Michael Saylor's Strategy, the corporate entity formerly known as MicroStrategy, has bought another $1 billion of bitcoin during the recent market rout, a move that has now pushed the company's enormous bitcoin treasury back into profit for the first time in months.
According to the firm's April 13 disclosure, Strategy acquired 13,927 bitcoin between April 6 and April 12 at an average price of $71,902 per coin. That takes its total holdings to 780,897 BTC. The purchase followed a $330 million buy the week before and came after Bitcoin's collapse from $126,000 to roughly $60,000 during the Middle East war, which had left the firm's treasury deep in the red.
Timing mattered. By April 14, the Bitcoin price had rallied to approximately $75,600, which is almost exactly Strategy's $75,577 average cost across all 780,897 coins. That put the entire treasury back in profit on paper for the first time since early January, erasing what had swelled to a $14.46 billion unrealized Q1 loss. As of April 15, BTC was trading around $74,000, leaving the firm slightly underwater again but well off the lows.
What has changed this cycle is how Saylor is paying for bitcoin. The full $1 billion was funded by issuing 10 million new shares of STRC, Strategy's preferred stock, which trades near $100 and pays an 11.5% annual dividend. No MSTR common shares were issued, which means existing shareholders were not diluted by the latest purchase — a contrast to past rounds of buying that expanded the common share count.
STRC demand appears to be there. On April 13, the same day the $1 billion buy was disclosed, STRC set a new daily trading volume record of $1.156 billion, 46.5% above its previous high. The shares closed at par with almost no price movement, a dynamic Saylor called "one penny of volatility" on more than a billion dollars of trading. While STRC holds at or above $100, Strategy can continue to tap the market and convert proceeds straight into bitcoin.
The runway is substantial. Strategy still has approximately $21.6 billion of STRC and another $27.1 billion of MSTR common stock authorized for future sales, giving the firm roughly $49 billion of headroom to keep buying. Saylor has publicly targeted 1 million BTC by the end of 2026 — leaving about 219,000 coins still to acquire.
For a company that spent early 2026 staring down paper losses approaching $15 billion, the combination of a sharp bitcoin rally and a dilution-free funding mechanism marks a notable recovery. The question now is whether Strategy can stay ahead of its breakeven as the next leg of bitcoin's cycle plays out.