JPMorgan analysts estimate that Michael Saylor’s Strategy could purchase approximately $30 billion worth of bitcoin on an annualized basis in the current year if its buying pace continues, according to a report from JPMorgan analysts led by managing director Nikolaos Panigirtzoglou. Strategy has accumulated 145,834 bitcoin worth roughly $11 billion year-to-date, with purchases occurring at an average cost of around $75,000 per bitcoin. This pace represents a significant acceleration compared to 2025 and 2024, when the company purchased approximately $22 billion worth of bitcoin in each year.
Accelerated Buying Pattern
Strategy re-accelerated its bitcoin purchases in April, extending a pattern of increasingly opportunistic buying responsive to market conditions and financing availability, according to JPMorgan. The analysts noted that much of the year-to-date buying occurred while bitcoin traded below the company’s estimated average purchase cost.
Financing and Investor Demand
Investor demand for Strategy shares has remained strong, with the company’s premium to net asset value expanding to approximately 26% over the past two months. This higher premium has created easier financing conditions, allowing Strategy to issue equity and debt to fund additional bitcoin purchases. Ownership of Strategy shares is split almost equally between retail and institutional investors, according to JPMorgan analysts.
Holdings and Recent Developments
Strategy, formerly known as MicroStrategy, remains the largest corporate holder of bitcoin globally. The company currently holds 818,334 bitcoin, worth over $65 billion at current prices.
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.
Michael Saylor stated earlier 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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