Strategy’s Bitcoin Acquisition: A Comprehensive Overview
In a significant move, Strategy has expanded its Bitcoin holdings by acquiring 13,927 BTC for approximately US$1 billion (AU$1.45 billion), at an average price of US$71,902 (AU$104,000) per coin. This acquisition represents the fifth-largest purchase made by the firm in 2026.
With this latest acquisition, Strategy’s total Bitcoin holdings have reached 780,897 BTC, a cumulative investment amounting to US$59.02 billion (AU$85.58 billion). The average cost basis for these holdings stands at US$75,577 (AU$109,587). Despite Bitcoin currently trading near US$71,000 (AU$102,950), the firm has incurred unrealised losses of US$14.46 billion (AU$20.97 billion) for the first quarter of 2026, according to a recent filing with the Securities and Exchange Commission (SEC).
Funding for this acquisition was entirely derived from sales of Strategy’s STRC preferred stock, a financial instrument with a variable-rate perpetual structure. To satisfy its dividend commitments, this instrument necessitates an annual Bitcoin return of approximately 2.05%.
Keeping Pace with BlackRock
Year-to-date, Strategy has procured 89,599 BTC by the end of March, outpacing BlackRock’s iShares Bitcoin Trust, which has accumulated about 8,484 BTC in the same timeframe. The gap between their holdings has now narrowed to around 8,000 BTC. Notably, in March alone, Strategy acquired 46,233 BTC, while the global production of Bitcoin by miners was roughly 16,200 BTC.
Despite this aggressive accumulation, the overall price impact has been muted. Strategy is estimated to account for about 7% of total gross Bitcoin inflows; however, broader capital outflows have counteracted the buying pressure. Since February, Bitcoin’s realised capitalisation has declined by US$29 billion (AU$42.05 billion), while interest in BlackRock’s ETF products has dropped by over US$4 billion (AU$5.8 billion).
Looking ahead, Strategy has approximately US$49 billion (AU$71.05 billion) left in its at-the-market equity capacity, providing ample opportunity for further acquisitions. Currently, the firm owns roughly 3.7% of Bitcoin’s circulating supply, which is estimated to be around 20 million coins. However, shares of Strategy saw a decrease of approximately 2.5% in pre-market trading following this disclosure.
Conclusion
Strategy’s recent Bitcoin investment underscores its commitment to building a robust digital asset portfolio, even amidst challenging market conditions. As the firm continues to increase its holdings, all eyes are on its future acquisitions and how they will impact the broader cryptocurrency landscape.
