MicroStrategy added 34,164 BTC to its treasury for approximately $2.54 billion at an average price of $74,395 per bitcoin, Michael Saylor announced yesterday. As of April 19, the company holds 815,061 BTC acquired for $61.56 billion at an average of $75,527 per coin.
The purchase marks one of the largest single acquisitions in the company’s multi-year accumulation strategy. Saylor’s latest disclosure shows MicroStrategy has achieved a 9.5% BTC yield year-to-date, a metric the company uses to measure bitcoin accumulation relative to dilution from share issuance and debt financing.
$3.6 Billion in Gains During Three-Week Sprint
Today Saylor revealed that MicroStrategy generated a 6.2% BTC yield and 47,079 BTC in gains during the first three weeks of April alone. He values that gain at roughly $3.6 billion. “BTC Gain is the closest analog to Net Income on the Bitcoin Standard,” Saylor wrote, framing the metric as a profitability proxy for a balance sheet anchored to bitcoin rather than traditional revenue.
The concept of BTC yield, measuring bitcoin acquired per diluted share outstanding, has become MicroStrategy’s primary performance indicator. It doesn’t track unrealized dollar gains or losses; it tracks how many more coins the company holds per share over time. By that yardstick, the first quarter delivered. Whether the strategy holds when bitcoin retreats is the test investors have been watching since 2020.
From 386,700 BTC to 815,061 in Eighteen Months
MicroStrategy held 386,700 BTC in late November 2024, acquired for $21.9 billion at an average price of $56,761. That means the company added over 428,000 coins, more than doubling its stack, while deploying an additional $39.66 billion. The buying spree coincided with bitcoin’s climb from the low $90,000s into six figures, with MicroStrategy consistently stepping in as price rose.
Purchases were funded through a mix of convertible debt, at-the-market equity offerings, and senior secured notes. The company has leaned heavily on MSTR’s premium to net asset value, issuing shares at multiples of the underlying bitcoin and using the proceeds to buy more. Critics call it a leveraged bet with dilution risk; Saylor calls it yield-accretive capital formation.
MicroStrategy’s total bitcoin stash is now worth roughly $60.6 billion at current market prices, sitting slightly underwater against the $61.56 billion cost basis. The company’s position accounts for roughly 3.9% of bitcoin’s total supply. Whether that concentration becomes a systemic risk or a bellwether for corporate treasury adoption remains the open question as more public companies eye similar strategies.
