Strategy (NASDAQ:MSTR) could hit 1 million Bitcoin (CRYPTO: BTC) by September 2026 if the company maintains its historical 16% quarterly acquisition rate, with the preferred stock STRC enabling purchases during bear markets unlike previous cycles.

The Historical 16% Rate

Michael Saylor’s Strategy has increased Bitcoin holdings by an average of 16% quarter-over-quarter since 2020. 

In Q1, the company acquired 88,568 Bitcoin, the second-best quarter ever despite Bitcoin trading 45% below all-time highs.

The company holds 761,068 Bitcoin as of March 18. Acquiring another 100,000 Bitcoin this quarter would bring holdings to 860,000, putting the company one quarter away from 1 million by September.

Strategy raised $1.5 billion last week, with $1.18 billion coming from STRC preferred stock versus $396 million from common stock. 

This marks the first time the company used preferred stock as the primary funding vehicle, a shift that enables capital raises regardless of Bitcoin price.

Why Bear Markets No Longer Stop Buying

In previous bear markets, Strategy struggled to raise capital through common stock when Bitcoin crashed. 

The 2022 bear market saw minimal Bitcoin acquisitions as the stock traded at steep discounts and secured notes limited capital access.

The 2025 capital structure transformation changed everything. Strategy created low-volatility instruments that insulate the company from Bitcoin drawdowns. 

The preferred stock pays an 11.5% dividend and trades based on credit quality rather than Bitcoin price volatility.

This enables Strategy to raise capital in bear markets. In Q1 2026, the company acquired the second-highest quarterly Bitcoin total in history while Bitcoin traded 45% below highs. The record quarter remains Q1 2025 when Bitcoin traded near $95,000.

The Million Bitcoin Countdown

If Strategy acquires 16% more Bitcoin each quarter, holdings reach 860,000 by June 30 and surpass 1 million by September 30. 

The 16% rate is conservative—a 24% quarterly rate driven by STRC scale would push the milestone to August.

The math assumes 100% of mined Bitcoin gets sold each quarter, which isn’t true.

Strategy’s weekly 20,000 Bitcoin purchases often exceed weekly mining output of roughly 14,000 Bitcoin. This supply constraint will intensify as the 2028 halving approaches.

The Liquidity Advantage

Strategy’s $54 billion Bitcoin treasury sits behind $1 billion in annual preferred dividend obligations. 

The company maintains $2.25 billion in USD reserves, providing 46 years of dividend coverage based on current holdings alone.

The common stock trades $2-$3 billion daily, making it one of the top 20 most liquid stocks in the market. 

This liquidity enables the ATM to raise capital in both directions regardless of Bitcoin price movement.

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