Strategy’s Class A shares have stayed under pressure today even as Michael Saylor revived expectations of another Bitcoin purchase ahead of Monday’s disclosure window. MSTR was last trading at $171.02, down 0.84% on the session, while Bitcoin changed hands at about $78,016 after a strong April rebound. The divergence kept attention on the stock rather than only on Bitcoin, with investors watching whether another purchase would be large enough to shift sentiment around Strategy’s capital-raising model. The market focus follows Strategy’s April 20 announcement that it acquired 34,164 BTC for about $2.54 billion at an average price of $74,395 per coin. That purchase lifted the company’s holdings to 815,061 BTC acquired for $61.56 billion, or an average cost of $75,527 per Bitcoin. With BTC still trading above that average acquisition price, Strategy’s treasury remains back above breakeven on an unrealized basis, even as the stock itself has not matched Bitcoin’s latest recovery move. Saylor’s Weekend Signal Shifts Attention to Monday Earlier today, Michael Saylor posted the type of tracker-style signal that traders now associate with a fresh Monday Bitcoin update. That pattern has become a regular part of Strategy’s market rhythm, with Saylor often using weekend posts to point followers toward the next filing. Source: X However, according to recent reports, April 27 BTC buys may be more restrained than they were a week ago, with attention shifting from whether Strategy will buy more Bitcoin to how much it can buy under current market conditions. The reason is that last week’s purchase relied on a much heavier burst of capital markets activity than usual. Strategy disclosed in its 8-K that the April 13 to April 19 Bitcoin purchase was funded by sales of 21,795,389 shares of STRC preferred stock, which generated about $2.176 billion in net proceeds, along with 2,165,000 MSTR common shares that added another $366 million. The same filing showed that the company still had about $26.73 billion of common-stock capacity and $19.46 billion of STRC capacity available for future sales. Funding Room Remains, but the Mix is Changing The next question for MSTR stock is not whether Strategy still has access to funding, but which funding tool it will lean on next. Strategy’s STRC information page says the variable annualized dividend rate on STRC stood at 11.50% in April 2026. Moreover, as of press time, STRC has recently traded below its $100, which makes additional issuance less straightforward if Strategy wants to avoid selling that preferred stock at unattractive levels. That shift matters because Strategy has used several channels to keep buying Bitcoin while trying to manage dilution and dividend costs. Moreover, the further use of STRC had effectively paused as it traded below par, leaving common-stock issuance as the more practical route for near-term funding. The company still retains large ATM capacity, but the balance between common equity sales and preferred-stock issuance now appears more central to MSTR’s trading profile than it was earlier in the year. Bitcoin’s own move adds another layer. The cryptocurrency is up sharply in April and is now holding above Strategy’s average purchase price, which supports the company’s treasury position. Even so, equity investors appear to be weighing the cost of continued accumulation more closely than the value of the existing Bitcoin stash. That helps explain why MSTR remained soft on the day, even as BTC stayed near weekly highs and the market awaited another possible purchase update. Schiff Keeps Pressure on the Capital Structure Debate Peter Schiff added to that debate over the weekend with another attack on Strategy’s financing model. In a post on X, Schiff said, “The only way to stop the death spiral is for MSTR to cancel the dividend. Then STRC crashes, taking MSTR and BTC with it.” His criticism centers on the view that repeated preferred-share issuance raises Strategy’s payout burden and increases the amount of Bitcoin appreciation needed to support the structure. For now, Monday’s filing is likely to be read through that lens. Another purchase would extend Strategy’s accumulation streak and reinforce Saylor’s message that the company is still pressing ahead despite criticism. A smaller buy would not mark a change in direction, but it would suggest that the company is adjusting the pace of accumulation to match funding conditions. That leaves MSTR stock caught between Bitcoin’s recovery near $78,000 and the market’s growing focus on how Strategy finances each new purchase.
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