- Strategy resumed BTC accumulation after pausing purchases before Q1 earnings results.
- Strategy now holds 818,334 BTC worth about $66.15B with a 7% unrealized gain.
- U.S. equities attracted over $10T in flows while crypto markets added about $300B.
Strategy signaled a return to Bitcoin accumulation days after pausing purchases ahead of its first-quarter earnings release, with Executive Chairman Michael Saylor posting “Back to work, BTC” on X. The message followed a one-week break in the company’s acquisition activity and renewed attention on the firm’s treasury approach as it manages one of the largest corporate Bitcoin reserves in the market.
The company’s most recent disclosed purchase occurred on April 27, when Strategy acquired 3,273 BTC for approximately $255 million. That transaction increased total holdings to 818,334 BTC. Based on the company’s current figures, the reserve is valued at about $66.15 billion, with an average acquisition cost of $75,537 per Bitcoin and an unrealized gain of roughly 7%.
Strategy’s holdings now account for nearly 4% of Bitcoin’s total supply. During the first-quarter earnings call, executives discussed how the company could periodically sell portions of its Bitcoin reserves to fund dividend obligations tied to its corporate credit products.
Related: Strategy Overtakes BlackRock in Bitcoin Holdings with 815,061 BTC
Strategy Discusses Treasury Flexibility and Dividend Funding
During the earnings call, Saylor stated that the company may “probably sell some Bitcoin to fund a dividend” in order to provide additional financing flexibility to the market. The remarks came as management outlined a treasury structure designed to support debt-related obligations while maintaining its large Bitcoin position.
Strategy CEO Phong Le said any future sales would occur under specific circumstances, including dividend payments or tax-related considerations. He added that the company does not expect such activity to materially influence Bitcoin’s market price.
The discussion drew mixed reactions across the digital asset sector. Some market participants viewed the approach as an expansion of Strategy’s financing options, while others noted that recurring sales from a major holder could add to market pressure during volatile trading periods.
Equity and Crypto Flows Continue Diverging
The renewed Bitcoin accumulation discussion emerged alongside strong capital flows into U.S. equities. According to the data, the Nasdaq index climbed more than 22% during the second quarter, while the S&P 500 reached a record high of 7,400 on May 8.
More than $10 trillion reportedly entered U.S. equities over roughly one month, compared with approximately $300 billion flowing into digital assets during the same period. Crypto market capitalization also rose above $2.6 trillion during the period, though the scale of equity inflows continued to outpace allocations to digital assets.
Related: Strategy Pauses Bitcoin Buys as Peter Schiff Criticizes Accumulation Model
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