MicroStrategy leverage and Bitcoin treasury strategies

MicroStrategy holds 818,000 Bitcoins, and these holdings are completely "free." The company uses convertible notes, such as the $1.05 billion issuance for the 21/21 plan, to fund its acquisitions. Saylor manages a "STRECH" digital lending instrument which provides an 11.5% annual dividend yield for investors. He claims the company could sell 0.2% of its holdings in a month to buy five to ten times that amount in the same period. I find his willingness to buy Bitcoin at $16 million per coin to be pure madness. In April 2026, Strategy bought 34,164 Bitcoins at an average price of $74,395 per coin using $2.54 billion from at-the-market equity offerings, which increased its holdings to 815,061 Bitcoins with a market value of $61.14 billion. The company also bought 3,081 Bitcoins for $356.9 million at an average price of $115,829 each. This brings its total holdings to 632,457 Bitcoins, which cost $46.5 billion at an average price of $73,527. Recently, the company bought 8,178 Bitcoins for $835.6 million at an average price of $102,171 per coin. This latest acquisition brings the total held to 461,000 Bitcoins at an average price of $74,433 per coin, a $48.37 billion position.

Comparison of institutional holders

Strategy Inc. holds 815,061 Bitcoins, which is more than BlackRock’s IBIT holdings of 802,823.45 Bitcoins. BlackRock holds 802,823.45 Bitcoins as of April 17, which has a market value of approximately $60.22 billion, after the firm recorded a total cash inflow of $906.09 million last week. I think the 9.5% year-to-date BTC yield makes the equity-financed strategy look attractive to institutional investors. Tesla and Block also keep Bitcoin on their balance sheets. BlackRock owns 14.61 million shares in Strategy, valued at $2.39 billion as of December 31, 2025. You should know that the MicroStrategy premium to net asset value depends on the ability to use debt to acquire more Bitcoin.

Strategy’s stock has faced pressure, falling 56% from its July peak of $457. I think the premium to net asset value is shrinking. The 649,670 Bitcoins held by MicroStrategy, which cost $48.37 billion at an average price of $74,433, is a massive position. Strategy purchased more than 25,000 Bitcoins for over $2 billion through May. BlackRock could have lost its position as the leader in Bitcoin holdings due to its increased stake in Strategy rather than buying its IBIT shares.

Semler Scientific’s medical cash conversion

Semler Scientific uses cash from its QuantaFlo medical device sales to buy Bitcoin. The company holds 828 Bitcoins, which it purchased for $57 million. These holdings have a market value of $59 million. Semler Scientific targets Bitcoin as its primary treasury reserve asset because it views the digital asset as a reliable store of value. The company continues to focus on its core business of cardiovascular testing for healthcare providers. I find the comparison between a medical device firm’s cash flow and a massive debt-leveraged Bitcoin play to be absurd. Semler is raising $150 million to purchase more Bitcoin. The company also recently made a $17 million Bitcoin purchase. In May 2024, the company bought 581 Bitcoins for $40 million. This move sent the stock up 25%. Semler’s stock also surged 37% following its initial Bitcoin announcement. The company notes that Bitcoin’s market value is much lower than gold, which has a market value approximately 10 times that of Bitcoin. The company views Bitcoin as a digital gold with unique characteristics that set it apart from traditional assets. Can Semler maintain its medical product development while it aggressively converts all its medical device cash into Bitcoin?