MicroStrategy’s recent massive Bitcoin purchase has led to a remarkable divergence between the company’s shares and the cryptocurrency market. According to the official statement made on April 20, MicroStrategy added a total of 34,164 Bitcoins to its portfolio for an average of $ 74,395, approximately $ 2.54 billion. With this major purchase, the company’s Bitcoin accumulation reached 815,061 BTC, while the total investment amount was 61.56 billion dollars. The average cost per unit of Bitcoin held by the company increased to $ 75,527. As the BTC price traded above this level, the assets in MicroStrategy’s vault were moved to the loss again; However, the company’s shares did not recover at the same rate.
New Bitcoin Purchases and Financing Strategies
MicroStrategy is one of the leading companies investing in cryptocurrencies on a global scale on an institutional scale. Michael Saylor, who is currently the chairman of the company’s board of directors, draws investors’ attention to the first day of the week with the social media messages he shares, especially on weekends. While investors enter each Monday with the expectation of a new Bitcoin announcement, they are watching whether the company will make additional purchases or how the purchase amount will change the market sentiment.
However, looking at recent reports, it is predicted that MicroStrategy may act more cautiously in new BTC purchases. Last week’s huge purchase of 34 thousand Bitcoins was made possible by a financing move of a magnitude that the company has rarely used in history. During the said period, a net amount of $2.176 billion was generated through the sale of 21,795,389 STRC preferred shares, and an additional $366 million was generated through the issuance of 2,165,000 MSTR ordinary shares. According to the data reflected in the relevant document, the company currently has approximately $26.73 billion in common shares and $19.46 billion in STRC capacity.
It is a matter of curiosity which financing instrument MicroStrategy will turn to in the next step. The annual variable dividend rate of preferred shares named STRC, which will be distributed in April 2026, has increased to 11.50 percent. Moreover, STRC shares have been trading below par value for some time, making it difficult for the company to find attractive terms for new sales. This being the case, the issuance of ordinary shares is expected to come to the fore in the short term, and the balance between the company’s share distribution and dividend costs becomes increasingly decisive.
Bitcoin’s Price, Shares and Investor Tension
Bitcoin, which had a significant rise in April, continued to hold above the company’s average purchase price. Although this development strengthened MicroStrategy’s coffers, stock investors have now begun to question more the cost of the company’s policy of constantly accumulating Bitcoin. While the expected reaction to the stock price did not come, the markets are carefully following the new acquisition news and the company’s financing strategy.
Peter Schiff commented in his post over the weekend, “The only way is to cancel the dividend, otherwise STRC will collapse and then pull MicroStrategy and Bitcoin down as well.” Schiff’s criticism points out that the company’s increasing dividend burden through consecutive sales of preferred shares is making the financial structure increasingly fragile.
Investors will keep their eyes on the file that will be shared next week. A new acquisition could confirm the company’s commitment to collecting Bitcoin. However, a purchase of smaller amounts will give the message that the pace is adjusted according to the financing conditions. Naturally, MSTR stock remains on the agenda with the question of how MicroStrategy will finance each new purchase, even though Bitcoin remains close to 78 thousand dollars.
