Michael Saylor’s Strategy Resumes Bitcoin Buying Despite Billions in Paper Losses
- Strategy acquired 4,871 BTC for US$329.9 million at an average of US$67,718 per coin between April 1 and 5, funded entirely through equity offerings.
- The purchase brings total holdings to 766,970 BTC at a cumulative cost of US$58.02 billion and an average cost basis of US$75,644 per coin.
- Q1 2026 results showed a US$14.46 billion unrealised loss, partially offset by a US$2.42 billion deferred tax benefit generated by Bitcoin’s decline from its October 2025 all-time high.
Strategy bought 4,871 Bitcoin (BTC) between April 1 and 5 for US$329.9 million (AU$478.4 million), resuming purchases after a pause that overlapped with Bitcoin’s sharpest quarterly drop of 2026.
The acquisition lifted the company’s total holdings to 766,970 BTC, equal to about 3.83% of Bitcoin’s circulating supply, reinforcing its position as the largest public corporate holder of the asset.
The purchase was funded through at-the-market sales of Class A common stock and Variable Series A Perpetual Stretch Preferred Stock, marking a reliance on equity issuance rather than debt-backed structures used in some earlier buying rounds.
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Strategy Underwater on Paper
The latest purchase came as Strategy’s first-quarter results highlighted the cost of continuing to accumulate during a prolonged market decline.
Bitcoin has fallen about 46% from its October 2025 all-time high of US$126,198 (AU$182,987) to roughly US$67,718 (AU$98,191) at the time of the April purchase.
Against a total acquisition cost of US$58.02 billion (AU$84.13 billion), Strategy’s average purchase price now stands at US$75,644 (AU$109,584) per Bitcoin, leaving the company’s full treasury below cost on paper.
As of March 31, the company recorded an unrealised loss of US$14.46 billion (AU$20.97 billion), based on a balance sheet valuation of about US$51.65 billion (AU$74.89 billion). The decline in the value of its Bitcoin holdings also produced a deferred tax benefit of US$2.42 billion (AU$3.51 billion), which partly offset the accounting impact of the loss.
Strategy has made 13 Bitcoin purchases so far in 2026, acquiring 94,440 BTC for a combined US$7.594 billion (AU$11.01 billion), while Bitcoin itself is down 20.3% since the start of the year. Saylor has continued to describe Bitcoin as Strategy’s main capital allocation priority despite short-term volatility.
At the April 5 market price of about US$67,718 (AU$98,191), the company’s total treasury was worth roughly US$51.9 billion (AU$75.26 billion), still below its cumulative spending.
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The post Michael Saylor’s Strategy Resumes Bitcoin Buying Despite Billions in Paper Losses appeared first on Crypto News Australia.
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