As of the end of Q1 2026, Strategy controls 818,334 BTC — 3.9% of Bitcoin’s total supply. In the first four months of the year, the company acquired more than 63,000 additional coins, raised $11.7 B in capital, and delivered a 9.4% BTC yield per share. During its quarterly earnings call, CEO Michael Saylor outlined a major new phase for the first time: Strategy is now willing to sell part of its Bitcoin holdings whenever it benefits BTC per share growth.
The Role of Stretch in the Balance Sheet Structure
Stretch became the company’s main capital formation tool in the first quarter. Over the past nine months, total issuance through the instrument reached $8.5 B, and by April, more than 80% of all capital raised came through Stretch. Strategy is gradually shifting away from convertible debt in favor of a less dilutive structure.
The instrument currently trades in the $99–101 range with an 11–12% yield, while average daily trading volume stands at $375 M — 25 times higher than its nearest competitor in the preferred equity market. Shareholders have also been offered a transition from monthly payouts to biweekly distributions, with a vote scheduled for early June.
A New Balance Sheet Logic
Company leadership noted that at its current reserve size, BTC only needs to appreciate by 2.3% annually to fully cover all dividend obligations without raising additional capital. Even with flat BTC performance, the reserve would last 43 years.
Management outlined several operational scenarios: selling Stretch to repurchase convertible bonds, using Bitcoin’s high acquisition cost for tax optimization, selling BTC to fund dividend payments, or expanding dollar reserves. In every scenario, the only benchmark that matters is BTC per share growth.
At present, the company holds around $2.25 B in cash, maintains low net debt, and reports an MNAV multiple of 1.27.
Seven Years to Double
Strategy reaffirmed its goal of doubling BTC per share within seven years — and based on first-quarter results, the company is already ahead of schedule. The team sees Stretch as the foundation for an entire suite of yield-focused products now being developed by both DeFi projects and traditional financial players.