How Much Bitcoin Did Strategy Buy?
Strategy has purchased another 24,869 BTC for approximately $2.01 billion, extending its position as the largest corporate bitcoin treasury holder while using fresh equity and preferred stock proceeds to fund the acquisition.
The company bought the bitcoin between May 11 and May 17 at an average price of $80,985 per bitcoin, according to an 8-K filing with the Securities and Exchange Commission. The purchase brings Strategy’s total holdings to 843,738 BTC, acquired at an average price of $75,700 per bitcoin for a total cost of about $63.9 billion, including fees and expenses.
At current prices, the holdings are worth roughly $65.3 billion and represent more than 4% of bitcoin’s fixed 21 million supply cap. The position also implies about $1.4 billion in paper gains, though that figure remains highly sensitive to bitcoin’s price swings.
The latest purchase ranks as Strategy’s 6th-largest weekly acquisition to date and its 2nd-largest this year, behind the company’s 34,164 BTC purchase in April. The scale confirms that Strategy’s bitcoin strategy remains active even as bitcoin trades under pressure and shares of bitcoin treasury companies have pulled back from their 2025 highs.
How Is Strategy Funding Its Bitcoin Purchases?
The acquisition was funded through proceeds from at-the-market sales of Strategy’s Class A common stock, MSTR, and its perpetual Stretch preferred stock, STRC. During the week, Strategy sold 430,344 MSTR shares for approximately $83.7 million. The company said $26.27 billion of MSTR shares remain available for issuance and sale under that program.
The larger funding source came from STRC. Strategy sold 19,519,801 STRC shares for approximately $1.95 billion, leaving $17.51 billion available under that preferred stock program. That makes STRC the main driver of the latest purchase and shows how Strategy is leaning more heavily on preferred equity rather than common stock alone.
STRC is a variable-rate, cumulative preferred stock that pays monthly dividends. Its adjustable rate is designed to help keep the shares near a $100 par value. The stock currently offers an annualized rate of 11.5%, and Strategy has proposed changing the 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. For investors, the funding structure matters because Strategy’s bitcoin accumulation now depends not only on bitcoin sentiment, but also on demand for its preferred stock products.
Investor Takeaway
Strategy’s latest bitcoin purchase shows that its treasury model is becoming more tied to preferred stock issuance. The key risk is no longer only bitcoin price volatility. It is also whether investor demand for Strategy’s capital instruments remains strong enough to support continued accumulation.
Why Does STRC Matter for Bitcoin Market Flows?
STRC has become central to Strategy’s recent buying pattern. Analysts at K33 argued that strong investor demand for STRC may be creating recurring mid-month bitcoin buying pressure, as the company issues new shares and uses the proceeds to acquire BTC before current ex-dividend dates on the 15th of each month.
That dynamic gives Strategy’s activity a wider market relevance. The company is not only a passive holder of bitcoin. It is an active buyer whose issuance schedule, dividend mechanics, and investor demand can influence short-term bitcoin flows. When Strategy raises large amounts through preferred stock, the proceeds can quickly translate into spot bitcoin purchases.
Michael Saylor again hinted at the latest acquisition before the official disclosure, sharing an update on Strategy’s bitcoin acquisition tracker and writing, “Big dot energy.” The comment pointed to another large purchase and reinforced the company’s pattern of signaling major acquisitions before filings confirm them.
Still, the model is exposed to market conditions. If demand for preferred stock weakens or the company’s share price trades closer to its bitcoin net asset value, Strategy may have less room to issue capital on attractive terms. The company recently expanded its at-the-market programs to include up to an additional $21 billion of MSTR, another $21 billion of STRC preferred stock, and $2.1 billion of STRK preferred stock, giving it a large remaining issuance base but also increasing investor focus on dilution and balance sheet risk.
What Are the Risks Around Strategy’s Bitcoin Treasury Model?
Strategy’s latest acquisition comes as the broader digital asset treasury trade has cooled. According to Bitcoin Treasuries data cited in the source report, 196 public companies have adopted some form of bitcoin acquisition model, with 84 currently active. Yet many shares in the group are down sharply from their summer 2025 peaks as market cap-to-net asset value ratios have contracted.
Strategy itself remains under pressure despite its scale. Its stock fell 5.1% last week to close at $177.42, though it remains up 14.8% year-to-date. Bitcoin fell about 3.3% over the same period and later slipped below $77,000 amid renewed macro pressure and inflation concerns.
The company also agreed to buy back $1.5 billion face value of its zero-coupon 2029 convertible notes for about $1.38 billion, retiring the debt at roughly 92 cents on the dollar. Strategy listed bitcoin sales as 1 of 3 potential funding sources, a notable disclosure because Saylor has described the company as a “net accumulator” of bitcoin.
