Strategy funded a $1.42 billion Bitcoin purchase with stock sales

Strategy disclosed on April 28, 2025 that it had acquired 15,355 bitcoin for approximately $1.42 billion during the April 21–27 period. The company reported an average purchase price of $92,737 per bitcoin, including fees and expenses, taking its holdings to 553,555 BTC as of April 27.

The disclosure mattered less as a single market trade than as a capital-markets event. Strategy said it financed the purchases with proceeds from at-the-market sales of common and preferred stock, again converting demand for its listed securities into a larger corporate bitcoin position. The April 28 filing documented the announcement date and the preceding acquisition window; it did not say that all purchases occurred on April 28.

What the filing established

Strategy sold 4,020,000 MSTR common shares between April 21 and April 27 for $1.40 billion in net proceeds after commissions. It also sold 435,069 shares of its 8.00% Series A Perpetual Strike Preferred Stock, traded as STRK, for $37.5 million in net proceeds. The filing rounded the combined proceeds to $1.44 billion and identified both programs as the source of the bitcoin purchase.

After the acquisition, Strategy reported an aggregate cost of $37.90 billion for 553,555 BTC and an average cost of $68,459 per bitcoin, inclusive of fees and expenses. Those figures were company accounting disclosures, not an independent custody attestation. The filing supplied no wallet addresses, trade timestamps, execution venues or transaction-level reconciliation.

The reporting date also needs care. April 28 was the date Strategy filed and announced the update. Its holdings and remaining offering capacity were measured as of April 27, while the purchases and share sales covered seven days. The $92,737 figure was therefore a period average, not a bitcoin market quote at a specified time or venue.

Equity issuance powered the purchase

The common-stock program had been established on October 30, 2024 with capacity to sell as much as $21 billion of MSTR. Only $128.7 million remained available after the April 21–27 sales, according to the filing. Issuing 4.02 million new common shares increased the company’s funding without creating scheduled principal repayment, but it diluted existing common shareholders’ percentage ownership.

STRK added a different claim to the capital structure. Strategy had established its separate $21 billion STRK program on March 10. The preferred shares accumulated cumulative dividends at an 8.00% annual rate on their liquidation preference, ranked ahead of common equity for dividends and liquidation distributions, and could be converted by holders into common shares subject to their terms. The April 28 issuance was therefore not free capital: it expanded preferred claims while helping finance an asset that itself produced no contractual cash flow.

What the development meant—and did not mean

The transaction showed that Strategy could raise roughly the cost of a $1.42 billion bitcoin purchase in one week through public security sales. That made the company an increasingly direct bridge between equity-market demand and corporate bitcoin accumulation. It also concentrated the business further: bitcoin-price changes would have a larger effect on reported asset values, while dividend obligations and possible future dilution remained attached to the securities used to raise funds.

The filing did not establish that Strategy’s purchases caused bitcoin to rise, that buyers of MSTR or STRK were seeking only bitcoin exposure, or that the financing would remain available on similar terms. Crypto trades continuously across fragmented venues, and no event-window price or volume claim is made here. The verified April 28 conclusion is narrower: Strategy disclosed a large, stock-financed acquisition and a 553,555-BTC position, while leaving execution details, custody proof and the future economics of its financing model unresolved.