Strategy has resumed its aggressive Bitcoin accumulation, purchasing 4,871 BTC for approximately $329.9 million this week after a brief pause at the end of Q1. The acquisition, executed at an average price of $67,718 per bitcoin—below the current market price which briefly recovered above $71,000—signals sustained institutional demand. As of April 5, 2026, the firm now holds 766,970 BTC, acquired for a total of ~$58.02 billion at an average cost of ~$75,644 per bitcoin. The move, foreshadowed by executive commentary, underscores Strategy's ongoing playbook as Bitcoin continues to trade within a critical range.

Strategy used STRC raises to support latest BTC purchase

For the latest purchase, Strategy raised $227.3M in STRC preferred shares. Those shares have been trading in the $99-$101 range since February, allowing Strategy to sell additional assets. STRC raises depend on the market price, and a price above a certain range means Strategy must issue new credit. 

The company announced STRC will retain its $11.5% interest in the coming month. Usually, STRC raises are more active before the ex-dividend date. The next ex-dividend date is April 15, potentially increasing STRC buying interest. 

STRC trading volume increased in the past two weeks, rising to $211M, up from a local low of $135M. 

Strategy also sold $72M worth of MSTR common stock, which currently hovers at $119.73. For now, MSTR remains relatively stable, despite the ongoing dilution. 

The latest purchase arrived after a recent social media stand-off between Saylor and Peter Schiff, based on Bitcoin’s poor performance compared to gold.

Strategy’s playbook still heavily depends on the conviction of BTC expansion in the long term. Saylor has also added that BTC may not move based on the old four-year cycle logic, but on the expansion of available credit. 

Strategy already holds 3.5% of the BTC supply, almost on par with the BlackRock ETF. Saylor has warned that BTC has a long-term outlook, but may be at risk due to eventual protocol changes. 

Metaplanet joins the search for credit inflows

Metaplanet has revived its playbook in 2026, after adding 5,000 BTC in Q1. 

The company has planned to acquire 100,000 BTC by the end of the year, using its own version of credit placements. 

At the same time, Strategy’s quarterly purchases were also close to 100,000 BTC, despite more misgivings about BTC treasuries. The companies may keep buying using available credit, despite the rush of miners and legacy treasury holders to sell some of their BTC. 

Strategy has over $22B in remaining STRC to issue, as well as $27B in newly authorized MSTR common stock, signaling its playbook aims to outlast the current bear market.

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