How Much Bitcoin Did Strategy Buy?
Strategy purchased another 535 BTC for about $43 million between May 4 and May 10, according to a filing with the US Securities and Exchange Commission. The company paid an average price of $80,340 per bitcoin in the latest round of buying.
The purchase brings Strategy’s total holdings to 818,869 BTC, worth about $66.5 billion at current prices. The company’s average purchase price now stands at $75,540 per bitcoin, with total acquisition costs of about $61.9 billion, including fees and expenses.
Strategy’s holdings now represent more than 3.9% of bitcoin’s fixed 21 million supply cap. At current prices, the company is sitting on about $4.6 billion in paper gains.
How Is Strategy Funding Its Bitcoin Purchases?
The latest acquisition was funded through at-the-market sales of Strategy’s Class A common stock, MSTR, and its perpetual Stretch preferred stock, STRC.
Last week, Strategy sold 231,324 MSTR shares for about $42.9 million. The company said $26.35 billion of MSTR shares remain available for issuance under that program. It also sold 1,412 STRC shares for about $0.1 million, leaving $19.46 billion available under the STRC program.
The company’s preferred stock programs now sit alongside its broader “42/42” plan, which targets $84 billion in equity offerings and convertible notes for bitcoin purchases through 2027. Strategy has also expanded its at-the-market programs to include up to an additional $21 billion of MSTR, $21 billion of STRC, and $2.1 billion of STRK.
Investor Takeaway
Strategy’s bitcoin strategy depends on continued access to equity and preferred stock funding. The company can keep adding bitcoin while demand for its securities remains strong, but that funding channel becomes more fragile if market appetite weakens.
Why Is STRC Becoming a Key Focus?
STRC has become a more important part of Strategy’s financing engine in recent weeks. The security is a variable-rate, cumulative preferred stock that pays monthly dividends and is designed to trade near $100 par value. It currently offers an annualized dividend rate of 11.5%.
Strategy recently proposed changing the STRC dividend schedule from monthly payments to twice-monthly payments. The company said the change could reduce reinvestment lag, improve liquidity, support market efficiency, and increase price stability.
The structure is drawing closer attention after Strategy reported a $12.5 billion net loss in the first quarter, largely tied to a $14.5 billion unrealized markdown on its bitcoin holdings. Executives pointed to demand for preferred shares as a bright spot, but the dividend burden remains a key issue for investors.
During the company’s first-quarter earnings call, Michael Saylor said Strategy may sell bitcoin in the future to cover STRC dividends. “We’ll probably sell some bitcoin to fund the dividend, just to inoculate the market, just to send the message that we did it,” he said.
Over the weekend, Saylor argued that any bitcoin sales would be outweighed by new purchases. “In these periods, even if we were to sell one bitcoin, we’d be buying 10 to 20 more bitcoin,” he said. “You should be a net accumulator of bitcoin. When I said ‘never sell your bitcoin,’ I mean make sure if you were to spend it on something, you replenish in the time you spend it.”
Investor Takeaway
STRC gives Strategy another route to buy bitcoin, but it also adds dividend obligations tied to market confidence. If bitcoin weakens or preferred share demand fades, the funding model could face tighter pressure.
What Does This Mean for Bitcoin Treasury Companies?
Strategy remains the dominant public bitcoin treasury company, but it is no longer alone. Bitcoin Treasuries data shows that 196 public companies have adopted some form of bitcoin acquisition model.
Other major holders include Twenty One, Metaplanet, MARA, Bitcoin Standard Treasury Company, Bullish, Coinbase, Riot Platforms, Strive, and Hut 8. Still, none are close to Strategy’s scale.
The broader treasury trade has cooled from its 2025 highs. Many companies in the group have seen their market cap-to-net asset value ratios contract sharply. Strategy itself remains down about 59% from its summer 2025 peak, with an mNAV of 1.04.
The stock has recovered some ground, rising 9.8% last week to close at $187.59. It is now up 21.4% year-to-date, while bitcoin gained about 2.2% during the traditional trading week.
The latest purchase shows that Strategy has resumed buying after a brief pause before earnings. The core question is whether its capital markets engine can keep supporting bitcoin accumulation if the treasury-company premium remains compressed.