Michael Saylor’s Strategy acquired 6,556 Bitcoin between April 14 and April 20, spending $555.8 million at an average price of $84,785.

The transaction, detailed in a Form 8-K filing with the U.S. Securities and Exchange Commission, raised the firm’s total holdings to 538,200 BTC.

The company’s aggregate investment reached $36.5 billion, with a cost basis of $67,766 per Bitcoin.

$MSTR has acquired 6,556 BTC for ~$555.8 million at ~$84,785 per bitcoin and has achieved BTC Yield of 12.1% YTD 2025. As of 4/20/2025, @Strategy holds 538,200 $BTC acquired for ~$36.47 billion at ~$67,766 per bitcoin. https://t.co/YxUq6mHzca

— Michael Saylor (@saylor) April 21, 2025

The purchase represents 1.2% of Strategy’s total reserves. It confirms the firm’s continued accumulation plan, supported by public disclosures since its Bitcoin entry in August 2020.

Funded Through Stock Sales

The acquisition was financed through capital raised from equity offerings. Strategy sold 1,755,000 common shares for $547.7 million and issued 91,213 Series A preferred shares for $7.8 million. The combined proceeds funded the purchase during the April 14–20 period.

This approach follows the company’s regular use of capital markets to support Bitcoin purchases.

The method allows Strategy to scale its holdings without relying on operational cash flow.

The purchase followed a 3,459 BTC acquisition on April 14, which marked a return to buying after a short pause.

Strategy Has Acquired 91,800 BTC in 2025

Strategy has accumulated 91,800 BTC since the beginning of the year, accounting for 17% of its total holdings.

The April 14 buy was the first since March 31, after a break during which Bitcoin fell below $87,000. The latest purchase pushed Strategy’s 2025 total further, following a consistent buying trend.

These additions have contributed to a 12.1% Bitcoin yield year-to-date. The firm uses a BTC-per-share model to report yield, tracking value growth for shareholders.

Bitcoin Yield Up, MSTR Premium Tightens

While yield rose, investor sentiment toward Strategy’s stock shifted. The NAV multiplier—measuring how far MSTR trades above the value of its Bitcoin holdings—narrowed in 2025.

In contrast, 2024 saw investors pay a larger premium, driven by stronger market enthusiasm.

Charts from BitcoinTreasuries.net show MSTR still follows Bitcoin’s price but with sharper movements. Strategy’s leveraged exposure amplifies those swings.

As of April, the reduced gap between share price and net asset value signals a more reserved market view, with closer alignment to the company’s actual BTC position.

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