 BTC, Strategy is on track to surpass the 800,000 Bitcoin threshold before the end of April, further solidifying its control of what is now 3.6% of the entire Bitcoin supply.
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