Michael Saylor’s firm is poised to significantly ramp up its bitcoin acquisitions in 2026, with JPMorgan analysts projecting purchases could reach around $30 billion if current buying trends continue. This would represent a sizable increase compared to past years and signals a more aggressive approach driven by market opportunities rather than a fixed schedule.
JPMorgan highlighted that the company has already added approximately 145,834 bitcoins this year, valued near $11 billion, largely during periods when bitcoin prices dipped below their estimated average purchase cost of about $75,000. This opportunistic buying pattern suggests Strategy is capitalizing on price weakness and favorable financing conditions to expand its holdings.
The acceleration in acquisitions appears tied to the firm’s unique capital-raising ability. Strategy’s stock trades at a premium of roughly 26% over the net asset value of its bitcoin portfolio, providing an attractive mechanism to issue new equity or debt. This premium allows the company to generate capital above the implied value of its existing bitcoin assets, recycling funds into further bitcoin purchases more efficiently than other corporate holders.
As of early May, Strategy reported holding 818,334 bitcoins, marking a 22% growth in bitcoin holdings year-to-date. The company also raised nearly $11.7 billion in capital this year, including $5.58 billion through its preferred equity platform, known as STRC, which has demonstrated high demand, liquidity, and low volatility. Dividends on preferred stock have meanwhile reached $692.5 million cumulatively.
Executives emphasized the importance of this funding model for ongoing growth. CEO Phong Le pointed to continued bitcoin adoption in 2026 and described Digital Credit issuance, particularly through STRC, as a major success. The platform benefits from participation by key financial institutions like Morgan Stanley, Goldman Sachs, and Citi, reflecting growing institutional engagement in bitcoin markets.
CFO Andrew Kang framed the preferred-equity mechanism as central to Strategy’s capital structure, positioning the company as the leading issuer of Digital Credit globally with over $13.5 billion raised cumulatively. This structure underpins the firm’s ability to sustain aggressive bitcoin accumulation in a market-sensitive manner.