Michael Saylor’s Strategy has pulled off the third-largest Bitcoin purchase in corporate history, scooping up 34,164 BTC for roughly $2.54 billion and vaulting past BlackRock’s iShares Bitcoin Trust to claim the title of the world’s biggest institutional Bitcoin holder.
The Numbers Behind Strategy’s Massive Buy
Between April 13 and 19, Strategy acquired the coins at an average price of $74,395 each, according to a Monday SEC filing. The company’s total stash now stands at 815,061 BTC, accumulated for approximately $61.56 billion at an average cost basis of $75,527 per coin.
With Bitcoin trading around $78,000 as of April 22, the firm’s holdings are worth roughly $63.5 billion – putting Strategy solidly in the green after months of hovering near break-even.
The purchase was funded through $2.2 billion raised via sales of Strategy’s perpetual preferred stock (STRC) and $366 million from common stock offerings. MSTR shares initially dipped 2.5% in pre-market trading following the announcement but have since recovered alongside Bitcoin’s broader rally.
Surpassing BlackRock: A Symbolic Milestone
The purchase pushed Strategy past BlackRock’s iShares Bitcoin Trust (IBIT), which had held the top spot among institutional Bitcoin holders for much of 2025. While BlackRock’s ETF still manages substantial Bitcoin assets, Strategy’s direct treasury holdings now exceed them in raw BTC terms.
“When institutions purchase Bitcoin at this magnitude, it challenges the narrative of a potential sharp decline in price,” noted analysts at Value the Markets. “The probability of a price drop to $60,000 may need to be reassessed.”
Three Times April’s Miner Supply – In One Week
The scale of the purchase is staggering when set against daily Bitcoin production. Strategy absorbed roughly three times the total global miner output for April in a single week. That kind of buying pressure, combined with steady spot ETF inflows of $238 million on April 20 alone (extending a five-day positive streak), is creating a supply squeeze that technical analysts say could fuel the next leg of the rally.
Joel Kruger, crypto strategist at LMAX, described the current setup as “constructive,” adding that sustained acceptance above $76,000 opens the door for a broader move toward $90,000.
The Broader Context: Geopolitical Tailwinds
Strategy’s buy arrives amid an improving risk environment. President Trump’s indefinite extension of the Iran ceasefire removed the Strait of Hormuz overhang that had suppressed crypto bids since early April. Global crypto funds posted $1.4 billion in weekly inflows, reversing the net-outflow trend that dominated Q1 2026.
Paul Howard, Senior Director at Wincent, identified $79,000 as the near-term resistance, with the 200-day moving average at $82,500 representing the critical threshold between a bear market structure and a confirmed trend reversal.
What This Means for Bitcoin’s Price Trajectory
Strategy’s buying patterns have historically foreshadowed larger market moves. The company began acquiring BTC as a balance sheet asset in 2020, and each major purchase has coincided with periods of renewed institutional interest.
Tesla, by comparison, disclosed unchanged Bitcoin holdings of 11,509 BTC during its Q1 2026 earnings, booking a $173 million after-tax fair value loss as Bitcoin fell from $90,000 to around $68,000 over the quarter. The contrast between Strategy’s aggressive accumulation and Tesla’s passive hold underscores the divergence in corporate Bitcoin strategies.
FAQ
How many Bitcoin does Strategy now hold?
Strategy holds 815,061 BTC, acquired for approximately $61.56 billion at an average cost of $75,527 per coin. At current prices near $78,000, the portfolio is worth around $63.5 billion.
Why did Strategy surpass BlackRock?
Strategy’s latest $2.54 billion purchase of 34,164 BTC pushed its total direct holdings above BlackRock’s iShares Bitcoin Trust in raw BTC terms, making it the single largest institutional Bitcoin holder globally.
What does this purchase mean for Bitcoin’s price?
The purchase absorbed roughly three times April’s global miner supply in one week, creating significant buying pressure. Analysts at LMAX see the setup as constructive for a potential move toward $90,000 if the $76,000 support level holds.
