MicroStrategy Trails BitMine’s 84% Crypto Goal, Needs $14B More
BitMine holds 5.078M ETH (84% toward its 5% supply goal) versus MicroStrategy’s 818,334 BTC (82% of its 1M BTC target), leaving a $14B acquisition gap at current prices. MicroStrategy added 142,561 BTC YTD at an average $78K cost and saw STRC trading volume hit $7.2B in April.
1. Race to Crypto Accumulation
MicroStrategy and BitMine Immersion Technologies are targeting fixed crypto holdings, with BitMine at 5.078 million ETH (84% of its 5% supply objective) and MicroStrategy at 818,334 BTC (82% of its 1 million BTC goal). The gap equates to roughly $2.4 billion for BitMine versus $14 billion for MicroStrategy at current prices.
2. MicroStrategy’s BTC Holdings and Costs
MicroStrategy holds 818,334 BTC at a total cost basis of $61.81 billion, averaging $75,537 per coin. The latest weekly purchase added 3,273 BTC for $255 million at $77,906, contributing to a year-to-date accumulation of 142,561 BTC at an average cost of $78,000 each.
3. Funding Model and Capital Structure
MicroStrategy funds its bitcoin acquisition through STRC perpetual preferred share issuances and at-the-market equity sales. The company carries $8.25 billion in debt, $13.53 billion in preferred stock obligations, and faces annual dividend payments of $1.49 billion on non-yielding digital assets.
4. STRC Preferred Product Trading Volume
Trading activity in MicroStrategy’s STRC preferred shares surged to $7.2 billion in April, up from $5.7 billion in March, reflecting heightened investor interest in the company’s funding instruments for further bitcoin purchases.