Key Highlights
- Between May 4 and May 10, Strategy acquired 535 BTC for approximately $43 million, paying an average of $80,340 per bitcoin.
- The company’s aggregate bitcoin reserves have reached 818,869 BTC, purchased for roughly $61.9 billion with an average entry price of $75,540.
- Financing came from at-the-market equity offerings of both MSTR shares and preferred stock instruments.
- CEO Michael Saylor suggested the firm might liquidate small bitcoin amounts for dividend payments, though purchases would substantially exceed any sales.
- Shares of MSTR jumped 9.8% throughout the week, finishing Friday’s session at $187.59, with another ~0.67% gain in Monday’s pre-market.
Strategy (MSTR) has resumed its bitcoin accumulation campaign. According to an SEC disclosure filed on May 11, the enterprise acquired 535 BTC valued at approximately $43 million during the May 4–10 period.
The company’s average acquisition cost stood at $80,340 per bitcoin. Given that bitcoin is currently trading above $81,000, this latest purchase is already showing unrealized gains.
Funding for the transaction came from at-the-market equity sales, including Class A common stock (MSTR) and perpetual Stretch preferred shares (STRC), which generated approximately $42.9 million in capital.
With this addition, Strategy’s cumulative bitcoin position stands at 818,869 BTC, accumulated for approximately $61.9 billion with an average cost basis of $75,540 per coin. Based on current market valuations, the treasury is worth roughly $66.5 billion.
The company now controls more than 3.9% of bitcoin’s fixed maximum supply of 21 million coins.
Purchasing Activity Resumes Following Earnings Blackout
The company had temporarily suspended acquisitions the previous week while preparing its Q1 earnings announcement. On Monday, Saylor shared his customary bitcoin tracking update on X with a simple message: “Back to work.”
Strategy disclosed a $12.7 billion net loss for the first quarter, primarily driven by a $14.5 billion unrealized impairment on its bitcoin portfolio under updated accounting standards.
During the quarterly earnings conference call, Saylor indicated that Strategy might occasionally liquidate bitcoin to satisfy dividend requirements for its STRC preferred securities or to service convertible debt obligations.
“We’ll probably sell some bitcoin to fund the dividend, just to inoculate the market,” he explained.
However, in subsequent podcast appearances over the weekend, he clarified that any disposals would be minimal compared to ongoing acquisitions. “Even if we were to sell one bitcoin, we’d be buying 10 to 20 more,” Saylor emphasized.
Capital Raising Infrastructure Continues Expansion
To support its aggressive purchasing strategy, Strategy has developed an extensive capital-generation framework. The firm operates multiple at-the-market preferred stock programs — including STRK, STRC, STRF, and STRD — with aggregate capacity stretching into tens of billions.
These instruments complement the company’s broader “42/42” capital blueprint, which aims to raise $84 billion through a combination of equity issuances and convertible debt instruments.
Strategy has recently expanded these initiatives even further, authorizing up to $21 billion in additional MSTR stock sales alongside supplementary preferred equity offerings.
STRC has emerged as a central financing mechanism for recent bitcoin acquisitions. The instrument carries an 11.5% annual dividend yield and is structured to maintain a price near its $100 par value. The company has also floated the idea of transitioning from monthly to semi-monthly dividend distributions.
MSTR shares appreciated 9.8% over the past week, closing Friday at $187.59. The stock demonstrated additional strength with approximately 0.67% gains in Monday’s pre-market session following the purchase announcement. Despite recent momentum, 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 corporations have now implemented bitcoin acquisition strategies.
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