Bitcoin treasury firm Strategy, formerly known as MicroStrategy, has acquired 15,355 BTC for US$1.42 billion.

The purchases took place between April 21 and April 27, with an average price of US$92,737 per bitcoin, according to a filing with the US Securities and Exchange Commission.

This acquisition raises the company’s total bitcoin holdings to 553,555 BTC, valued at over US$52 billion.

Co-founder and executive chairman Michael Saylor reported that the total acquisition cost, including fees, is around US$37.9 billion. This results in an average purchase price of US$68,459 per bitcoin.

🔗 Source: The Block

🧠 Food for thought

1️⃣ Corporate Bitcoin treasuries are creating a significant supply constraint

Public company Bitcoin holdings have reached unprecedented levels, with Strategy alone now controlling approximately 2.6% of Bitcoin’s fixed 21 million supply, according to their latest filing1.

The trend is accelerating rapidly, with corporate Bitcoin holdings doubling from 263,000 BTC to 594,000 BTC in just one year, representing billions in corporate treasury allocations2.

As of February 2025, 80 publicly listed companies hold a total of 632,381 BTC (valued at approximately US$55.89 billion), while an additional 20 private companies hold 424,126 BTC (valued at US$37.49 billion)1.

This growing institutional accumulation effectively removes substantial Bitcoin from circulation, potentially amplifying scarcity as more corporations compete for the finite supply.

With Twenty One’s planned entry holding 42,000 BTC and Strategy projected to potentially reach 757,000 BTC by 2027 (according to TD Cowen analysts), the percentage of Bitcoin held by corporations could become a significant market factor3.

2️⃣ Financial innovation is accelerating to fund Bitcoin acquisitions

Strategy has developed increasingly sophisticated financing mechanisms, including its recent use of class A common stock (MSTR) and perpetual preferred stock (STRK) to raise US$1.4 billion for Bitcoin purchases.

The company’s “21/21 plan” targets a total capital raise of $42 billion through equity offerings and fixed-income securities specifically earmarked for Bitcoin acquisition, demonstrating the scale of financial engineering supporting corporate Bitcoin strategies.

New entrant Twenty One is innovating with different metrics like “Bitcoin Per Share” (BPS) and “Bitcoin Return Rate” (BRR) to provide more transparent tracking of Bitcoin value per share, addressing a criticism of Strategy’s model where “each new dollar of bitcoin purchased has a diminishing effect on its per-share bitcoin holdings”4.