Strategy resumes Bitcoin purchases, adds $330M despite Q1 loss
Strategy resumed Bitcoin purchases in early April, adding about $330 million by buying 4,871 BTC for ~$329.9 million (~$67,718/BTC). The move restarts acquisitions after a brief pause and brings its total holdings to roughly 767,000 BTC, valued around $53 billion at ~$69,430 per Bitcoin. Strategy’s unrealized loss on digital assets is still substantial, with figures cited near ~$5 billion.
Funding came from Strategy’s ongoing at-the-market (ATM) share program, per an SEC filing. In the final two days of March, the company sold about 2.3 million shares of STRC preferred stock for $227 million and 583,000 MSTR common shares for $72 million, with no Bitcoin buys in that period. From April 1–April 5, it sold 1+ million STRC shares for about $103 million and 593,000 MSTR shares for $72 million. Combined net proceeds across both windows were about $474 million, with $330 million redeployed into Bitcoin.
For Q1, Strategy reported an unrealized loss on digital assets of $14.5 billion, partially offset by a $2.4 billion deferred tax benefit. Digital assets were carried at about $52 billion, with a $1.7 billion deferred tax asset fully reserved.
(Reporter note: the company’s reported position is subject to ongoing filings; this is a developing story.)
Bullish
Strategy restarting Bitcoin purchases with ~$330M deployed soon after prior ATM sales is a direct demand signal for BTC. Even though Q1 featured large unrealized losses, the company’s behavior shows continued accumulation rather than stopping purchases. That tends to support sentiment and can tighten perceived near-term sell pressure, especially when other leveraged BTC proxies (like MSTR exposure) are actively managed via equity issuance.
In the short term, traders may treat this as incremental bullish confirmation—potentially improving risk appetite for BTC and BTC-linked trade setups. In the longer run, persistence in buying during drawdowns can strengthen the “buy-the-dip” narrative and may cushion volatility around major equity-market-driven funding cycles.
However, the funding mechanism (selling STRC/MSTR shares to finance Bitcoin buys) introduces a possible supply overhang for those equity-linked instruments, and the large unrealized loss figures underline that downside risk remains if BTC weakens further. Overall, the balance of evidence favors bullish impact versus neutral/bearish because the headline action is renewed BTC accumulation.