Strategy (MSTR) adds $43M in Bitcoin as Saylor revives aggressive buying

Strategy, the bitcoin-focused company (previously known as Microstrategy), has expanded its cryptocurrency holdings once again, purchasing an additional 535 BTC for approximately $43 million between May 4 and May 10, according to a filing with the Securities and Exchange Commission.

The company paid an average price of $80,340 per bitcoin in the latest acquisition round, funded primarily through proceeds from at-the-market sales of its securities, including its Class A common stock, MSTR, and perpetual Stretch preferred stock, STRC.

The latest purchases bring Strategy’s total bitcoin holdings to 818,869 BTC, acquired for around $61.9 billion at an average cost basis of $75,540 per bitcoin, including fees and expenses.

At current bitcoin prices above $81,000, the company’s holdings are in profit and are valued at roughly $66.5 billion.

Strategy’s bitcoin reserves now account for more than 3.9% of bitcoin’s total 21 million supply cap, underscoring the scale of the company’s long-running accumulation strategy.

Strategy expands funding programs

The company’s latest acquisition comes as Strategy continues to expand its capital-raising initiatives aimed at financing additional bitcoin purchases through 2027.

The firm’s perpetual preferred stock offerings — STRK, STRC, STRF, and STRD — have respective at-the-market programs of $21 billion, $4.2 billion, $2.1 billion, and $4.2 billion.

These programs operate alongside Strategy’s broader “42/42” capital plan, which targets $84 billion through equity offerings and convertible notes.

Strategy recently extended those fundraising programs further, adding up to another $21 billion of MSTR stock, alongside additional STRC and STRK preferred stock offerings.

STRC has increasingly emerged as a key financing vehicle for bitcoin acquisitions.

The variable-rate cumulative preferred stock currently offers an annualized dividend rate of 11.5% and is designed to maintain a price near its $100 par value.

The company has also proposed changing STRC’s dividend schedule from monthly to twice per month, stating the move could “lead to reduced reinvestment lag, enhanced liquidity, market efficiency, and increased price stability.”

Saylor hints at future bitcoin sales

Ahead of the latest purchase announcement, Strategy co-founder and executive chairman Michael Saylor posted his regular bitcoin tracker update on X, writing, “Back to work,” after pausing acquisitions the previous week ahead of the company’s first-quarter earnings release.

Strategy recently reported a $12.7 billion net loss in the first quarter, largely driven by a $14.5 billion unrealized markdown tied to the value of its bitcoin holdings.

During the company’s first-quarter earnings call, Saylor acknowledged that Strategy could sell bitcoin in the future to meet dividend obligations tied to STRC or repay convertible debt.

“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.

In subsequent podcast interviews over the weekend, Saylor clarified that any future bitcoin sales would likely be outweighed by additional purchases.

“In these periods, even if we were to sell one bitcoin, we'd be buying 10 to 20 more bitcoin,” Saylor 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.”

Bitcoin treasury firms face mixed market performance

According to Bitcoin Treasuries data, 196 public companies have now adopted some form of bitcoin acquisition strategy.

Despite continued institutional adoption, many bitcoin treasury companies have seen their share prices decline significantly from summer 2025 peaks as market cap-to-net asset value ratios contracted.

Strategy’s own shares remain down around 59% from those highs, with an mNAV ratio of 1.04.

Still, MSTR shares gained 9.8% last week and closed Friday at $187.59.

The stock was also up by 0.67% in pre-market trading following Monday’s announcement, while bitcoin gained approximately 3.1% in the last week.