JPMorgan analysts led by managing director Nikolaos Panigirtzoglou estimate that Michael Saylor’s Strategy could purchase approximately $30 billion worth of bitcoin on an annualized basis in the current year if its recent buying pace continues, according to a JPMorgan report. Strategy has accumulated 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.
JPMorgan Analysis: Accelerated Accumulation
The estimated $30 billion annual purchase rate would significantly exceed Strategy’s bitcoin spending in 2025 and 2024, when the company bought approximately $22 billion worth of bitcoin in each year, according to the JPMorgan analysts. “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 analysts said in their report.
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Investor Demand and Financing Conditions
Investor demand for Strategy shares has remained strong, with the company’s premium to net asset value (NAV) expanding to approximately 26% over the past two months. This higher premium has created more favorable financing conditions, enabling Strategy to issue equity and debt to fund additional bitcoin purchases, according to the JPMorgan analysts. Investor demand is coming from both retail and institutional investors, with ownership split almost equally between the two groups.
Current Holdings and Market Position
Strategy, formerly known as MicroStrategy, remains the largest corporate holder of bitcoin globally. The company currently holds a total of 818,334 bitcoin, worth over $65 billion at current prices.
Related Developments
Earlier Thursday, 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 the bank said makes its bitcoin accumulation strategy more capital-efficient and improves its bitcoin yield outlook.
Earlier this week, Saylor stated 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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