Key Highlights
- Strategy acquired 535 BTC worth approximately $43 million during the May 4-10 period, paying an average of $80,340 per bitcoin.
- Company’s aggregate bitcoin position now totals 818,869 BTC, purchased for roughly $61.9 billion with an average entry price of $75,540.
- Acquisition was financed through at-the-market equity sales of MSTR shares and preferred stock instruments.
- CEO Michael Saylor indicated potential bitcoin sales to cover dividend payments, though emphasized purchases 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 pre-market.
Strategy (MSTR) has resumed its bitcoin accumulation program. Between May 4 and May 10, the enterprise acquired 535 BTC for a total of approximately $43 million, as disclosed in an SEC document filed May 11.
The firm paid an average of $80,340 per bitcoin. Given bitcoin’s current trading level above $81,000, this latest acquisition already shows unrealized gains.
Funding for the transaction came from at-the-market equity sales, including both Class A common stock (MSTR) and perpetual Stretch preferred stock (STRC), which collectively generated approximately $42.9 million.
Following this transaction, Strategy’s cumulative bitcoin treasury stands at 818,869 BTC, acquired for approximately $61.9 billion with an average purchase price of $75,540 per bitcoin. Based on present market valuations, this stockpile is worth approximately $66.5 billion.
The company now controls over 3.9% of bitcoin’s maximum supply of 21 million coins.
Acquisitions Resume Following Earnings Blackout
The company had temporarily suspended purchases during the previous week in anticipation of its Q1 earnings announcement. On Monday, Saylor returned to social media platform X with a brief update accompanying his routine bitcoin tracker: “Back to work.”
Strategy disclosed a $12.7 billion net loss for Q1, predominantly attributable to a $14.5 billion unrealized impairment on its bitcoin portfolio under updated accounting standards.
During the quarterly earnings conference call, Saylor mentioned that Strategy might liquidate portions of its bitcoin position to satisfy dividend requirements associated with STRC preferred stock or to service convertible debt obligations.
“We’ll probably sell some bitcoin to fund the dividend, just to inoculate the market,” he explained.
However, during weekend podcast appearances, he clarified that any potential sales would be minimal compared to ongoing acquisitions. “Even if we were to sell one bitcoin, we’d be buying 10 to 20 more,” Saylor stated.
Capital Raising Infrastructure Continues Growth
To support its persistent bitcoin acquisition strategy, Strategy has built an extensive capital-raising framework. The organization operates multiple at-the-market preferred stock programs — including STRK, STRC, STRF, and STRD — with aggregate capacity extending into tens of billions of dollars.
These programs complement the comprehensive “42/42” capital initiative, which seeks to raise $84 billion through combined equity issuances and convertible debt instruments.
Strategy recently amplified these programs by introducing up to $21 billion in additional MSTR common stock offerings alongside expanded preferred stock options.
STRC has emerged as a primary funding mechanism for recent bitcoin acquisitions. This instrument carries an 11.5% annualized dividend yield and is structured to maintain trading proximity to its $100 par 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 registered approximately 0.67% gains during Monday’s pre-market session following the bitcoin purchase announcement. Despite recent momentum, the stock remains roughly 59% below its summer 2025 peak levels, trading at an mNAV ratio of 1.04.
Based on Bitcoin Treasuries tracking data, 196 publicly traded corporations have now implemented bitcoin treasury strategies.
