Strategy purchased 34,164 BTC for $2.54 billion in a single week while Metaplanet closed its 20th zero-interest bond raise. Here's what the capital structure moves really mean for Bitcoin treasury investors.
The Machine Keeps Running: Strategy's $2.5B Week and Metaplanet's Quiet Power Move
1. Weekly Overview
This was a week that reminded us what separates the serious Bitcoin treasury operators from the opportunists — the ability to keep raising capital through uncertainty, and to keep buying while others hesitate.
Strategy purchased 34,164 BTC for approximately $2.54 billion between April 13 and April 19, bringing its total holdings to 815,061 BTC at an average cost of about $75,527 per coin (TipRanks). That single purchase represents one of the largest weekly accumulations in the company's history. Meanwhile, on the other side of the globe, Metaplanet issued ¥8 billion — roughly $50 million — in zero-interest bonds to fund additional bitcoin purchases, with the entire offering absorbed by EVO Fund (CoinDesk).
The throughline this week isn't just accumulation. It's the refinement of financing architecture. Strategy proposed a structural change to its STRC preferred stock dividend cadence. Metaplanet completed its 20th bond transaction. These aren't companies reacting to markets — they're building capital machines.
2. Key Events & Announcements
Strategy — $2.54B purchase, STRC dividend proposal
• Strategy funded its latest purchase primarily through at-the-market equity offerings, netting $2.176 billion from sales of its STRC perpetual preferred shares and an additional $366 million from common stock (Biggo Finance).
• Strategy proposed shifting STRC dividends from monthly to semi-monthly, with a shareholder vote scheduled for June 8. CEO Phong Le argued the change would stabilize the price, dampen cyclicality, and drive further liquidity (Biggo Finance).
• Strategy's mNAV currently stands at 1.28, having previously dipped below 1.0 in February (TradingKey).
Metaplanet — 20th bond issuance, 40,177 BTC total
• Metaplanet's $50 million raise was its 20th bond transaction, with bonds carrying no interest, no collateral, and no guarantees — yet EVO Fund purchased the complete offering (Parameter.io).
• At current Bitcoin prices near $78,000, the raise could allow Metaplanet to acquire between 640 and 700 BTC (Bitcoin Magazine). The company targets 100,000 BTC by end of 2026 and 210,000 BTC by end of 2027.
DDC Enterprise — AI treasury platform + 2,383 BTC
• DDC Enterprise reported record 2025 revenue of $39.2 million with positive adjusted EBITDA, holding 2,383 BTC as of April 21 and disclosing approximately $528 million in strategic financings (StockTitan).
• The company launched an 'AI Treasury Intelligence Platform' to govern Bitcoin treasury decisions — a notable structural innovation worth monitoring.
STRC vs. SATA — competing preferred stock vehicles
• Rival bitcoin treasury company Strive saw its perpetual preferred stock, SATA, hit $100 par for the first time, enabling ATM share issuance. SATA offers a 12.7% dividend — 120 basis points above STRC (Unchained Crypto).
3. Deep Dive Insight
Deep Dive 1: Strategy's STRC — the most important capital structure innovation in the space
Strategy's STRC perpetual preferred stock has funded the purchase of roughly 77,000 BTC year-to-date — approximately 10 times more than all U.S. spot Bitcoin ETFs combined over the same period (Yahoo Finance).
STRC is not a bond. It's not convertible. It's perpetual — meaning Strategy never has to buy these shares back, with no maturity date forcing repayment (Backpack Exchange). This fundamentally changes the risk profile relative to convertible notes. When you remove the maturity clock, you remove one of the primary forced-liquidation mechanisms that could pressure Bitcoin sales in a downturn.
When STRC trades at or above $100 par, Strategy issues new shares and channels the proceeds directly into Bitcoin purchases, without increasing the common share count — functioning like a stock buyback funded by preferred equity, except instead of reducing share count, it increases the Bitcoin backing per share (Techi.com).
The semi-monthly dividend proposal is the key development to watch. The change is designed to stabilize STRC's price and reduce the cyclical demand dip that follows each monthly ex-dividend date (Biggo Finance) — which currently creates inefficiency in new issuance. If approved on June 8, it makes the accumulation engine smoother and potentially faster.
The structural risk is real, however: STRC now carries an 11.5% annualized dividend, and with over $2.25 billion in cash reserves, the company must service at least $1.1 billion in annual dividends — a fixed cost regardless of Bitcoin's price direction (TradingKey). That's not a fatal flaw, but it is a genuine drag that grows with each new STRC issuance.
Deep Dive 2: Metaplanet's zero-interest bond model — sustainable or single-counterparty risk?
The model is elegant in concept — borrow at 0%, buy Bitcoin, let the asset appreciate to repay the principal. EVO Fund can request early redemption with just five business days' notice, and Metaplanet can repay all or part of the bonds if it closes further financings with the same investor (CoinTribune).
Read that again. A single counterparty backstops Metaplanet's entire bond program, with a five-day early redemption clause. If EVO Fund ever withdraws — due to its own capital constraints, regulatory pressure, or a reassessment of the strategy — Metaplanet's primary financing mechanism stops overnight.
Metaplanet has cycled in and out of the top slot for most-shorted stock on the Tokyo Stock Exchange over the past year, with short sellers questioning whether the EVO-anchored financing loop can be sustained as Bitcoin volatility rises (CoinDesk). This week's 20th issuance is also a signal: EVO Fund is still showing up. That matters.
4. Market Trends
Perpetual preferred equity is replacing convertibles as the preferred instrument.
The industry is moving away from convertible notes — which carry maturity dates and forced repayment pressure — toward perpetual vehicles that have no expiration. STRC is the model. SATA is the competitor. More treasury companies will follow this path in 2026.
Financing differentiation is accelerating.
Strategy's financing evolution — from convertible notes, to convertibles paired with ATM programs, to STRC — reflects a deliberate progression toward capital with no expiration date and no forced repayment (Yahoo Finance). The companies that survive downturns are the ones whose debt structures don't force them to sell Bitcoin to service obligations.
Structural resilience was tested and passed.
There is a notable lack of forced liquidity events across the sector, largely due to how these companies have intentionally structured their debt (Yahoo Finance). The drawdown earlier this year did not break the model for the leading operators.
Spot ETF inflows are a supporting force, not the primary driver.
Spot Bitcoin ETFs attracted $2 billion in net inflows over the past eight days, extending an eight-week streak of gains (CCN) — but STRC alone absorbed ten times more Bitcoin than all ETFs combined year-to-date. Corporate treasury strategies are now the dominant marginal buyer.
5. My Commentary
In my view, the most underappreciated development this week isn't the size of Strategy's purchase. It's the proposal to shift STRC to semi-monthly dividends. It sounds like a technical detail. It isn't. It's an engineering change to a capital machine — smoothing out the friction that limits how fast and how consistently Strategy can deploy new capital into Bitcoin. If it works, every future week looks like this week.
What stands out to me is the EVO Fund dynamic at Metaplanet. Twenty consecutive bond raises, all absorbed by a single counterparty, all with zero interest. This is either the most elegant capital arrangement in the Bitcoin treasury space, or its most fragile point. Probably both. The fact that it keeps working is itself information — but I'd want to see diversification in Metaplanet's lender base before calling the model truly resilient.
I think the market is underestimating how significant the competition between STRC and SATA will become. Two perpetual preferred instruments, both targeting the same pool of institutional yield-seekers, with a 120 basis point spread. That spread will tighten or widen based on relative Bitcoin accumulation performance, balance sheet health, and investor confidence. Watching which one retains par more consistently will tell us which company has more durable capital market access.
One broader observation: the Bitcoin treasury model is maturing faster than most analysts expected. It has now survived a drawdown that took Bitcoin down significantly from all-time highs, and the leading operators didn't just survive — they kept buying. That's not luck. That's capital structure working as designed.
6. What to Watch Next Week
• June 8 shareholder vote on STRC semi-monthly dividends — approval or rejection will signal whether Strategy's retail and institutional shareholders are still aligned with the model's aggressive evolution.
• Metaplanet's BTC accumulation pace — with $50 million freshly raised and a 100,000 BTC target for 2026, watch for a purchase announcement. The math suggests they need to accelerate significantly, which means either more bond issuances or a new financing vehicle altogether.
• SATA at par — now that Strive's competing preferred stock can issue through ATM, watch whether it gains traction with institutional buyers. A strong early SATA issuance would confirm the market has appetite for more than one corporate Bitcoin preferred vehicle.
• Bitcoin price range — the treasury model holds elegantly when Bitcoin stays range-bound or rises. A sharp break below $70,000 would test STRC's par stability and Metaplanet's ability to service upcoming bond maturities. That's the stress scenario worth modeling, not the upside.
Bitcoin Treasury Weekly is published once a week. Nothing in this article constitutes financial advice. All data sourced from public company filings and verified media reports as of April 26, 2026.
Check the latest prices of Metaplanet quoted on different exchanges at the link below
