Saylor Posts Purchase Chart Again Ahead of Another Bitcoin Buy

Michael Saylor posted Strategy's full Bitcoin purchase history on April 26. The chart shows 107 transactions since 2020. He has used this post as a consistent signal before each new acquisition.

The timing matters. Strategy completed its most recent buy just days earlier, on April 20. That purchase added 34,164 BTC for $2.54 billion at an average price of $74,395 per coin.

That single transaction was the company's third-largest on record. Total holdings now stand at 815,061 BTC, acquired at an overall average of $75,527 per coin. The full treasury cost $61.56 billion to build.

How Strategy Got Here

Strategy, formerly MicroStrategy, began buying Bitcoin in August 2020. It started with $250 million, framing Bitcoin as a hedge against dollar debasement. Weekly purchases became routine through 2025 and into 2026.

Between late December 2025 and mid-March 2026, the company acquired roughly 90,000 BTC across a near-weekly buying rhythm. Purchases ranged from small adds under 3,000 BTC to single-week buys above 22,000 BTC.

Strategy accelerated accumulation during the recent market downturn, adding nearly 80,000 BTC in 2026 as Bitcoin fell over 50% from its October all-time high. The company treated lower prices as a buying opportunity.

The Current Position

Strategy now holds more Bitcoin than BlackRock's iShares Bitcoin Trust, which holds 802,824 BTC. It is the first time Strategy has led since Q2 2024. The gap is about 12,000 BTC.

The second-largest publicly traded Bitcoin treasury, Twenty One Capital, holds only 43,514 BTC. Strategy's lead over the rest of the corporate field is wide by any measure.

Bitcoin's current price of about $78,000 puts Strategy's treasury back above its average cost basis of $75,527. Holdings are profitable again by roughly 3.3%.

The Loss That Came First

Strategy reported a $14.5 billion unrealized loss for Q1 2026. Bitcoin had dropped from a high above $126,000 in October 2025 to around $60,000 in February 2026.

The company did not pause buying during that decline. It kept purchasing, which lowered its total cost per coin while increasing overall exposure. That approach is now showing a narrow gain on paper.

The average acquisition cost across all 815,061 BTC is $75,527. At $78,000 spot, the position is above water by less than 4%.

How Purchases Are Funded

Strategy's perpetual preferred equity instrument, called STRC, has been a key source of capital funding its recent Bitcoin accumulation. Most recent purchases are made through shares sold under its at-the-market program.

The company continues issuing new preferred equity to raise cash for BTC buys. This creates a cycle where capital markets fund the treasury and Bitcoin price growth is needed to justify the structure.

Analyst Adam Livingston projects Strategy could hold 1.2 million BTC by end of 2026 using this mechanism.

Supply Pressure

Strategy's Bitcoin demand is outpacing newly mined supply threefold, according to Bitcoin advocate Samson Mow. Roughly 450 BTC are mined per day after the April 2024 halving.

At its recent buying pace, Strategy is absorbing far more coins than miners produce. If exchange balances continue to fall, this pace could tighten available supply for other buyers.

This dynamic strengthens the case for Bitcoin holders but also concentrates ownership in a single corporate entity.

The Risk Case

Not everyone views the accumulation plan favorably. Seeking Alpha contributor Rida Morwa wrote that Strategy is issuing preferred equity at an aggressive pace, with a plan that depends on either continuous equity issuance or asset sales to cover dividends.

His critique is direct: the model requires Bitcoin to keep rising. If prices stay flat or fall, the cost of servicing preferred shares becomes a burden the treasury struggles to meet.

Morwa noted that the plan works well only if Bitcoin reaches $100,000 or higher next year. Below that threshold, the math tightens considerably.

What Comes Next

Saylor's chart post on April 26 follows a clear pattern. Each prior instance preceded a disclosed purchase within days. The company files purchase disclosures through SEC Form 8-K, typically covering the prior week's activity.

If the pattern holds, a new purchase announcement will arrive within the next week. Given the recent pace, the amount could range from a few thousand to tens of thousands of BTC.

Strategy's stated long-term target remains 1 million BTC. At 815,061, it is about 185,000 coins short of that number. At the 2026 accumulation pace of roughly 80,000 BTC, it could reach that level within a year if funding holds.

The company's next move will be watched closely. It now holds over 3.8% of all Bitcoin that will ever exist.