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Ahmed Balaha
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MicroStrategy is targeting 1 million Bitcoin by end of 2026. The firm currently holds 628,900 BTC valued at nearly $76 billion, roughly 3% of total supply, and needs approximately 371,100 more to hit the mark.
Getting there requires raising $22 billion in fresh capital over the next two years. That translates to a sustained purchase pace of approximately 6,158 BTC per week at current prices.
This is not a retail accumulation story. This is the most aggressive corporate Bitcoin treasury strategy ever attempted.
- Capital Requirement: MicroStrategy needs to raise approximately $22 billion to close the gap between its current 628,900 BTC and its 1 million BTC target.
- Purchase Pace: Hitting the target by end of 2026 demands buying roughly 6,158 BTC per week — equivalent to around $523 million at current market prices.
- Treasury Mechanics: The strategy runs on Michael Saylor’s ’21/21 Plan’ — $21 billion via equity issuance and $21 billion via fixed-income instruments over a three-year window.
How MicroStrategy Plans to Fund 6,000+ BTC Per Week
The plan is simple. Raise $42 billion, buy Bitcoin, repeat.
Saylor’s 21/21 Plan splits that evenly. $21 billion through equity. $21 billion through convertible notes and fixed-income instruments. The firm has been executing against this since late 2024, when it acquired a record 234,509 BTC in a single year, nearly 60% of total holdings at the time.
The average cost basis sits at $49,874 per BTC. But recent tranches are coming in around $88,000, meaning new capital is being deployed at nearly double the portfolio average.
The whole machine runs on one thing: the MSTR share premium over net asset value. As long as shares trade above the underlying Bitcoin holdings, the firm can issue equity, collect more dollars per BTC than market price implies, and buy more Bitcoin. Saylor tracks this through a metric called Bitcoin Yield. It came in at 20.4% last quarter.
The buying has been relentless. 855 BTC on February 2. 1,142 BTC on February 9. 2,486 BTC on February 17. 100 BTC on February 23. Every week, more Bitcoin.
Bitcoin hit $122,000 in July 2025. What critics called reckless leverage, analysts now call calculated institutional allocation.
But the vulnerability is obvious. The NAV premium is the engine. If MSTR shares lose that premium or trade at a discount, the equity issuance machine breaks. The accretive loop reverses. That risk grows in a sustained bear cycle while the debt load stays fixed.
Saylor called Bitcoin a fad in 2013. By 2020 he was all in. By 2026 he either holds 1 million BTC or this becomes the most expensive corporate recalibration in history.
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