Strategy Resumes Bitcoin Purchases Amid $14.5B Paper Loss in Q1

Strategy, the world’s largest publicly listed holder of Bitcoin, resumed buying BTC last week after a week of no purchases in late March. The company acquired 4,871 Bitcoin for $329.9 million, according to an 8-K filing with the U.S. Securities and Exchange Commission. These purchases were made at an average price of $67,718 per coin, slightly below the company’s overall average acquisition price of $75,644. Strategy’s Bitcoin holdings now total 766,970 BTC, acquired for a total cost of around $58 billion. In its first-quarter financial report, Strategy disclosed a $14.46 billion unrealized loss on its digital assets. The company also recognized a $2.42 billion deferred tax benefit, with a $1.73 billion deferred tax asset recorded as of March 31 related to unrealized losses. This asset was offset by a $1.73 billion valuation allowance, and Strategy expects to establish an additional $500 million valuation allowance against these deferred tax assets. Bitcoin’s price fell below Strategy’s average purchase price in early February, marking the first time since late 2023 that BTC traded below its cost basis. Despite this, the company has continued to accumulate Bitcoin, purchasing roughly 54,000 BTC since February 2. Strategy was particularly active in March, making some of its largest weekly purchases on record, with 41,362 BTC acquired in the month. In the first quarter of 2026, Strategy’s total Bitcoin purchases reached 89,316 BTC, with an aggregate spend of approximately $6.3 billion. The company is also updating its at-the-market (ATM) program, including a new $21 billion offering of Stretch (STRC) stock and a new $21 billion offering of Common A (MSTR) stock. Strategy terminated its prior Strike (STRK) stock offering and launched a new $2.1 billion STRK stock offering. Sales under the STRC and MSTR increases may begin once the existing capacity is substantially used. During March 30–31, Strategy sold approximately 2.28 million shares of STRC and 582,550 shares of MSTR, generating about $299.3 million in net proceeds. From April 1–5, the company sold an additional 1 million shares of STRC and 593,294 shares of MSTR, raising roughly $174.6 million.