Strategy's $6.4 Billion Capital Engine Fuels Relentless Bitcoin Accumulation
Published on 04/20/2026 at 06:23 | Redaktion boerse-global.de
Strategy's relentless march to amass Bitcoin is being powered by a financial instrument that is rapidly becoming its primary funding artery. The company has filed a proxy statement seeking to switch its STRC preferred shares to a semi-monthly dividend payment schedule, while maintaining their 11.5% annual yield. Executive Chairman Michael Saylor argues the change will "stabilize price, dampen cyclicality, promote liquidity, and increase demand" for the securities, which already represent a staggering $6.4 billion in outstanding principal.
The scale of this funding machine was on full display in early April. Between the 6th and the 12th, Strategy sold over ten million STRC shares, raising a net $1 billion exclusively through this instrument. Not a single common MSTR share was issued. The company immediately deployed that capital, purchasing approximately 14,000 additional Bitcoin for the same $1 billion sum, bringing its total treasury to 780,897 coins.
This mechanism has a direct mathematical benefit for common shareholders. The so-called "BTC Yield" for the year to date stands at 5.6%. This means each MSTR share now represents 5.6% more Bitcoin than it did on January 1, 2026, without any dilution to common equity.
Institutional appetite for the STRC securities is hitting record levels. A single day's trading recently saw $1.6 billion in volume. Major asset managers, including Capital Group, BlackRock, Fidelity, and VanEck, collectively hold over $591 million worth of STRC shares through mutual funds and ETFs. A growing on-chain ecosystem is also emerging, with nearly $200 million of the instrument tokenized on Ethereum; about $100 million of that trades actively on the DeFi platform Pendle.
Should investors sell immediately? Or is it worth buying Strategy?
The financials behind this aggressive strategy reveal its high-stakes nature. According to an April 13 8-K filing, Strategy's total Bitcoin holdings were acquired for a cumulative $59 billion, at an average price of $75,577 per coin. This represents roughly 3.9% of the entire circulating supply. For the first quarter of 2026, the company is sitting on $14.46 billion in unrealized losses on its digital assets, with the carrying value of the Bitcoin stash exceeding $51 billion.
Wall Street remains broadly optimistic, though views on valuation differ. TD Cowen maintains a Buy rating with a $385 price target, praising the strong demand for the preferred shares. Texas Capital recently initiated coverage with an Outperform rating and a $200 target. A more cautious Citi lowered its target to $260, citing political uncertainties. The FactSet consensus average price target sits around $313.
The company's war chest for future purchases remains substantial. In late March, Strategy announced a new $42 billion capital program, split evenly between common stock and preferred securities. Over $21 billion from this program is still available for deployment. Saylor has publicly stated the goal of holding one million Bitcoin by the end of 2026, a target that would require roughly $17 billion in additional purchases at current prices.
Strategy at a turning point? This analysis reveals what investors need to know now.
Strategy's stock has been volatile, reflecting the binary nature of its bet. The shares recently surged nearly 13% in a single day to close at €139.48, and are up approximately 24% over the past week and 28% on a weekly basis. They now trade 53% above their 52-week low. All eyes are on the upcoming first-quarter earnings report, scheduled for May 5, where Saylor will detail the strategy's progress in a live webinar. Any commentary on the future pace of preferred share issuance is likely to trigger immediate market moves.
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