Saylor: Strategy Bought $62B of Bitcoin Using Stretch

Michael Saylor, founder and executive chairman of Strategy, said the company has purchased $62 billion of Bitcoin since 2020. With Bitcoin trading above $150,000 per token, Strategy’s accumulated holdings carry a valuation above $100 billion. Bitcoin’s market capitalization exceeded $3 trillion in April 2026, and a roughly 15% price increase in the past month increased Strategy’s unrealized gains.

Stretch launched in 2024 and trades under the ticker STRC. The company describes Stretch as a tokenized credit product that provides additional credit capacity by connecting institutional capital with decentralized markets. Strategy says it deploys Stretch alongside cash and equity to expand its Bitcoin holdings.

According to Saylor, Stretch financed more than $10 billion of leveraged Bitcoin purchases during 2025. The company has not disclosed detailed deal mechanics for the transactions financed through the product.

Leverage creates potential risks. Leveraged positions can be forced to unwind quickly if prices fall, and Bitcoin is a highly volatile asset. A rapid drop in Bitcoin’s price could increase losses on leveraged holdings and put pressure on a company’s balance sheet.

There is a regulatory dimension to the strategy. The combination of tokenized credit instruments, large leveraged crypto purchases and a public company’s treasury sits in an area that regulators have not fully defined. Saylor acknowledged that regulators have not fully addressed the intersection of on-chain credit products and traditional corporate finance, and that increased scrutiny could create challenges for similar approaches.

Strategy began buying Bitcoin in 2020 and over roughly six years evolved from a business intelligence company into the largest corporate holder of Bitcoin. The company has used repeated purchases and new financing tools to scale its treasury exposure to the asset.

The company says Stretch has served as a financing channel that, together with market gains, expanded its crypto assets.