MicroStrategy’s Strategy, the world’s largest publicly listed holder of Bitcoin, resumed new purchases last week after reporting no buys in the final week of March. The company disclosed it acquired 4,871 BTC for $329.9 million, at an average price of $67,718 per coin, according to an 8-K filing with the U.S. Securities and Exchange Commission.

With these additions, Strategy’s Bitcoin stash climbs to 766,970 BTC, acquired for roughly $58 billion. The acquisitions come as Bitcoin traded below Strategy’s cost basis at times, including a dip in early February that marked the first time since late 2023 BTC traded under the fund’s average purchase price.

Key takeaways

• Strategy bought 4,871 BTC for $329.9 million in the latest week, at an average of $67,718 per BTC, bringing total holdings to 766,970 BTC (cost about $58 billion).
• The company’s first-quarter 2026 results show a $14.46 billion unrealized loss on digital assets, offset by a $2.42 billion deferred tax benefit.
• A deferred tax asset related to unrealized losses totaled $1.73 billion as of March 31, offset by a $1.73 billion valuation allowance, with an expectation of an additional $0.5 billion valuation allowance.
• Strategy purchased roughly 54,000 BTC since February 2, with March deliveries among its largest weekly buys, contributing to 89,316 BTC bought in Q1 2026 for about $6.3 billion.
• The company is expanding its at-the-market program with new $21 billion offerings for Stretch (STRC) and Common A (MSTR) stock, while terminating and replacing the prior STRK offering with a new $2.1 billion STRK program; recent share sales generated hundreds of millions of dollars in proceeds.

Strategy’s ongoing Bitcoin accumulation amid tax and valuation dynamics

The latest 8-K filing confirms that Strategy’s accumulation activity continued into the first week of April, underscoring the management’s commitment to Bitcoin as a long-term treasury reserve. The 4,871 BTC purchased last week equate to an average entry price below Strategy’s historical cost basis, reinforcing a pattern of stepping into dips rather than reducing exposure. Since February 2, the company has added approximately 54,000 BTC, signaling persistent confidence in Bitcoin as a store of value and a core part of its balance sheet strategy.

cumulatively, Strategy has spent about $6.3 billion on 89,316 BTC in the first quarter of 2026. This level of buying activity sits against a backdrop of continued price volatility in the broader crypto market, where Bitcoin has experienced retracements and recoveries within a wide trading range.

First-quarter results: unrealized losses and tax accounting under scrutiny

Strategy reported a sharp contrast in its Q1 2026 results: an unrealized loss on its digital assets of $14.46 billion, paired with a $2.42 billion deferred tax benefit. The company explained that the fair value of its Bitcoin holdings remains below its cost basis, triggering the reported deferred tax asset tied to unrealized losses.

As of March 31, the deferred tax asset related to these unrealized losses stood at $1.73 billion, offset by an equivalent $1.73 billion valuation allowance. Management indicated it expects to establish an additional $0.5 billion valuation allowance against these deferred tax assets as fair value movements continue to unfold.

The accounting picture underscores how Strategy’s mark-to-market Bitcoin position interacts with its tax posture, a dynamic closely watched by investors given the volatility of Bitcoin pricing and the company’s ongoing accumulation strategy.

ATM program expansion and latest share-offering moves

Beyond its Bitcoin purchases, Strategy disclosed plans to refresh its at-the-market (ATM) financing program, signaling a broader equity capital strategy alongside its crypto holdings. The company outlined a new $21 billion offering of Stretch (STRC) stock and a new $21 billion offering of Common A (MSTR) stock. It also terminated its previous Strike (STRK) program and launched a new $2.1 billion STRK offering. The aggregate figures reflect the total remaining capacity under both existing programs plus the newly added issuances. In practice, issuances and sales may proceed once existing capacity is exhausted or as market conditions permit.

Recent stock activity illustrates the program’s tempo: from March 30–31, Strategy sold roughly 2.28 million STRC shares and 582,550 MSTR shares, generating about $299.3 million in net proceeds. In the first five days of April (April 1–5), it sold an additional 1,000,000 STRC shares and 593,294 MSTR shares, raising approximately $174.6 million.

These capital movements accompany the ongoing Bitcoin strategy, signaling a dual approach to liquidity management: leveraging equity markets while continuing to deploy capital into BTC.

According to the 8-K filing with the U.S. Securities and Exchange Commission, Strategy’s actions reflect a disciplined, long-horizon approach to its Bitcoin holdings, balanced against tax considerations and capital-raising needs. The filing provides a detailed window into how the company navigates the interplay between crypto markets, accounting rules, and shareholder value creation.

As investors parse Strategy’s latest moves, several questions loom: will Bitcoin’s price trajectory influence the pace of further BTC purchases or redemptions? How will additional valuation allowances affect Strategy’s reported tax position in upcoming quarters? And how will the ATM program evolve in light of market conditions and the company’s broader capital strategy?

Readers should monitor Strategy’s next quarterly update for any shifts in its purchase cadence, cost-basis dynamics, and the balance between crypto exposure and equity-financing activity as the firm maintains its distinctive, long-term treasury strategy.

The crypto market in early 2026 is defined by a fascinating split between legacy recovery and fresh market entries. While established players navigate complex technical resistance and regulatory shifts, newer projects are offering structured entry points that bypass traditional market volatility.

Current Pi Network news highlights a struggle to convert technical milestones into price action, and the XRP price today remains locked in a battle with long-term moving averages.

Amidst this backdrop of “wait and see,” BlockDAG (BDAG) has surfaced with a time-sensitive $0.000022 offer, leading many to label it the best crypto to buy for those looking to avoid the friction of open-market competition. This comparative look explores the dynamics of all three.

Pi Network News: Tech Milestones vs. Market Pressure

The latest Pi Network news presents a fascinating dichotomy between developmental progress and bearish market sentiment. While the Pi Core Team recently celebrated a major technical leap, the launch of a Remote Procedure Call (RPC) server on the testnet, the price of PI remains under significant duress.

This new infrastructure is designed to unlock smart contract functionality and potential MetaMask integrations, yet retail demand hasn’t followed suit. Instead, the network is grappling with “sell-side” pressure, as PiScan data reveals deposits exceeding 1.20 million tokens onto exchanges, signaling persistent profit-taking.

Technically, the PI token is hovering precariously above the $0.1736 support level, trading below key moving averages. Despite the promise of a more robust ecosystem, delays in KYC verification and migration frustrations continue to weigh on the community. For PI to avoid a deeper correction toward its February lows, it must bridge the gap between its ambitious backend upgrades and the cautious sentiment of its massive user base.

XRP Price Today: Navigating Resistance & Regulatory Shifts

The XRP price today reflects a delicate balancing act between short-term stabilization and lingering bearish pressure. Currently trading around $1.34, the asset has managed a modest 2.04% gain, yet it remains firmly capped by its major moving averages, including the SMA-20 and SMA-50.

Technical indicators like the RSI in the low 40s and a negative Awesome Oscillator suggest that while downside exhaustion is present, a bullish reversal is not yet in the cards. Analysts expect a sideways drift between $1.32 and $1.39 over the coming days, with a decisive break above $1.45 needed to shift the narrative.

Despite the muted price action, fundamental developments are brewing. Ripple is making strides toward obtaining a national trust bank charter under a new 2026 federal regulatory framework, a move that could redefine its institutional utility.

However, with co-founder Jed McCaleb planning to reallocate $1 billion of his holdings, investors remain cautious. For now, the XRP market is a zone of “wait and see,” as traders watch for technical exhaustion to turn into a genuine recovery spark.

BlockDAG: Why the $0.000022 Entry Makes it the Best Crypto to Buy Now

The clock is ticking on a rare market anomaly that positions BlockDAG as the best crypto to buy for those prioritizing strategy over a scramble. With only days remaining in this phase, the opportunity to secure BDAG at the fixed price of $0.000022 is rapidly closing.

While the asset already reflects a value above $0.20 on CoinMarketCap, this final presale phase allows participants to enter at a fraction of the current market price. This is the fundamental difference between exercising control over your portfolio and fighting against the inevitable competition of open-market trading.

As global exchanges activate and liquidity begins to flow across international borders, the transition from a structured presale to public trading will be swift. In just 96 hours, the price will no longer be defined by a set schedule but by the raw force of global demand. When the floodgates open, the entry points will become tighter and significantly more volatile. By loading your wallet now, you lock in priority and bypass the friction of the upcoming market acceleration.

The momentum is visible, and the target is set. With the project already eyeing a climb toward the $1 milestone, the current $0.000022 entry represents a final moment of calm before the storm of institutional and retail competition.

Choosing to act today means you are no longer just watching the market; you are staying ahead of it. Secure your position, beat the crowd, and join the move before the open market shift changes the game forever.

Key Takeaways

Navigating the current crypto landscape requires a balance between monitoring established trends and identifying unique entry points.

While the latest Pi Network news shows a community waiting for technical utility to manifest in price, and the XRP price today remains tethered to institutional and regulatory hurdles, BlockDAG presents a more direct opportunity. Its $0.000022 presale price offers a level of control that is rare in a market often defined by chaos.

With only days left to act, BlockDAG has emerged as the best crypto to buy for those ready to move before the global exchange activation. Transitioning from a spectator to a priority participant is the key to outperforming the broader market competition.

Presale: https://purchase.blockdag.network

Website: https://blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.

Opinion by: Dominic Lohberger, chief product officer at Sygnum.

Counterparty risk in crypto markets has always moved in cycles. Exchanges default or get hacked. Standards tighten for a while. Then, complacency quietly returns as losses are forgotten. 

What is happening this time is different. 

Leading traditional finance players entering crypto must adopt practices from established financial markets. For the first time, the infrastructure exists to enable them to do so. They can mirror assets held with regulated custodians onto trading venues without ever depositing on-exchange. 

This is a lasting change in how serious money actually moves through digital assets.

The separation of powers

Consider the mergers and acquisitions deal flow. Ripple deployed $1.25 billion to acquire Hidden Road. Hidden Road is a global multi-asset prime broker. This was the largest acquisition in crypto history. It signalled that institutional trading infrastructure is where value will concentrate. 

Standard Chartered is building a crypto prime brokerage under its venture arm. These are infrastructure bets by firms that see where the market is heading.

For most of crypto’s history, exchanges have played every role at once. From trading venues, custodians and clearing houses, exchanges played them all. That conflation of roles was a necessity in Bitcoin’s earliest days. It was never going to survive institutional adoption at scale. The FTX collapse made that risk glaring, and the $1.4 billion Bybit hack reinforced it. The broader patterns of 2025 showed where counterparty exposure became a first-order operational risk. That’s where the separation of custody from execution became a baseline institutional requirement.

In traditional finance, this separation of powers is a bedrock principle. Crypto is finally catching up. A growing number of regulated off-exchange custody solutions now make this possible in practice. They allow institutions to hold assets with a custodian while trading on exchanges, with balances mirrored and settlement automated. Capital efficiency and security no longer have to be traded off against each other. Most market makers, hedge funds and OTC desks use some form of off-exchange custody. What was once considered a cost has become a basic pillar of risk management.

Two models, with different trade-offs

The market now offers two distinct approaches to removing exchange counterparty risk, and they solve different problems.

Off-exchange custody, sometimes called tri-party arrangements, allows traders to hold assets with a third-party custodian while receiving a mirrored balance on the exchange. If the custodian holds those assets segregated and off-balance-sheet, counterparty risk is eliminated. These setups tend to be cost-efficient because the custodian does not need to deploy its own balance sheet.

Prime brokerage is operationally richer. A prime broker acts as an intermediary and offers unified onboarding across exchanges, cross-venue net settlement and leverage. These are critical for market makers running strategies across dozens of venues. That active role means counterparty risk shifts from the exchange to the prime broker. In traditional finance, that risk is backstopped by investment banks with massive balance sheets. In crypto, the largest prime brokers are growing but still carry comparatively modest balance sheets. They’re capable and well-connected, but not yet at the scale of globally systematically relevant investment banks. Some institutional clients are comfortable with that trade-off. 

The collateral economics that changed the conversation

The part of this shift that deserves equal attention is how collateral now works. When a custodian is a bank, it can accept traditional financial instruments as collateral, and that changes the economics. An institutional client holding short-dated US Treasurys can pledge them as collateral, mirrored onto an exchange at full loan-to-value. The T-bills never leave the custodian. The custody fees are a mere fraction of the yield this provides. The client earns a net positive return on collateral that protects them from exchange default.

Related: BitGo launches portfolio-based crypto lending platform for institutions

The vast majority of collateral deployed in bank-grade off-exchange custody structures today is in T-bills. When counterparty protection generates yield instead of costing money, the adoption question flips from “should we de-risk?” to “why are we leaving yield on the table?” The exception is strategies like the basis trade, where the client must pledge the underlying asset itself. Even there, holding crypto with an independent custodian reduces the risk surface.

What comes next

The eligible collateral story is expanding fast. Stablecoins are already accepted across multiple off-exchange setups. Tokenized money market funds that accrue yield continuously in real-time are next. The direction is toward multi-asset collateral frameworks that allow institutions to shift margin between venues and ensure security. In crypto, that reallocation can happen in near real-time around the clock.

In the months ahead, more global systemically important banks will enter off-exchange custody. This will rapidly widen the range of accepted collateral. As both models mature, custodians may add more operational tooling. Prime brokers will strengthen their custody frameworks. This will continue until the distinction matters less than the outcome. That outcome is institutional-grade risk management.

The crypto industry spent the better part of a decade debating whether institutions would arrive. They have, and they are not adapting to crypto’s infrastructure. Crypto’s infrastructure is adapting to them. The firms that recognise this shift and build accordingly will define the next era of digital asset markets. The ones that don’t will be left managing yesterday’s risk with yesterday’s tools.

Opinion by: Dominic Lohberger, chief product officer at Sygnum.