Strategy Inc, the company formerly known as MicroStrategy, picked up another 535 BTC on May 11 for approximately $43 million. It’s the firm’s smallest weekly Bitcoin acquisition of 2026 so far, which tells you something about the scale Michael Saylor has been operating at this year.
The purchase brings Strategy’s total Bitcoin holdings to 818,869 BTC. At current prices, that stash is worth north of $66.5 billion, with an average cost basis of $75,540 per coin.
The numbers behind Saylor’s Bitcoin empire
Here’s some perspective on what 818,869 BTC actually means. Strategy now controls roughly 3.9% of all Bitcoin that will ever exist. That’s not a typo. Nearly four out of every hundred Bitcoin belong to one company.
It gets wilder. Strategy accounts for approximately 65% of all corporate Bitcoin holdings globally. No other publicly traded company comes remotely close.
Bitcoin was trading around $79,743 as of May 8, a meaningful decline from its October 2025 peak of $126,198. Most companies sitting on that kind of drawdown would be reconsidering their thesis. Strategy’s response has been to keep buying.
The company has funded much of its recent accumulation through STRC, a preferred stock instrument launched in July 2025. That single vehicle has raised about $8.5 billion in capital since inception, giving Strategy a dedicated pipeline for converting traditional capital markets interest into Bitcoin purchases.
Think of STRC as a bridge: investors who want Bitcoin exposure but prefer the structure of equity can buy in, and Strategy uses the proceeds to stack sats at institutional scale. It’s financial engineering in service of a single conviction trade.
A $30 billion year for Bitcoin buying
JPMorgan analysts project that Strategy could purchase over $30 billion worth of Bitcoin throughout 2026. If that forecast holds, the $43 million buy on May 11 is quite literally a rounding error in the company’s annual plan.
That projection also means Strategy alone could absorb a significant chunk of newly mined Bitcoin supply this year. Post-halving, roughly 450 BTC enter circulation each day, or about 164,250 annually. A $30 billion buying spree at current prices would represent well over 375,000 BTC, more than double the annual mining output.
The math creates an obvious supply squeeze dynamic. When one buyer is hoovering up more coins than miners can produce, the remaining liquid supply gets thinner. Other institutional buyers, sovereign wealth funds, and ETF flows all have to compete for what’s left.
Strategy’s transformation from enterprise software company to de facto Bitcoin treasury vehicle has been one of the most dramatic corporate pivots in recent memory. The firm started buying Bitcoin in August 2020 when it held zero coins and traded at a modest market cap. Today it operates as the single largest corporate Bitcoin holder on the planet, and its stock has become a leveraged proxy for Bitcoin exposure.
The STRC preferred stock innovation is worth watching closely, not just for what it does for Strategy, but for the template it creates. If a preferred equity instrument can reliably raise $8.5 billion for Bitcoin purchases, other companies will notice. Corporate treasurers have historically been conservative creatures, but the playbook Saylor has written, converting cheap capital into hard assets, has a certain elegance that balance sheet managers can appreciate.
What this means for investors
Look, the bull case and the bear case for Strategy are really the same case: concentration risk. The company has bet everything, its balance sheet, its capital structure, its identity, on a single asset. If Bitcoin resumes its climb toward or past the October 2025 highs, Strategy shareholders win big. If Bitcoin enters a prolonged bear market, the leverage works in reverse.
The current cost basis of $75,540 per BTC provides a useful benchmark. With Bitcoin trading around $79,743, Strategy is sitting on a modest unrealized gain across its total position. That’s a far cry from the paper profits it enjoyed when Bitcoin was above $126K, but it also means the company isn’t underwater. The margin of safety is thin, though, roughly 5.5% above the average purchase price.
For the broader crypto market, Strategy’s relentless buying creates a structural floor of demand that didn’t exist a few years ago. When a single entity is projected to deploy $30 billion in a calendar year, it changes the supply dynamics for every other market participant. ETF issuers, retail traders, and competing institutions all operate in a market where one very large, very determined buyer is always present.
The risk investors should watch is what happens if Strategy ever needs to sell. A position representing 3.9% of total Bitcoin supply can’t be unwound quickly without cratering the market. It’s the classic whale problem: getting in is the easy part. The STRC instrument adds another layer of complexity, because those preferred shareholders have claims that ultimately depend on Bitcoin’s price holding up.
JPMorgan’s $30 billion projection for 2026 also raises a practical question about market absorption. At some point, Strategy’s buying becomes so dominant that it distorts price discovery. If one buyer accounts for a disproportionate share of demand, the market price reflects that buyer’s appetite as much as organic supply and demand. That’s not necessarily bearish, but it introduces a fragility that wouldn’t exist in a more diversified demand landscape.
For investors evaluating Bitcoin or Strategy stock, the key variable hasn’t changed: do you believe Bitcoin’s long-term trajectory is up. If yes, Strategy offers amplified exposure with institutional-grade execution. If you’re less certain, the concentration of nearly 819,000 BTC in one entity’s hands should give you pause, because the upside and downside are both magnified by exactly the same factor.
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