Bitcoin-focused company Strategy bought 24,869 BTC for about $2.01 billion between May 11 and May 17, according to a regulatory filing, in one of its largest weekly purchases to date.
Size of the position and unrealized gain
The latest acquisition, at an average price of $80,985 per bitcoin, lifts Strategy’s total holdings to 843,738 BTC. At current market prices, that stash is worth around $65.3 billion and represents roughly 4% of bitcoin’s capped supply of 21 million.
Across all purchases, Strategy’s bitcoin has been acquired at an average price of about $75,700 per coin, for a total cost of roughly $63.9 billion. That leaves the company with an unrealized gain of around $1.4 billion at current market levels.
The purchase ranks as Strategy’s sixth-largest weekly bitcoin buy on record and the second-largest of 2026, following its April acquisition of 34,164 BTC.
Funding mix: stock and high-yield preferred shares
Strategy financed the recent buying spree by issuing both common and preferred stock:
- It sold 430,344 shares of its Class A common stock (ticker: MSTR) for approximately $83.7 million over the same period. The company still has $26.27 billion of issuance capacity remaining under its existing MSTR sale program.
- It issued 19,519,801 shares of its STRC perpetual preferred stock for $1.95 billion, with another $17.51 billion of STRC capacity still available.
Earlier this year, Strategy expanded its stock sale programs, adding up to $21 billion in additional MSTR issuance, $21 billion in STRC, and $2.1 billion in STRK preferred stock.
The STRC preferred shares yield 11.5% annually and have become an increasingly central funding tool for bitcoin purchases in recent weeks. The company has proposed shifting STRC dividend payments from monthly to twice monthly to support liquidity and price stability in that market.
Chairman Michael Saylor hinted at the latest bitcoin purchase a day before the filing through social media posts.
Capital structure moves and possible bitcoin sales
On May 17, Strategy agreed to repurchase $1.5 billion in convertible notes due 2029 at roughly 92% of face value, spending about $1.38 billion. The company listed bitcoin sales among three potential funding sources for this buyback, signaling more flexibility around trimming its holdings if needed.
Saylor has previously indicated a willingness to sell bitcoin to protect the company’s financial position, a shift from his earlier “never sell” rhetoric.
Market reaction and share performance
Strategy’s shares fell 5.1% over the past week, closing at $177.42, but remain up 14.8% year-to-date. Despite the rally from 2025 lows, the stock still trades about 61% below its mid-2025 peak.
The company’s market net asset value ratio stands near 1.04, indicating that its equity value is only slightly above the value of its assets, largely bitcoin, on the balance sheet.
Bitcoin itself dropped about 3.3% over the same week, slipping below $77,000 early Monday amid geopolitical tensions and renewed inflation concerns.
Concentration risk and impact on the broader market
Strategy’s aggressive purchases have concentrated a significant share of the available bitcoin supply in a single corporate treasury. Public companies now collectively hold over 5.6% of all bitcoin that will ever exist, according to Bitcoin Treasury data.
This growing concentration means that Strategy’s financial health, capital-raising choices, and any future need to sell assets to cover debt or dividends could exert outsized influence on the bitcoin market.
Analysts at K33 have linked recurring mid-month bitcoin price upticks to STRC issuance, arguing that proceeds from those preferred share sales are driving additional buying near dividend record dates. The company’s proposed move to more frequent STRC dividend payments may further tighten the link between its capital markets activity and spot bitcoin flows.
For traders, STRC dividend record dates and issuance windows are emerging as key calendar points that may coincide with bursts of buying pressure and localized price volatility.
Sector context: corporate bitcoin strategies
Strategy is the largest among a cohort of listed firms running bitcoin acquisition programs. Public data show 196 listed companies have adopted such strategies, with 84 actively adding to their holdings.
Peer holdings include:
- Twenty One (Tether-backed): 43,514 BTC
- Metaplanet: 40,177 BTC
- Marathon Digital (MARA): 35,303 BTC
- Coinbase, Riot Platforms, and Hut 8: each holding between 13,000 and 30,000 BTC
Despite sizable bitcoin positions, most company valuations remain well below their 2025 highs, as market cap-to-asset ratios have compressed across the sector.
Risk-return profile of Strategy’s approach
Strategy’s latest move underscores a capital allocation strategy that is heavily concentrated in a single, highly volatile asset and funded in part by high-yield securities.
The 11.5% annual coupon on STRC sets a high hurdle rate: the bitcoin acquired with those funds must generate returns above that level just to meet financing costs. If bitcoin underperforms or turns sharply lower, the combination of leverage, high servicing costs, and concentrated exposure heightens balance sheet risk.
This dynamic is playing out at a time when digital asset products are seeing signs of fatigue. Digital asset investment vehicles recently booked their third-largest weekly net outflow of 2026, with about $1.07 billion leaving the space. Bitcoin-related funds accounted for $982 million of those redemptions, pointing to a cooling among large allocators even as Strategy continues to expand its exposure.
Political and regulatory backdrop
Last week, filings revealed that former U.S. President Donald Trump and members of his family traded Strategy’s Class A shares during the first quarter. The disclosures showed a series of eight transactions, including both purchases and sales, underscoring growing political visibility around the company and its bitcoin-centric play.
While no immediate policy impact is evident, the participation of a high-profile political figure is likely to draw additional scrutiny to corporate bitcoin strategies and to the interaction between digital assets, leverage, and public markets.
Macro environment: inflation and energy prices
Strategy’s expansion comes amid elevated inflation and rising energy costs in the United States. The annual inflation rate accelerated to 3.8% in April 2026, the highest since May 2023 and above consensus forecasts.
Energy prices surged 17.9% year-over-year and remain a key driver of the headline figure. This backdrop complicates asset allocation across markets: higher-for-longer inflation can support demand for perceived hedges such as bitcoin, while also pressuring risk assets via tighter monetary policy and higher funding costs.
For now, Strategy is doubling down on its core thesis that bitcoin will appreciate enough, and fast enough, to offset the cost of high-yield funding and justify an increasingly concentrated balance sheet. How that bet plays out will likely have implications that extend beyond the company and into the broader digital asset ecosystem.
Want deeper context on big BTC moves? Explore our guide on market sentiment analysis before your next trade.
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