MicroStrategy (MSTR) has executed its largest weekly Bitcoin acquisition since November 2024, purchasing approximately $2.54 billion worth of Bitcoin in the week ending April 19, 2026. This aggressive move significantly increases the company's total Bitcoin holdings to an estimated $61 billion, reinforcing its position as one of the world's largest corporate holders of the cryptocurrency.
The purchase was primarily funded through the company's innovative use of preferred equity. MicroStrategy raised roughly $2.18 billion by issuing its STRC preferred shares, with the remainder coming from common stock sales. The STRC shares offer a high dividend yield of around 11.5% and feature a flexible dividend mechanism adjusted monthly to keep the shares trading near their $100 par value. The company is even considering shifting these dividend payments to a twice-monthly schedule to further stabilize pricing and maintain investor confidence.
This strategic pivot towards preferred shares addresses long-standing investor concerns about dilution from frequent common stock issuance. By relying more heavily on preferred equity, MicroStrategy aims to balance capital-raising needs with protecting existing shareholders. To date, the company has reportedly raised over $8.5 billion through the STRC instrument alone.
The acquisition coincides with a strong rally in Bitcoin's price, which has fueled a nearly 30% surge in MicroStrategy's stock over the past week. The company's transformation into a Bitcoin-focused financial vehicle is now clear, offering investors indirect exposure to Bitcoin through a public equity. However, this leveraged model introduces significant financial risk, as its success hinges on Bitcoin's performance outpacing the company's cost of capital, including its substantial dividend obligations.
