Key Insights
- Portfolio Status: The total holdings of 780,897 BTC of MicroStrategy are currently in unrealized profit status with Bitcoin trading between $75,800 and $76,100.
- Total Investment: The company has spent a total of about $59.02 billion on its Bitcoin treasury.
- Cost Basis Milestone: The breakthrough follows a sequence of huge buys in March and early April, such as a $1 billion purchase of 13,927 BTC at an average cost of $71,902.
- Performance Metrics: Michael Saylor indicated a year-to-date BTC Yield of 5.6%, which is the efficiency of the strategy on a per-share basis.
- Market Sentiment: According to analysts, this break-even point is a psychological floor to the market as the company is a proxy for institutional adoption of Bitcoin.
The largest corporate owner of digital assets has officially had its giant Bitcoin treasury turn green in a historic turn of events for Strategy Inc (formerly MicroStrategy). Following a long-term bull run due to geopolitical stability and a shift towards risk-on in global markets, the price of Bitcoin ($BTC) has risen above the company’s average acquisition cost of $75,577, justifying the aggressive accumulation strategy of Michael Saylor in the volatile Q1 of 2026.
The Road to 780,000: Strategy Inc Overcomes $14 Billion Unrealized Loss
Only a few weeks ago, Strategy Inc was sailing through a rough balance sheet, with the company reporting almost $14.5 billion in unrealized losses, as Bitcoin fell into the $60,000 territory. Nevertheless, the Executive Chairman of the company, Michael Saylor, was not deterred and used the ATM (at-the-market) stock program of the firm to keep on buying the dip.
The recent 8-K filings and the company owning Bitcoin Dashboard indicate that the latest acquisition of 13,927 BTC between April 6 and April 12 was a strategic masterstroke on the part of the firm. The company was able to reduce its all-in average to $75,577 per coin by purchasing these coins at an average price of $71,902, which is far below the aggregate cost basis of these coins.
As per today’s information provided through TradingView and CoinMarketCap websites, BTC price is currently approaching the $76,000 level as the resistance point. The rally, which led to the new all-time high price of over $75,577, was caused by the decreasing tensions between the USA and Iran, and the possible declaration of a ceasefire. With markets returning to normal, the Saylor Strategy of debt and equity to acquire a capped-supply digital asset showed its strength again.
Understanding the “Bitcoin Standard” Framework
A new measure of the company’s performance introduced by Saylor recently is “BTC Gain.” He explains this as the nearest indicator of the self-imposed Bitcoin Standard of net income by the company. Strategy recorded a 17,585 BTC Gain in the first two weeks of April 2026, which is worth approximately $1.3 billion. This structure enables the company to demonstrate value creation in the case when the dollar-denominated price of Bitcoin is fluctuating. The company can raise the number of Bitcoins per share of MSTR stock, which in effect raises the value of sats-per-share to its investors.
| Metric | Value (As of April 17, 2026) |
| Total BTC Held | 780,897 BTC |
| Average Cost Basis | $75,577 |
| Total Principal Invested | $59,018,000,000 |
| 2026 Year-to-Date BTC Yield | 5.6% |
| Current BTC Price | ~$76,020 |
| Unrealized Profit | ~$345,000,000 |
Financial Engineering: STRC and MSTR Engine
The complex financing structure of Strategy Inc has enabled it to stay liquid and aggressive in times of market downturns. The company finances its acquisitions mainly by selling STRC Stock (Variable Rate Series A Perpetual Preferred Stock).
During the week before the latest acquisition, the company sold more than 10 million shares of STRC, which generated net proceeds of $1 billion. This perpetual preferred stock will enable the company to raise funds without the pressing urgency of maturity dates that come with conventional bonds.
Recently, Saylor posted on X (previously Twitter) that the BTC Breakeven ARR of the company is about 2.05%. This implies that, provided Bitcoin gains value at a rate of more than 2.05 percent per year, the company will be able to pay its dividends and operating expenses indefinitely without the need to dilute the common shareholders.
Institutional Context: The Lone Giant in the Corporate Treasury Space
Other firms, such as Tesla and Block (previously Square), have Bitcoin on their balance sheets, but Strategy Inc is in a different league. The next largest corporate holding, Twenty One Capital, has about 43,514 BTC, which is only a fraction of Strategy Inc’s 780,897 BTC holding. The firm has already assimilated over 107,000 BTC in 2026 alone.
The rate of acquisition of the company was so high in March that it swallowed almost three times the amount of new Bitcoin miners produced globally. This is one of the supply-side pressures of the bullish thesis of the rise of BTC to the symbolic $100,000 price.
Also Read: Bitcoin Transaction Accelerator: How to Speed Up BTC
Frequently Asked Questions
Why does Michael Saylor continue to purchase Bitcoin despite the company operating at a loss?
The strategy is based on “Maximum Bitcoin per Share.” Saylor considers Bitcoin to be digital property and the final store of value. The unrealized losses in the short term are considered to be irrelevant to the long-term goal of obtaining a substantial proportion of the total 21 million BTC supply.
What will occur if the price of Bitcoin falls below $75,000 once again?
Strategy Inc has structured its capital structure in such a way that it is antifragile. Since the company raises a significant portion of its capital by perpetual preferred stock or long-term convertible notes, it does not face the risk of immediate liquidation or a margin call on its core assets unless Bitcoin falls to very low levels (typically mentioned as below $15,000 in past SEC filings).
Is Strategy Inc a Bitcoin ETF or a software company?
Although it continues to have its legacy business of enterprise analytics software, investors mostly trade MSTR as a leveraged Bitcoin play. It typically sells at a premium to its Net Asset Value (NAV), but this premium has decreased in 2026 to about 1.10x.
Will the company sell its Bitcoin?
Michael Saylor has famously said that his exit strategy is to buy more. He considers the sale of Bitcoin in a depreciating fiat currency, such as the U.S.dollar,r as a net loss in purchasing power.
Disclaimer: BFM Times acts as a source of information for knowledge purposes and does not claim to be a financial advisor. Kindly consult your financial advisor before investing.
