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Strategy bought 13,927 BTC for $1 billion between April 6-12 at an average of $71,902 per coin, funded entirely by selling STRC preferred stock with zero dilution to MSTR common shareholders.

Bitcoin hit roughly $75,600 on April 14, which is Strategy’s exact average breakeven price across all 780,897 BTC holdings. This puts the company back in profit on paper for the first time since January.

STRC, the preferred stock that Strategy uses to fund its Bitcoin purchases, hit a new record of $1.156 billion in daily trading volume on April 13. Strategy still has $21.6 billion in STRC plus $27.1 billion in MSTR shares authorized for future sales.

Strategy is targeting 1 million BTC by the end of 2026 and has nearly $49 billion left to spend on more Bitcoin.

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After Bitcoin (CRYPTO: BTC) crashed from $126,000 to $60,000 due to the Middle East war, Strategy was billions in the red. The question on everyone's mind was whether Saylor's all-in Bitcoin bet had finally backfired. But instead of capitulating, he bought $1 billion more.

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Strategy disclosed the purchase on April 13, and by April 14, the Bitcoin price had rallied to the exact level where Saylor's entire holdings break even. For the first time in months, the company's 780,897 BTC treasury was back in profit—and the way he funded the purchase means there's a lot more buying power where that came from.

Strategy bought 13,927 BTC between April 6 and April 12 at an average price of $71,902 per coin, bringing the total to roughly $1 billion. The company disclosed the purchase in an April 13 filing, and it was the second consecutive weekly buy after a brief pause. Strategy had already picked up 4,871 BTC for $330 million in the previous week.

The entire $1 billion was funded by selling 10 million shares of STRC—Strategy's preferred stock that trades at around $100 per share and pays an 11.5% annual dividend. Investors who buy STRC get a high-yield income product, and Strategy takes the proceeds and uses them to buy Bitcoin. Not a single MSTR common share was issued, which is a big deal for existing shareholders—previous purchases diluted their holdings, but this one didn't.

STRC has quickly become Strategy's main way of raising money to buy Bitcoin. On April 13, the same day the purchase was disclosed, STRC hit $1.156 billion in daily trading volume. This was 46.5% above its previous record and closed at its $100 par value with barely any price movement. Saylor called it "one penny of volatility" on over a billion dollars in trading.

When STRC trades at or above $100, Strategy can keep issuing new shares and converting that demand directly into Bitcoin purchases—and they're not slowing down.

For most of the year, Strategy has been deep in the red. The company's average cost across all its Bitcoins is $75,577 per coin. With BTC spending the past few months well below that level, Strategy reported a $14.46 billion unrealized loss for Q1 alone. When Bitcoin hit $60,000 in February, the paper losses were approaching $12 billion, and every week brought new questions about whether Saylor's bet had finally gone wrong.

So when Bitcoin rallied to roughly $75,600 on April 14, the company's entire treasury was back in profit on paper for the first time since early January. Saylor had been buying throughout the crash, picking up Bitcoin every week for 13 straight weeks before a brief pause, and then coming right back in with $330 million followed by another $1 billion.

The latest purchase at $71,902 actually brought his average cost down, which made it easier for the rally to push him back into the green. However, BTC is trading around $74,000 as of April 15, which means Strategy is slightly below breakeven again.

Strategy has publicly signalled that it wants to reach 1 million BTC by the end of 2026, and at 780,897 it still needs roughly 219,000 more. The company has $21.6 billion in STRC and another $27.1 billion in MSTR common stock still authorized for sale—nearly $49 billion in total. At current prices, that's enough to buy well over 600,000 BTC, though it's unlikely they'd use it all at once.

That said, not everyone is convinced this ends well. TD Cowen cut their Strategy price target by 20% to $350 last week, and the STRC dividend payments are a real cost that only works if Bitcoin keeps going up over time. Saylor himself highlighted that Bitcoin only needs to grow about 2% per year for the dividends to be covered indefinitely. And if it does, this could go down as one of the best trades in corporate history.

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