strc was the financing engine behind Strategy’s latest Bitcoin purchase, a roughly $1 billion move completed between April 6 and April 12 in New York time. The company bought 13, 927 Bitcoin at an average price of $71, 902 per coin, using proceeds from sales of its Stretch perpetual preferred stock. The latest buy lifts Strategy’s total holdings to 780, 897 BTC.
What Strategy Just Bought
Strategy said the purchase was made entirely through at-the-market sales of STRC, with 10, 028, 363 shares sold for approximately $1 billion. As of April 12, the company still had $21. 6 billion worth of STRC shares available for issuance and sale under that program, while no Class A common stock MSTR was sold last week.
The company’s total Bitcoin stash now stands at 780, 897 BTC, acquired for approximately $59. 02 billion at an average cost basis of $75, 577. That position represents more than 3. 7% of Bitcoin’s total 21 million supply. At current prices, the holdings imply about $3. 6 billion in paper losses.
STRC Becomes the Main Funding Channel
strc has increasingly become a key part of Strategy’s Bitcoin acquisition structure alongside its MSTR at-the-market program. The preferred stock carries a variable rate, cumulative structure and monthly dividends, and it has been used repeatedly to support purchases in recent months.
On Monday, STRC trading surged to record volume, driving the biggest single-day buying splurge through the company’s at-the-market program. The security posted volume of $1. 16 billion, more than four times its 30-day average of $278 million, while maintaining its $100 par value throughout the session.
Immediate Market Reaction
Executive Chairman Michael Saylor tried to calm investors over the weekend. “Our BTC Breakeven ARR is around 2. 05%, ” Saylor said, adding that if Bitcoin grows faster than that over time, the company can cover its dividends indefinitely without issuing new MSTR shares.
At a recent investor event hosted by Mizuho, Saylor said Bitcoin likely bottomed around $60, 000, pointing to a pattern in which downturns end when forced sellers are exhausted. He also called quantum computing risks “theoretical” and solvable over time.
On Friday, TD Cowen cut its Strategy price target by 20% to $350, citing weaker Bitcoin assumptions and a revised valuation for future dollar BTC gains. Even so, the firm said public Bitcoin and Ethereum treasury companies add value to investors and their digital asset ecosystems, and that the sector is likely to remain in place.
What Happens Next
The immediate focus now shifts to whether STRC can keep delivering the scale of funding that supported this purchase and whether trading momentum stays elevated around the next dividend cutoff date. With the company still holding substantial capacity under its STRC and MSTR programs, the next move will likely be watched closely by investors tracking strc and the pace of future Bitcoin accumulation.
