Strategy’s Record Capital Raise Fuels a Lone Bitcoin Buying Spree

While much of the corporate world stepped back from Bitcoin in March, one company was buying almost every coin available. Strategy, the publicly-traded Bitcoin acquisition vehicle, has become the dominant force in the institutional market, a position it reinforced with a massive $1 billion purchase this month funded by a groundbreaking capital raise.

The company acquired 13,927 Bitcoin between April 6 and 12, spending approximately $1 billion at an average price of $71,900 per coin. This purchase was uniquely financed entirely through its variable-rate preferred share instrument, STRC. The scale of the capital raise broke records, with STRC volume exceeding $1 billion on a single trading day. Crypto analyst Lark Davis estimates the company secured about $796 million via its at-the-market (ATM) program in that session alone—enough capital to buy roughly 10,800 Bitcoin.

This aggressive accumulation has swelled Strategy’s treasury to 780,897 BTC, acquired for a total of $59 billion at an average cost of $75,577 per coin. The recent price surge, which briefly pushed Bitcoin above $76,000 on April 14 after softer-than-expected US wholesale inflation data, provided a momentary respite. With its cost basis around $75,580, the company’s massive hoard briefly slipped back into paper profit territory for the first time since late March. Its current holdings have a market value exceeding $58.9 billion.

However, this buying spree comes with significant financial strain. For the first quarter of 2026, Strategy reported an unrealized loss on its digital assets of $14.46 billion. A latent tax benefit of $2.42 billion partially offsets this colossal paper loss. The company’s relentless expansion, funded by equity, continues to pressure its share price. The stock currently trades at 116.86 euros. While it has gained about 6.6% over the past seven days, it remains down nearly 13% year-to-date and has shed roughly 57% over the past twelve months.

Should investors sell immediately? Or is it worth buying Strategy?

Analysts are closely watching the capital structure. TD Cowen’s Lance Vitanza recently raised his price target for Strategy from $350 to $385, maintaining a Buy rating. He cited unexpectedly strong demand for the STRC preferred shares, which have seen average daily volume surpass $240 million over the past month from retail investors, institutions, and corporate treasuries.

The company’s funding capacity remains vast. Strategy still has $21.6 billion in available capacity under its STRC program and a further $27.1 billion under its ordinary share ATM program. This provides ample “dry powder” for further Bitcoin acquisitions but also represents potential for continued shareholder dilution, a key concern for existing investors.

All eyes are now on the upcoming quarterly report. Strategy will release its Q1 2026 results on May 7, with a webinar scheduled for April 30. The market anticipates revenue of approximately $126.7 million, representing 12% year-over-year growth. While a loss per share of $35.56 is expected for Q1, analyst forecasts turn positive for Q2, projecting earnings of $10.47 per share.

The report will be scrutinized for the actual Bitcoin treasury return, details on the impact of new digital asset accounting standards, and any adjustments to the multi-billion dollar financing programs. The company’s singular strategy—buying Bitcoin almost alone while others retreat, funded by unprecedented equity raises—faces a critical test as it balances immense paper losses against an unshakable conviction in its digital asset bet.