Strategy (NASDAQ: MSTR) shares surged more than 12% on April 17 as Bitcoin broke above $77,000 for the first time since early February, driven by easing geopolitical tensions in the Middle East and a broad risk-on rotation across global markets. The rally pushed the company’s 780,897 BTC treasury back into unrealized profit territory, crossing above its average cost basis of $75,577 per coin. Strategy also reported a $1.3 billion bitcoin gain for April tied to the rebound in its holdings.
$1 Billion in BTC Bought Through STRC in a Single Week
Strategy disclosed on April 13 that it purchased 13,927 BTC at an average price of approximately $71,902 per coin, totaling roughly $1 billion. The acquisition was funded entirely through sales of its STRC preferred stock, a perpetual preferred instrument designed to trade near a $100 par value and currently paying an annualized dividend rate of 11.5%. No common MSTR shares were issued during the period, marking a shift toward financing Bitcoin purchases exclusively through preferred equity.
Between April 6 and April 12, Strategy generated just over $1 billion in net proceeds by selling more than 10 million STRC shares. The program’s momentum continued into the following week, with a single trading day producing over $1 billion in STRC volume, 100% of it above the $100 par value required to activate the at-the-market program. STRC trading volume has surged to roughly 20% of total MSTR volume, up from essentially zero earlier in 2026.
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Strategy’s Bitcoin Treasury at a Glance
| Metric | Value |
|---|---|
| Total BTC holdings | 780,897 BTC |
| Total cost basis | ~$59.02 billion |
| Average purchase price | $75,577 per BTC |
| Latest purchase (Apr 6–12) | 13,927 BTC for ~$1 billion |
| Latest avg. entry price | $71,902 per BTC |
| Funding source | STRC preferred stock ATM program |
| April bitcoin gain (reported) | $1.3 billion |
| MSTR stock move (Apr 17) | +12.26% |
Bitcoin Breaks 10-Week Resistance on Hormuz Headlines
The catalyst for both Bitcoin’s breakout and Strategy’s stock surge came from the Middle East. Iran declared the Strait of Hormuz fully open to commercial shipping under the terms of a ceasefire between the U.S., Israel, and Iran. President Donald Trump amplified the message on social media, and oil prices dropped over 10% as a result.
Bitcoin cleared key resistance in the mid-$70,000 range that had capped four separate rally attempts since February. The breakout triggered a cascade of short liquidations, with derivatives data showing a 140% jump in liquidations alongside rising open interest. The S&P 500 closed above 7,000 for the first time on April 15, adding to the risk-on backdrop. Total crypto market liquidations hit $820 million in the 24 hours following the Hormuz announcement, with $662 million coming from short positions.
Back in Profit, But Volatility Cuts Both Ways
With Bitcoin trading above $77,000, Strategy’s portfolio is showing an unrealized gain of approximately 3% over its cost basis. The total value of its holdings is roughly $60.4 billion. The swing from underwater to profitable reduces near-term balance sheet pressure and supports continued STRC issuance, which has become the company’s primary capital engine for BTC accumulation.
Strategy functions as a high-beta proxy for Bitcoin. For every $1,000 move in BTC, the company’s holdings change by approximately $780 million in value. That leverage works both directions. CEO Michael Saylor has consistently framed Bitcoin yield as a core performance metric, positioning Strategy’s accumulation as a long-term balance sheet transformation rather than a trading strategy.
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STRC Dividends May Go Semi-Monthly
Strategy is also looking to increase STRC’s attractiveness to income-focused investors. The company announced plans to shift STRC dividend payments from quarterly to semi-monthly, which would give holders more frequent cash flows. STRC is a perpetual preferred stock that currently pays its 11.5% annualized rate in quarterly installments. A semi-monthly schedule would make 24 payments per year instead of four, a structure designed to compete with income products in traditional fixed-income markets.
The combination of rising STRC volume, no common share dilution, and a Bitcoin treasury that just flipped green creates a feedback loop that strengthens Strategy’s ability to keep buying. Whether that loop holds depends entirely on Bitcoin’s next move. Technical analysts are watching $80,000 as the next resistance, with the 200-day simple moving average at $87,519 as the larger trend line that would need to be reclaimed for a full reversal of the February decline.
