Strategy Shifts Gears: $255 Million Bitcoin Purchase Funded Through Equity Sales

Strategy pivots to stock sales for $255M Bitcoin purchase, holds 3.9% of total supply, as preferred share scrutiny grows amid record accumulation.

The world's largest corporate holder of bitcoin has pivoted its financing strategy in a notable departure from recent precedent. Strategy acquired approximately 3,273 bitcoin during the week of April 20-26, funding the entire $255 million purchase through the sale of its own common stock — a marked contrast to the prior week's record-breaking $2.54 billion acquisition that relied heavily on preferred shares.

The company sold roughly 1.45 million Class A shares through its at-the-market offering program, generating net proceeds of $255 million. The bitcoin were acquired at an average price of $77,906 per coin. The shift toward equity financing appears strategic: Strategy's STRC preferred shares are trading below their $100 par value and have drawn increasing scrutiny from market observers.

A Dominant Position in the Bitcoin Ecosystem

With 818,334 bitcoin now on its balance sheet, Strategy controls approximately 3.9% of the total 21 million bitcoin supply cap. That stash surpasses the holdings of the BlackRock iShares Bitcoin Trust, which stands at roughly 802,823 BTC. More than 60% of all bitcoin held by publicly traded companies now resides with Strategy.

The company's internal Bitcoin Yield metric — which measures how efficiently it accumulates bitcoin per diluted share — has climbed to 9.6% since the start of the year. Despite the recent buying spree, Strategy still has roughly $26.47 billion in remaining capacity under its MSTR ATM program.

Financing Under the Microscope

The previous week's massive purchase was financed primarily through the sale of preferred shares carrying an 11.5% dividend yield. That structure has attracted criticism from prominent skeptics. Economist Peter Schiff has warned that a falling bitcoin price could create a downward spiral, with the high dividend burden potentially becoming an existential threat.

Strategy's executive chairman Michael Saylor has dismissed such concerns, arguing that annual bitcoin appreciation of just over 2% would be sufficient to service all obligations. Major institutional investors appear to share that confidence — the Capital Group recently invested nearly $750 million in Strategy shares.

The company launched two new ATM programs in March 2026, each worth $21 billion — one for common shares and one for STRC preferred shares — along with a $2.1 billion program for STRK preferred shares. Critics contend the model is structurally fragile, dependent on continuously issuing new equity to service existing obligations. Any disruption to that cycle could simultaneously pressure STRC, MSTR shares, and bitcoin itself. Wall Street remains bullish, however: all 12 analysts tracked by TipRanks rate the stock a "Buy."

Bitcoin's Momentum and Market Dynamics

Bitcoin has been cooperating with Strategy's aggressive accumulation. The cryptocurrency reached a 12-week high near $79,488 over the weekend, driven by geopolitical tensions and sustained inflows into U.S. spot ETFs. A breakout above the $80,000 resistance level could open the path toward $100,000, while a stall would likely trigger consolidation around $76,000, according to analysts.

Bitcoin advocate Samson Mow points to another dynamic: Strategy is currently buying bitcoin at roughly three times the daily production rate. Since the April 2024 halving, only about 450 new BTC are mined each day. If the pace of corporate buying continues, it could meaningfully drain available exchange inventories.

All eyes now turn to the Federal Reserve, with the Open Market Committee set to announce its interest rate decision on Wednesday. The outcome could provide the catalyst for bitcoin's next major move — and by extension, for the stock of the company that has tied its fortunes most tightly to the cryptocurrency.

MSTR shares currently trade at around €144, up roughly 7% year-to-date but still down more than 55% over the trailing twelve months. The stock has significantly underperformed bitcoin itself over that longer timeframe.