MSTR restarts BTC buys with 4,871 added; buys via ATM equity
Strategy (MSTR proxy) disclosed it resumed Bitcoin accumulation after a quiet week, adding 4,871 BTC on April 6 (transactions executed April 1–5). MSTR paid an average $67,718 per Bitcoin, bringing total holdings to 766,970 BTC.
The filing lists an aggregate cost basis of about $58.02B and an average cost of $75,644 per coin. Even with BTC trading near $69,500, MSTR is still below its average cost, meaning unrealized losses remain.
MSTR’s stock reaction was supportive: shares rose in premarket (about $120 to $125, +4% on the day) though the year-to-date performance remains down more than 22%.
Financing continues alongside BTC buys. The latest purchase was funded via at-the-market equity programs, including STRC preferred-stock raises (about $227.3M in late March and $102.6M in early April) plus about $72M from Class A common stock sales. Strategy also reported $14.46B unrealized digital-asset losses for the quarter ended March 31, 2026, partially offset by a $2.42B deferred tax benefit.
Trader take: MSTR’s renewed BTC buys keep the “corporate BTC exposure” trade and the MSTR premium/valuation debate in focus. Near term, BTC price momentum and issuance pace should remain the main drivers for both BTC sentiment and MSTR-related flow narratives.
Bullish
MSTR’s disclosed resumption of BTC buys adds a fresh, company-driven demand signal for BTC and supports sentiment around the “corporate BTC exposure” trade. Although the average cost is still above the current BTC price (so losses remain), consistent buying plus continued ATM funding reduces the risk of a sudden pause. Short-term, the news can support BTC price bias and related equity-flow narratives (MSTR stock strength in premarket confirms trader attention). Long-term, persistent accumulation can help sustain structural demand expectations, but macro conditions still dominate direction; the effect is likely constructive rather than fully price-determinant.