Key Highlights
- Strategy acquired 535 BTC for approximately $43 million during May 4–10, paying an average of $80,340 per bitcoin.
- The company’s aggregate bitcoin position has reached 818,869 BTC, purchased for roughly $61.9 billion with an average entry price of $75,540.
- Financing came from at-the-market offerings of MSTR shares and preferred stock instruments.
- Michael Saylor indicated Strategy might liquidate modest bitcoin amounts for dividend payments, though purchases will substantially exceed any disposals.
- MSTR shares advanced 9.8% during the week, finishing Friday at $187.59; pre-market activity Monday showed gains near 0.67%.
Strategy (MSTR) has returned to actively accumulating bitcoin. The enterprise acquired 535 BTC for roughly $43 million during the week spanning May 4 through May 10, based on regulatory documents filed with the SEC on May 11.
The company paid an average of $80,340 for each coin. Given bitcoin’s current trading level above $81,000, the acquisition shows unrealized gains.
Funding for the recent purchase came from at-the-market equity offerings involving the firm’s Class A common stock (MSTR) along with its perpetual Stretch preferred stock (STRC), generating approximately $42.9 million in capital.
Strategy’s accumulated bitcoin treasury has grown to 818,869 BTC, representing approximately $61.9 billion in total investment with an average acquisition cost of $75,540 per coin. Current market valuations place these holdings near $66.5 billion.
The company’s position represents over 3.9% of bitcoin’s fixed maximum supply of 21 million coins.
Acquisition Activity Resumes Following Earnings Report
The executive chairman had temporarily suspended buying activity during the previous week while preparing for quarterly earnings disclosure. Following Monday’s filing, he shared his customary bitcoin update on X with a simple message: “Back to work.”
Strategy disclosed a $12.7 billion net loss for the first quarter, primarily attributed to a $14.5 billion fair value adjustment on bitcoin holdings under revised accounting standards.
During the quarterly conference call, Saylor mentioned Strategy might liquidate select bitcoin amounts to satisfy dividend requirements associated with STRC preferred shares or to service convertible debt instruments.
“We’ll probably sell some bitcoin to fund the dividend, just to inoculate the market,” he stated.
He subsequently clarified his position during weekend podcast appearances, emphasizing that any disposals would pale compared to ongoing acquisitions. “Even if we were to sell one bitcoin, we’d be buying 10 to 20 more,” Saylor explained.
Expanding Capital Raising Infrastructure
Strategy continues scaling its capital formation capabilities to support sustained bitcoin purchases. The organization operates multiple at-the-market preferred stock programs — STRK, STRC, STRF, and STRD — with aggregate capacity measured in tens of billions of dollars.
These instruments complement the comprehensive “42/42” capital strategy, which seeks to raise $84 billion through combined equity issuances and convertible bond offerings.
Strategy recently amplified these programs by authorizing up to $21 billion in additional MSTR common stock alongside expanded preferred stock offerings.
STRC has emerged as a primary funding mechanism for recent bitcoin acquisitions. The instrument features an 11.5% annual dividend yield and maintains trading proximity to its $100 par value. Strategy has also suggested transitioning from monthly to semi-monthly dividend distributions.
MSTR shares appreciated 9.8% throughout the week, closing Friday’s session at $187.59. Pre-market trading Monday reflected additional gains around 0.67% following the acquisition announcement. The equity remains approximately 59% below its summer 2025 peak levels, with an mNAV ratio standing at 1.04.
Bitcoin Treasuries tracking data indicates 196 publicly traded corporations have implemented bitcoin acquisition strategies to varying degrees.
