Strategy has executed another massive $1 billion Bitcoin purchase, acquiring 13,927 BTC at an average price of $71,902, even as its total holdings remain underwater. The company continues its relentless accumulation strategy, now holding 780,897 BTC worth approximately $59.02 billion at an average cost of $75,577 per coin, demonstrating unwavering conviction amid market volatility.

Strategy relies on STRC to expand the treasury

The recent raise of over $1B is unique, as it is the first one to rely entirely on STRC issuance, with no added MSTR minting. Usually, Strategy supplemented its preferred stock with more MSTR dilution. 

This time, Strategy sold enough STRC to fund its entire weekly purchase, as demand for preferred stock increased. STRC has been trading around the $100 target price for two months now, allowing Strategy to perform regular raises. The current interest rate for STRC is at 11.5%. 

The recent BTC expansion increased Strategy’s mNAV metric to 1.12, a healthier ratio. However, the company is now saddled with $1.2B in annual dividends, growing each time more STRC is sold. Strategy has spent over $59B to build its treasury, which is now valued at around $55.3B, as BTC traded below $71,000.

Michael Saylor still sees BTC as a long-term treasury bet

Strategy’s Executive Chairman, Michael Saylor, commented on signs that BTC adoption has stalled. Saylor explained that the initial BTC rally was boosted by equities and that the current period is driven by digital credit. 

Saylor stated he maxed out bonds but is now purely in the fixed-income stage, with greater legs to convert more fiat to BTC.

LIVE NOW – Michael Salor’s Master Plan: "Fix the Money, Fix the World."

Bitcoin to $21M. Strategy as a digital credit machine. An “8% bank account” for a billion people.

Michael @saylor joins Bankless for the first time to unpack:

– Bitcoin becomes digital capital
– Strategy’s… pic.twitter.com/SPG0ZPZQHl

— Bankless (@Bankless) April 13, 2026

Saylor also mentioned the BTC treasury is a less volatile asset, which may continue to attract STRC buyers. He also believes capital for BTC may come from too-big-to-fail banks. 

According to Saylor, the playbook may remain viable if BTC appreciates by just 2.02% annually. Even a relatively small bull market may put all of Strategy’s treasury in the green and invite more buying. 

Following the latest large purchase, Strategy’s common stock MSTR recovered above $130, its highest level for the past week. For now, despite Strategy’s buying up spare BTC supply, the company has not managed to spark a BTC rally, even as it claims to have entered a new type of financing cycle.

As of April, only Strive, Inc. follows the digital credit playbook with its SATA preferred stock, which offers an annualized yield of 13%. For now, preferred shares with high yields are performing as needed, but pressure from skeptics and short sellers can force companies to raise yields and make their playbook less viable. 

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