TL;DR:
Strategy resumed its Bitcoin acquisition strategy after a week without purchases. The company reported the acquisition of 535 BTC for approximately $43 million, at an average price of $80,340 per coin.
The purchases were made between May 4 and 10 and were disclosed through a Form 8-K filed with the U.S. Securities and Exchange Commission. The financing came primarily from the sale of Class A common shares (MSTR), which contributed $42.9 million, while an additional $100,000 came from the issuance of STRC shares.
The purchase raised the company’s total holdings to 818,869 BTC, acquired for approximately $61.86 billion. The previous acquisition had been completed on April 27, when the firm added 3,273 BTC for $255 million.
Michael Saylor clarified his statements in a podcast released over the weekend. During the first-quarter earnings call, Saylor had noted that the company could sell portions of its holdings to fund dividends and “vaccinate the market” against potential crises. His remarks generated mixed reactions among investors and analysts. “I will never be a net seller of Bitcoin,” Saylor stated in the podcast, acknowledging that his previous statement had been imprecise.
The decision to sell Bitcoin or shares to cover dividends will be determined by whichever option proves more favorable for the Bitcoin-per-share metric. In April, Strategy raised $3.2 billion through the issuance of STRC, its perpetual preferred share with an annual yield of approximately 11.5%, and allocated those funds toward BTC purchases.
Saylor estimated that the breakeven point at which the firm would stop being a net buyer equals 2.3% of its annual holdings, well below the current issuance rate, which ranges between 15% and 20%. Analysts at JPMorgan estimate that Strategy’s Bitcoin purchases could total $30 billion during 2026 at the current pace.
MSTR shares rose 4.3% in Monday’s pre-market session, trading above $187.50. So far this year, the stock has gained 23%, while Bitcoin has posted a decline of 7.2% over the same period.
