Key Highlights
- Strategy acquired 4,871 Bitcoin for $329.9 million during April 1-5, paying an average of $67,718 per coin.
- This acquisition terminated a two-week hiatus that interrupted the company’s 13-week continuous buying pattern in 2026.
- The firm’s total Bitcoin position now reaches 766,970 BTC with an average acquisition cost of $75,644 per coin.
- First quarter 2026 financials revealed a $14.46 billion unrealized impairment on digital holdings, offset by a $2.42 billion tax benefit.
- Bitcoin’s price climbed 3.4% to approximately $69,589 in the 24-hour period after the disclosure.
Strategy has returned to its aggressive Bitcoin accumulation strategy. In a Monday filing, the enterprise revealed it acquired 4,871 Bitcoin during the five-day span from April 1 through April 5, spending approximately $329.9 million at an average cost of $67,718 per token.
This transaction marked the conclusion of a two-week intermission that disrupted what had been a 13-consecutive-week purchasing campaign — representing the company’s first interruption to its systematic weekly acquisition approach throughout 2026.
Executive Chairman Michael Saylor signaled the impending purchase during the Easter holiday period. His April 3 social media post stated “It’s a Good Friday to buy Bitcoin.” Two days later, on April 5, he shared a visual compilation of previous acquisitions with the caption “Back to Work,” stylistically substituting the letter “B” with Bitcoin’s signature symbol.
The company financed this latest acquisition through strategic equity sales. Between March 30 and 31, Strategy divested approximately 2.28 million shares of its variable rate Series A perpetual Stretch preferred stock (STRC), generating net proceeds of $227.3 million. A subsequent offering between April 1 and 6 saw an additional 1.03 million Stretch preferred shares sold for $102.6 million. The company also liquidated 593,294 shares of class A common stock, raising $72 million.
Significant Unrealized Impairment Accumulates
Strategy’s aggregate Bitcoin treasury has expanded to 766,970 coins, with an average cost basis of $75,644 per unit. This average purchase price remains meaningfully higher than Bitcoin’s current market valuation.
The corporation disclosed a $14.46 billion unrealized impairment on its digital asset portfolio for the first quarter of 2026. Accompanying this write-down was a $2.42 billion deferred tax benefit associated with the loss recognition.
Bitcoin has traded substantially below its late-2025 peak levels. The cryptocurrency reached heights exceeding $125,000 before retreating to the current $69,000 vicinity, pressured by broader technology sector weakness and geopolitical instability stemming from conflict in Iran.
As of this reporting, Bitcoin had appreciated 3.4% during the preceding 24-hour period, reaching $69,589.
MSTR’s Valuation Premium to Bitcoin Holdings
Strategy’s market capitalization relative to its underlying Bitcoin assets — commonly referred to as its multiple of net asset value (mNAV) — registered at 1.09 as of Monday. This metric indicates the equity market is assigning Strategy a 9% premium above the spot value of its cryptocurrency treasury.
Should the mNAV ratio decline below 1.0, it would signal that investors are valuing the company below the direct worth of its Bitcoin reserves.
MSTR shares advanced 3.9% during Monday’s premarket trading session.
