Strategy Buys $1 Billion in Bitcoin in One Week: 780,000 BTC and the Birth of a New Asset Class
📋 En bref (TL;DR)
- 13,927 BTC purchased in one week: Strategy spends $1 billion via its STRC vehicle, without diluting MSTR shareholders
- 780,897 BTC total: Strategy now holds 3.72% of all bitcoins that will ever exist (out of 21 million)
- TD Securities creates a new asset category: “Bitcoin Treasury Companies” (PBTCs) become a distinct investable equity class
- Saylor’s “infinite cycle”: if Bitcoin appreciates more than 2.05% per year, Strategy can fund its dividends indefinitely
- Capital B (France): Europe’s first Bitcoin Treasury Company reaches 2,925 BTC, listed in Paris and the US
- 76% of corporate Bitcoin: Strategy holds three quarters of all BTC held by publicly traded companies
Strategy (formerly MicroStrategy) made a massive move during the week of April 6-12, 2026: 13,927 BTC purchased for $1 billion via its STRC financial vehicle, bringing total holdings to 780,897 BTC — 3.72% of Bitcoin’s maximum supply. Meanwhile, TD Securities formalizes “Bitcoin Treasury Companies” as a standalone investment category. Corporate Bitcoin enters a new era.
$1 billion in one week: how STRC works
STRC (Variable Rate Series A Perpetual Stretch Preferred Stock) is Michael Saylor’s secret weapon. It’s a preferred stock listed on Nasdaq at $100 par value, paying an annual dividend of 11.5% distributed monthly.
During the week of April 6-12, Strategy sold 10,028,363 STRC shares via an ATM (at-the-market) program, generating $1.0013 billion net. This funded the purchase of 13,927 BTC at an average price of $71,902/BTC.
The crucial point: zero MSTR common shares were issued. No dilution for existing shareholders. There is still $21.64 billion in remaining ATM capacity on the STRC program.
780,897 BTC: Strategy’s staggering numbers
Strategy’s consolidated position as of April 14, 2026:
- Total BTC: 780,897
- Total acquisition cost: ~$59 billion
- Average purchase price: $75,577/BTC
- % of total Bitcoin supply: 3.72%
- BTC Yield YTD 2026: 5.6%
- % of global corporate Bitcoin: ~76%
For perspective: the 13,927 BTC purchased this week represent roughly 31 days of global mining production (~450 BTC/day). Strategy is absorbing Bitcoin faster than the network produces it.
Saylor’s “infinite cycle”
Michael Saylor has theorized a mechanism he calls the “infinite cycle”: as long as Bitcoin appreciates more than 2.05% per year, Strategy’s BTC treasury grows enough in dollar terms to cover dividend obligations (~$1.12 billion/year) without issuing a single additional MSTR share.
In other words: Bitcoin appreciation funds dividends, dividends attract STRC investors, STRC proceeds fund new Bitcoin purchases. A self-reinforcing loop — as long as the price rises.
Saylor declared on April 4: “Bitcoin has won. Global consensus is that BTC is digital capital. The four-year cycle is dead.”
TD Securities formalizes “Bitcoin Treasury Companies”
On April 13, TD Securities formally created the “Public Bitcoin Treasury Companies” (PBTCs) category as a distinct, investable equity class.
The “Debasement Trade” thesis
According to TD, institutional investors are losing confidence in fiat currencies due to persistent fiscal expansion and debt sustainability concerns. PBTCs offer structured Bitcoin exposure via publicly listed equities.
Projection: if Bitcoin reaches parity with global physical gold, TD models a price of ~$1.1 million/BTC.
Three new metrics
TD Cowen (analyst Lance Vitanza) introduced three specific metrics for evaluating PBTCs:
- BTC Yield: rate of Bitcoin-per-share increase
- BTC Torque: earnings growth potential based on capital structure
- BTC Rating: Bitcoin asset coverage vs. senior liabilities
Structural advantage over ETFs
Key distinction: spot ETFs structurally lose Bitcoin over time (management fees). Well-managed PBTCs can increase Bitcoin per share accretively through institutional financial tools (convertible debt, preferred stock).
Capital B: Europe’s first Bitcoin Treasury Company
France is in the game. Capital B (formerly The Blockchain Group), listed on Euronext Growth Paris and now on the US OTC market (ticker CPTLF), positions itself as Europe’s first PBTC.
- 2,925 BTC held as of April 13, 2026
- Acquisition cost: €269.4 million
- Average price: €92,096/BTC
- Target: 1% of total Bitcoin supply by 2033
The global corporate Bitcoin landscape
As of April 14, 2026, over 195 publicly traded companies collectively hold ~1.16 million BTC (5% of circulating supply). But concentration is extreme:
- Strategy: 780,897 BTC (76%)
- Twenty One Capital: 43,514 BTC
- Metaplanet (Japan): 40,177 BTC
- Strive: 13,628 BTC
- GameStop: 4,710 BTC
- Capital B (France): 2,925 BTC
📚 Glossary
- Bitcoin (BTC): The first cryptocurrency, created in 2009 by Satoshi Nakamoto. Maximum supply limited to 21 million units. Price: ~$74,000 as of April 14, 2026.
- STRC: A perpetual preferred stock issued by Strategy, listed on Nasdaq. Pays an 11.5% annual dividend. Proceeds are used exclusively to purchase Bitcoin.
- Bitcoin ETF: An exchange-traded fund tracking Bitcoin’s price. Unlike PBTCs, ETFs structurally lose Bitcoin over time through management fees.
- PBTC (Public Bitcoin Treasury Company): A publicly traded company whose primary strategy is accumulating Bitcoin in its treasury. Category formalized by TD Securities in April 2026.
- ATM (At-The-Market): A share issuance program allowing a company to sell securities directly on the open market at the current price, without a formal public offering.
- Dilution: The reduction of each existing shareholder’s stake when new shares are issued. Strategy’s STRC avoids diluting MSTR shareholders by creating a separate share class.
Frequently Asked Questions
How much Bitcoin does Strategy hold in April 2026?
Strategy holds 780,897 BTC as of April 14, 2026, approximately 3.72% of the maximum supply of 21 million bitcoins. These holdings were acquired for approximately $59 billion, at an average price of $75,577/BTC.
What is Strategy's STRC?
STRC is a perpetual preferred stock issued by Strategy, listed on Nasdaq. It pays an 11.5% annual dividend (monthly). Funds raised from STRC sales are used exclusively to purchase Bitcoin, without diluting MSTR common shareholders.
What is a Bitcoin Treasury Company?
A Bitcoin Treasury Company (PBTC) is a publicly traded company whose primary strategy is accumulating Bitcoin in its treasury. TD Securities formalized this as an investable asset class in April 2026. Strategy, Capital B, and Metaplanet are the leading examples.
Is Strategy a better investment than a Bitcoin ETF?
According to TD Cowen, well-managed PBTCs can increase Bitcoin per share accretively through financial tools (convertible debt, preferred stock), while spot ETFs structurally lose Bitcoin through management fees. However, PBTCs carry amplification risk related to debt.
What is Capital B, the French Bitcoin Treasury Company?
Capital B (formerly The Blockchain Group) is listed on Euronext Growth Paris and the US OTC market. It holds 2,925 BTC (€269M) and targets 1% of total Bitcoin supply by 2033. It is Europe’s first Bitcoin Treasury Company.
📰 Sources
This article is based on the following sources:
- Bitcoin.com – Strategy Buys 13,927 Bitcoin for $1 Billion, Total Holdings Hit 780,897 BTC (April 13, 2026)
- Bitcoin Magazine – TD Securities Formalizes PBTCs as Distinct Equity Category (April 13, 2026)
- CoinDesk – Strategy’s hidden risk: Why amplification may matter more than bitcoin (April 13, 2026)
- CryptoTimes – Capital B Expands Bitcoin Treasury to 2,925 BTC (April 13, 2026)
- Motley Fool – Strategy’s Michael Saylor Says “Bitcoin Has Won” (April 13, 2026)
How to cite this article: Fibo Crypto. (2026). Strategy Buys $1 Billion in Bitcoin in One Week: 780,000 BTC and the Birth of a New Asset Class. Retrieved April 14, 2026 from fibo-crypto.fr
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