Chiara Bianchi
Strategy, formerly known as MicroStrategy, has continued its aggressive Bitcoin acquisition strategy, adding 13,390 BTC between May 5 and May 11. The purchase, disclosed in an SEC 8-K filing, totaled approximately $1.34 billion at an average price of $99,856 per coin.
This new buy pushes the company’s total Bitcoin holdings to a staggering 568,840 BTC, valued at over $59 billion based on current market prices. According to Michael Saylor, Strategy’s co-founder and executive chairman, the company has paid an average of $69,287 per Bitcoin, with a total outlay of $39.4 billion, including all related costs.
Strategy Now Owns Over 2.7% of All Bitcoin
With these purchases, Strategy now controls more than 2.7% of Bitcoin’s fixed 21 million supply. Notably, 303,230 BTC were acquired in just the past six months, emphasizing the company’s accelerated accumulation pace.
The latest BTC acquisitions were funded through recent sales of MSTR Class A shares and STRK perpetual preferred stock. Last week, Strategy raised $1.31 billion by selling 3.22 million MSTR shares, and an additional $25.1 million from the sale of 273,987 STRK shares. The firm still has access to $19.69 billion in MSTR and $20.85 billion in STRK under its authorized capital programs.
The “42/42” Plan: $84 Billion Bitcoin War Chest
These share offerings are part of Strategy’s “42/42” plan, an upsized capital-raising strategy that aims to collect $84 billion via equity and convertible note sales through 2027. The plan replaces the previously targeted $42 billion “21/21” initiative, which has now been fully deployed on the equity side.
Saylor hinted at the May acquisition ahead of time, cryptically posting “Connect the dots” alongside Strategy’s BTC tracker update on Sunday.
Market Response and Valuation Dynamics
Following the announcement, Strategy’s MSTR shares closed at $416.03, up 0.4% on Friday, and rose 1.5% in pre-market trading on Monday, according to TradingView. Year-to-date, MSTR has gained 38.6%, reflecting strong investor appetite.
Despite recently reporting a $4.2 billion net loss in Q1, primarily due to $6 billion in unrealized BTC losses under new accounting standards, investor sentiment remains bullish. Analysts note that Strategy trades at a 2x premium to its net Bitcoin asset value, with leverage considered manageable due to no debt repayments due until 2028.
“The valuation premium is still striking,” noted analysts at K33 Research, pointing out that Strategy peaked at a 3.4x premium in late 2024 and has since raised over $15 billion via ATM offerings, without losing significant shareholder confidence.
Institutional Copycats Emerge Amid Corporate Bitcoin FOMO
Strategy’s bold approach has inspired a wave of corporate followers. Over 70 companies have now adopted a Bitcoin treasury model, including SoftBank, Cantor Fitzgerald, Bitfinex, and Tether, which recently announced a $3.6 billion initiative called Twenty One. Firms like Metaplanet, Semler Scientific, and KULR are also actively pursuing similar strategies.
According to analysts at Bernstein, corporate BTC holdings could swell by $330 billion over the next five years, especially under a more favorable regulatory environment in the U.S.
Analyst Ratings Remain Strong
Analysts remain confident in MSTR’s future trajectory. Benchmark reaffirmed its “buy” rating and $650 price target, while Bernstein continues to rate the stock “outperform” with a $600 target.
