Strategy Buying Bitcoin 2x Faster Than New BTC Supply

The company, formerly known as MicroStrategy, now holds 766,970 BTC after adding approximately 90,000 BTC in 2026 alone. During the same period, only about 40,500 BTC were mined globally. That gives Strategy a buy-to-mine ratio of roughly 2.18x.

That absorption rate highlights how aggressively the firm is removing Bitcoin from liquid circulation. It also raises questions about the sustainability of its capital-raise strategy.

The Numbers Behind the Accumulation

Strategy’s total cost basis now sits at approximately $58.02 billion, according to data from strategy.com. Its average purchase price across all holdings is roughly $75,644 per BTC.

The pace of Strategy Bitcoin buying has accelerated sharply in 2026. On March 16, the company made its largest single purchase of the year. It acquired 22,337 BTC for approximately $1.57 billion.

That was followed by another 17,994 BTC buy on March 9 for $1.28 billion. Other notable weekly purchases include 4,871 BTC on April 6, 3,015 BTC on March 2, and 1,031 BTC on March 23.

Earlier in the year, the company made several smaller acquisitions ranging from 855 to 2,486 BTC per week. Michael Saylor, Strategy’s executive chairman, announces each purchase on X and files Form 8-K with the SEC.

Source: Arkham

How Strategy Funds Its Bitcoin Buying

Strategy finances its purchases primarily through at-the-market (ATM) sales of Class A common stock ($MSTR) and perpetual preferred shares ($STRC). The company has recently leaned more heavily on preferred shares but continues to use both instruments.

This approach allows Strategy to raise billions without traditional debt in many cases. Each stock offering dilutes existing shareholders, however, which is a trade-off investors must weigh against rising BTC exposure.

All transactions are documented on the company’s official purchases page. The company also files Form 8-K with the SEC after each major acquisition, providing full transparency into its buying activity.

Strategy Bitcoin Buying Outpaces Post-Halving Supply

Since the April 2024 halving, daily BTC issuance has dropped to approximately 421 to 450 coins. The block reward fell from 6.25 to 3.125 BTC, cutting new supply in half.

Against that backdrop, Strategy’s buying pace stands out even more. The company absorbs new supply at over twice the rate it enters the market. No other corporate buyer comes close to this level of accumulation.

According to Bitbo.io, Strategy controls roughly 3.65% to 3.8% of total BTC supply. It also holds the vast majority of Bitcoin among publicly traded companies worldwide.

For context, all other public companies combined hold a fraction of what Strategy owns. Tesla, Block, and Coinbase each hold significantly less, making Strategy the clear outlier among corporate treasuries.

According to Bitcoin Magazine tracking data, approximately 40,500 BTC were mined globally through early April 2026. Strategy’s purchases during that same window exceeded that figure by a wide margin.

The Race to One Million BTC

Strategy has set a target of reaching one million BTC by the end of 2026, according to CoinDesk. Reaching that goal from 766,970 BTC would require acquiring roughly 233,000 more coins in the remaining months.

That translates to about 6,000 or more BTC per week. Strategy has hit that pace in some weeks but has not sustained it consistently. Whether the company can maintain that cadence depends on continued capital raises and market conditions.

The company tracks its own performance using proprietary metrics. BTC Yield, which measures the growth rate of holdings, stands at 3.7% year to date. BTC Gain, another internal metric, shows 24,675 BTC in value added, worth approximately $1.65 billion.

These are not standard financial metrics. They are internal measures that Strategy uses to frame its performance on a Bitcoin-denominated basis. Traditional GAAP measures tell a different story in volatile quarters.

Risks and Criticisms

Critics argue that Strategy’s model carries significant concentration risk. A sharp BTC price correction could pressure the company’s stock price and its ability to raise new capital through equity offerings.

The reliance on equity issuance means existing shareholders face ongoing dilution. While the BTC per share may increase, the strategy depends on Bitcoin continuing to appreciate over time.

Some analysts have also questioned whether a single company accumulating nearly 4% of total BTC supply could create systemic risk. If Strategy were ever forced to sell, the market impact could be severe.

What Comes Next for Strategy

Strategy shows no signs of slowing down. The company continues to buy weekly and has publicly committed to expanding its Bitcoin position throughout 2026.

If BTC prices remain near current levels, the firm could reach 800,000 BTC within weeks. Reaching the one million target would require a significant acceleration in both buying pace and capital deployment.

For now, Strategy remains the dominant force in corporate Bitcoin accumulation. Its purchases alone are reshaping the supply dynamics of the world’s largest cryptocurrency. This article is for informational purposes only and does not constitute financial advice.