JPMorgan analysts estimate that MicroStrategy (Strategy/MSTR) could purchase approximately $30 billion in bitcoin this year if its current accumulation pace continues, according to a report from the investment bank. The estimate is based on Strategy’s accelerated bitcoin buying activity year-to-date, led by managing director Nikolaos Panigirtzoglou and his team.
Year-to-Date Accumulation and Purchase Pace
Strategy has added 145,834 bitcoin worth roughly $11 billion year-to-date, with much of the buying occurring while bitcoin traded below the company’s estimated average purchase cost of around $75,000, according to JPMorgan analysts. At the current pace, annualized bitcoin purchases could reach around $30 billion this year—significantly higher than 2025 and 2024, when the company bought approximately $22 billion worth of bitcoin in each year.
April Acceleration and Market Responsiveness
“Strategy appears to have re-accelerated its bitcoin purchases in April, extending a 2026 pattern of increasingly opportunistic buying, responsive to both market conditions and financing availability,” the JPMorgan analysts said.
![jpmorgan-mstr-news]()
JPMorgan analysis of MicroStrategy’s bitcoin accumulation strategy
Investor Demand and NAV Premium
Investor demand for Strategy shares has remained strong, with the company’s premium to net asset value (NAV) expanding to around 26% over the past two months. The higher premium has created easier financing conditions for the company, allowing it to issue equity and debt to fund additional bitcoin purchases, according to the analysts. Investor demand is coming from both retail and institutional investors, with ownership split almost equally between the two groups.
Corporate Holdings and Recent Developments
Strategy, formerly known as MicroStrategy, remains the largest corporate holder of bitcoin globally, currently holding a total of 818,334 bitcoin worth over $65 billion at current prices.
Earlier this week, investment bank TD Cowen raised its price target on Strategy to $395 from $385, citing the company’s increased use of STRC perpetual preferred stock issuance, which makes its bitcoin accumulation strategy more capital-efficient and improves its bitcoin yield outlook.
MicroStrategy CEO Michael Saylor also stated this week that Strategy “will probably” sell bitcoin in the future to help cover dividends tied to STRC, its high-yield perpetual preferred stock.
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