Key Takeaways:
Strategy (MSTR) acquired an estimated 29,914 bitcoin in just two days, funded by an unprecedented $2.74 billion in volume from its preferred stock as the price of Bitcoin recovered to near $75,000.
The purchases, estimated from public trading data of the company’s STRC perpetual preferred security, show a dramatic acceleration of Strategy’s treasury accumulation strategy. The data, analyzed by platforms like Bitcoin for Corporations which track the firm’s at-the-market (ATM) program, suggests the company is absorbing bitcoin at a rate far exceeding global mining supply.
The activity began on Monday, April 13, which saw STRC volume hit a record $1.17 billion, enabling the purchase of an estimated 13,152 BTC. That record was broken the following day, with Tuesday’s volume surging to $1.57 billion, funding the acquisition of another 16,762 BTC. For comparison, the company’s SEC filings confirmed it had acquired 13,927 BTC over the entire prior week.
This week’s buying spree puts Strategy on a trajectory to have its largest accumulation week in the program's history. The activity is significant because 100% of the trading volume on both days occurred at or above the $100 par value, the trigger condition for Strategy to issue new shares and convert the proceeds directly into bitcoin.
The STRC instrument has become the primary engine for Strategy’s bitcoin acquisition. The perpetual preferred security, which offers an 11.5% annual dividend, is designed to convert market demand directly into treasury growth. As long as the stock trades above its $100 par value, the company’s ATM program can sell shares into the open market. The back-to-back billion-dollar days with every trade clearing above par show the mechanism is working at a scale previously unseen.
The estimated 29,914 BTC acquired in two sessions is more than 66 times the current daily bitcoin mining supply of approximately 450 BTC. This level of demand concentration from a single corporate entity places significant upward pressure on the available liquid supply. Following the purchases, Strategy’s total holdings are estimated to be approximately 780,897 BTC.
The aggressive buying coincided with a strong recovery in Bitcoin’s price. After dipping toward $70,000 over the weekend on geopolitical tensions between the U.S. and Iran, bitcoin erased its losses and rallied through the week. The price climbed past key resistance levels between $72,000 and $73,500, a move that was accelerated by the liquidation of leveraged short positions.
By the close of the U.S. stock market on Monday, bitcoin was trading at $73,400, and it continued its ascent to trade near $75,000 by Tuesday evening. The rally demonstrated resilience in the face of macro headwinds, including oil prices that had briefly topped $105 per barrel before retreating.
This article is for informational purposes only and does not constitute investment advice.
