Strategy buys $1B in bitcoin funded by STRC preferred sale

Strategy disclosed on April 13 that it purchased 13,927 BTC for roughly $1 billion at an average price of $71,902 per coin as part of its ongoing weekly buying program. The company said the entire acquisition was funded through sales of its STRC preferred shares.

The purchase brings Strategy’s bitcoin holdings to 780,897 BTC, acquired for about $59.02 billion at an average cost near $75,577 per coin as of April 12, 2026. The firm reported a BTC yield of 5.6% year-to-date in 2026.

Unlike recent financings that combined preferred sales with issuance of additional common shares (MSTR), this raise relied solely on STRC issuance. Strategy noted demand for STRC has risen, allowing it to sell enough preferred shares to cover the full weekly purchase without minting new MSTR shares. STRC has traded near a $100 target for about two months and carries an interest rate around 11.5%.

After the buy, Strategy’s market net asset value, or mNAV, rose to 1.12. The company has spent more than $59 billion to build its bitcoin treasury; at recent prices, the market value of that holding was near $55.3 billion as bitcoin traded below $71,000, leaving the position below cost. Strategy also reported an annual dividend obligation tied to STRC of about $1.2 billion, a figure that will increase as more preferred shares are issued.

Executive Chairman Michael Saylor discussed the financing approach in recent remarks, noting early bitcoin gains were aided by equity markets and that the current period is being driven by digital credit. He said he had “maxed out bonds” and is now in a “fixed‑income stage,” described the bitcoin treasury as a less volatile asset that can attract STRC buyers and suggested capital for purchases could come from large banks. He added the approach could remain viable if bitcoin appreciates roughly 2.02% annually.

Following the transaction, Strategy’s common stock, MSTR, rose above $130, its highest level in a week, while broader cryptocurrency prices did not move substantially on the disclosure. Strategy continues weekly purchases and characterized this preferred-stock-funded buy as a distinct financing cycle. One other public company, Strive Inc., uses a similar digital-credit model, offering SATA preferred shares with an annualized yield near 13%.