Strategy now holds 818,869 Bitcoin, worth roughly $66 billion at current prices — a position that has become the largest corporate Bitcoin reserve anywhere in the world. That stockpile keeps growing, and the instrument fueling much of the buying just broke a record.
A New Kind Of Funding ToolSenior convertible notes and at-the-market equity offerings have both tightened over the past year, pushing the company toward preferred stock as its primary capital source.
Stretch works by paying investors an 11.5% dividend without touching the company’s common shares. That structure keeps existing shareholders from being diluted while still bringing in fresh capital.
Strategy’s pace of acquisition has picked up sharply. The company has bought 56,770 Bitcoin since April and more than 101,000 since March, bouncing back after a slow February.
Bitcoin’s own price movement has helped the math: the recent rally to around $81,000 pushed above Strategy’s average purchase price of $75,543, putting its holdings up 7%.
During a first-quarter earnings call on May 5, Saylor said he wants Stretch to become the largest credit instrument in the world.
Reports indicate the company posted a $1.25 billion net loss in Q1 as Bitcoin fell during that period, though the situation has since shifted with the price recovery.
Strategy is not alone in using this type of structure. Strive announced Thursday that holders of its own preferred stock, SATA, would begin receiving daily dividends starting June 16 — a faster payout schedule than the monthly distributions Stretch offers.
A Crowded Field With One GiantNearly 200 public companies now hold Bitcoin on their balance sheets. Strategy remains far ahead of all of them. Its 818,869-coin position dwarfs every other corporate holder, and the company shows no signs of slowing the accumulation. Preferred stock, for now, is the engine making that possible.
Featured image from Free3D, chart from TradingView
