Key Highlights
- Between May 4–10, Strategy acquired 535 BTC for approximately $43 million, paying an average of $80,340 per bitcoin.
- The company’s complete bitcoin treasury now stands at 818,869 BTC, purchased for roughly $61.9 billion with an average acquisition cost of $75,540.
- Funding came from at-the-market offerings of both MSTR common shares and preferred stock.
- CEO Michael Saylor indicated potential bitcoin sales for dividend payments but emphasized purchases would significantly exceed any disposals.
- The stock appreciated 9.8% during the week, finishing Friday at $187.59; pre-market Monday trading showed a ~0.67% increase.
Strategy (MSTR) has resumed its bitcoin accumulation campaign. The corporation acquired 535 BTC for roughly $43 million during the May 4–10 period, as disclosed in a May 11 SEC filing.
The company paid an average of $80,340 per bitcoin. Given that bitcoin is currently trading above $81,000, this acquisition is already showing unrealized gains.
Funding for this recent purchase came from at-the-market offerings of the company’s Class A common shares (MSTR) and its perpetual Stretch preferred shares (STRC), which generated approximately $42.9 million in capital.
Strategy’s aggregate bitcoin position has now reached 818,869 BTC, accumulated for approximately $61.9 billion at an average entry price of $75,540 per coin. Based on current market valuations, this treasury is worth approximately $66.5 billion.
The company now controls more than 3.9% of bitcoin’s fixed maximum supply of 21 million coins.
Bitcoin Acquisitions Resume Following Earnings Hiatus
The company had temporarily suspended bitcoin purchases the previous week ahead of its Q1 earnings announcement. Following the release, Saylor posted his customary bitcoin holdings update on X with a simple message: “Back to work.”
Strategy disclosed a $12.7 billion net loss for Q1, primarily attributable to a $14.5 billion unrealized impairment on its bitcoin position under updated accounting standards.
During the quarterly earnings conference call, Saylor mentioned that Strategy might liquidate some bitcoin to satisfy dividend requirements for its STRC preferred shares or to service convertible debt obligations.
“We’ll probably sell some bitcoin to fund the dividend, just to inoculate the market,” he stated.
However, during weekend podcast appearances, he clarified that any potential sales would be negligible compared to ongoing acquisitions. “Even if we were to sell one bitcoin, we’d be buying 10 to 20 more,” Saylor explained.
Capital Raising Infrastructure Continues to Scale
To support its ongoing bitcoin acquisition strategy, Strategy has been expanding its capital formation capabilities. The company operates multiple at-the-market preferred stock programs — STRK, STRC, STRF, and STRD — with aggregate capacity reaching into the tens of billions.
These programs complement the larger “42/42” capital initiative, which aims to raise $84 billion through a combination of equity issuances and convertible note offerings.
Strategy has recently expanded these programs even further, introducing up to $21 billion in additional MSTR stock capacity along with supplementary preferred stock offerings.
STRC has emerged as a primary funding mechanism for recent bitcoin acquisitions. This instrument carries an 11.5% annual dividend rate and is structured to trade close to its $100 par value. Strategy has also proposed modifying its dividend payment frequency from monthly to semi-monthly.
MSTR shares advanced 9.8% during the week, closing Friday at $187.59. Following Monday’s announcement, the stock showed approximately 0.67% gains in pre-market activity. Despite this recent strength, shares remain down roughly 59% from their summer 2025 peak, trading at an mNAV ratio of 1.04.
Data from Bitcoin Treasuries indicates that 196 publicly-traded companies have now implemented some form of bitcoin treasury strategy.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
