Strategy Inc. (NASDAQ:MSTR) has purchased of 34,164 Bitcoin (CRYPTO: BTC) for $2.54 billion at an average price of $74,395 between April 13 and April 19.

The Third-Largest Purchase

Strategy’s latest acquisition brings total holdings to 815,061 BTC, acquired for approximately $61.56 billion at an average cost basis of $75,527. 

With Bitcoin trading around $75,000, the position sits roughly breakeven.

The purchase ranks as Strategy’s third-largest on record and the biggest weekly acquisition since November 2024. 

Michael Saylor gave his usual Sunday hint ahead of the announcement, sharing an update on Strategy’s Bitcoin acquisition tracker and stating “Think even bigger,” suggesting a more substantial purchase than the prior week’s 13,927 BTC.

How It Was Funded

The acquisitions were funded by $2.17 billion raised through sales of the company’s preferred stock STRC and $366 million from common stock offerings. 

Strategy sold 2,165,000 MSTR shares and 21,795,389 STRC shares.

Strategy still has significant fundraising capacity left, including $26.7 billion available under its MSTR stock program and $19.46 billion through STRC offerings.

The STRC Engine

STRC is a preferred stock that pays monthly dividends and currently offers an annualized rate of 11.5%. The stock has become Strategy’s primary funding source for Bitcoin purchases in recent weeks.

Earlier in the week, STRC recorded a $1.1 billion trading day, up nearly 50% from its previous high.

Strategy proposed shifting STRC’s dividend payment schedule from once per month to twice per month to reduce reinvestment lag and enhance liquidity.

The $162K Math

If Bitcoin closes the year at $162,000—28.5% higher than the previous all-time high—and Strategy makes no additional BTC purchases, MSTR would have earnings per share of $166, equal to Friday’s closing stock price.

The S&P 500 (NYSE:SPY) currently trades at an average P/E ratio of 28x, suggesting significant upside if Bitcoin reaches that level.

The Chart Breakout

Friday’s candle broke out of the descending wedge cleanly, clearing the 100 EMA at $164.32 in one session—a level that acted as resistance for weeks. 

The SAR at $122.64 sitting far below confirms the daily trend has flipped.

Today’s premarket pullback is a Monday morning cooldown after Friday’s 11% surge.

Key support sits at $164.32 (100 EMA), then $140.38 (50 EMA). Resistance clusters at $180, then $207.57 (200 EMA), then $277.

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