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 treasury has reached 818,869 BTC, purchased for roughly $61.9 billion with an average acquisition cost of $75,540.
- Financing came from at-the-market equity offerings of MSTR shares and preferred stock instruments.
- CEO Michael Saylor indicated potential bitcoin sales to cover dividend payments, though emphasized acquisitions would significantly exceed any disposals.
- MSTR shares climbed 9.8% over the past week, finishing Friday’s session at $187.59, with additional 0.67% gains in Monday’s pre-market.
Strategy (MSTR) has resumed its bitcoin accumulation strategy with a fresh purchase of 535 BTC totaling approximately $43 million during the period spanning May 4 through May 10, as disclosed in regulatory filings submitted to the SEC on May 11.
The acquisition averaged $80,340 per bitcoin. Given that bitcoin currently trades above $81,000, this latest position shows immediate appreciation.
Funding for the acquisition came through at-the-market offerings of the company’s Class A common shares (MSTR) alongside its perpetual Stretch preferred equity (STRC), generating approximately $42.9 million in capital.
The purchase elevates Strategy’s aggregate bitcoin position to 818,869 BTC, accumulated for approximately $61.9 billion with an average entry price of $75,540 per coin. Based on prevailing market rates, the treasury’s value stands near $66.5 billion.
Strategy now controls over 3.9% of bitcoin’s fixed maximum supply of 21 million coins.
Michael Saylor Resumes Acquisition Activity Following Earnings Period
The executive chairman had temporarily halted bitcoin purchases during the previous week in anticipation of the firm’s first quarter financial disclosure. Following Monday’s announcement, Saylor shared his customary bitcoin tracking update on X platform with a brief message: “Back to work.”
Strategy disclosed a $12.7 billion net deficit for Q1, predominantly attributed to a $14.5 billion unrealized impairment on its digital asset holdings under revised accounting standards.
During the quarterly earnings discussion, Saylor mentioned Strategy might liquidate portions of its bitcoin position 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 explained.
However, he clarified this stance during weekend podcast appearances, emphasizing that any potential sales would pale compared to ongoing accumulation efforts. “Even if we were to sell one bitcoin, we’d be buying 10 to 20 more,” Saylor stated.
Expanding Capital Raising Infrastructure
To support continuous acquisition activity, Strategy has been expanding its capital generation capabilities. The corporation operates multiple at-the-market preferred equity programs — STRK, STRC, STRF, and STRD — with aggregate capacity extending into tens of billions.
These complement the comprehensive “42/42” capital framework, which aims to secure $84 billion through combined equity issuances and convertible note offerings.
Strategy recently amplified these initiatives by introducing up to $21 billion in additional MSTR common stock alongside supplementary preferred equity instruments.
STRC has emerged as a primary funding mechanism for recent bitcoin acquisitions. The instrument carries an 11.5% annualized dividend yield and maintains pricing near its $100 stated value. Strategy has additionally proposed transitioning dividend distributions from monthly to semi-monthly intervals.
MSTR shares appreciated 9.8% throughout last week, concluding Friday’s trading at $187.59. The equity showed approximately 0.67% advancement in Monday’s pre-market session following the acquisition announcement. Despite recent gains, shares remain roughly 59% below summer 2025 peak levels, trading at an mNAV multiple of 1.04.
According to Bitcoin Treasuries tracking data, 196 publicly traded corporations have now implemented bitcoin treasury strategies.
