JPMorgan Says Strategy Could Buy $30B in Bitcoin This Year

Wall Street just put a number on Michael J. Saylor’s ambition. JPMorgan analysts led by managing director Nikolaos Panigirtzoglou published a report. That forecasting Strategy (formerly MicroStrategy) could purchase approximately $30 billion worth of Bitcoin in 2026 if its current pace continues

That figure would nearly 36% exceed the roughly $22 billion the company deployed in each of the two prior years combined. For MicroStrategy news watchers, this is the clearest institutional validation yet of Strategy’s Bitcoin treasury model.

The Numbers Behind the Forecast

Strategy has already acquired 145,834 BTC worth approximately $11 billion year-to-date in 2026. A significant portion of that buying happened. While Bitcoin traded below the company’s average acquisition cost of roughly $75,000 per coin a pattern. JPMorgan described it as increasingly opportunistic.

“Strategy appears to have re-accelerated its bitcoin purchases in April,” the analysts wrote. He added, “extending a 2026 pattern of increasingly opportunistic buying, responsive to both market conditions and financing availability.”

The company currently holds 818,334 BTC in total, worth over $65 billion at current prices. Which making it by far the largest corporate Bitcoin holder on earth. Its premium to net asset value has expanded to around 26% over the past two months. It’s dynamic that creates easier financing conditions and enables continued accumulation through equity and debt issuances

TD Cowen also raised its price target on Strategy to $395 from $385 on May 7. It cited the company’s expanded use of STRC perpetual preferred stock as a more capital-efficient funding vehicle.

Saylor’s Evolving Strategy

The most surprising development came during Strategy’s Q1 2026 earnings call. Michael Saylor signaled the company may sell a portion of its Bitcoin holdings. In the future, to fund dividends tied to its STRC preferred stock. “We’ll probably sell some Bitcoin to fund a dividend, just to inoculate the market, just to send the message that we did it,” Saylor said.

He added that if Bitcoin appreciates by more than 2.3% annually. Strategy could sustain those dividends without selling common stock. That makes the math straightforward at current price levels. Jan3 CEO Samson Mow pushed back on critics of the potential sales directly. “Never selling limits optionality. Public markets are war. In war, you need all available tools at your disposal,” Mow said. He added that a company publicly committed to a single strategy “has handed a map to short sellers and arbitrageurs.”

What This Means for Investors

For JPMorgan 2026 analysts and Bitcoin investors, Strategy’s accumulation pace matters beyond the company itself. At $30 billion in annual purchases, Strategy alone represents sustained institutional buy-side pressure. That supports Bitcoin’s role as a treasury reserve asset at a structural level.

Ownership of Strategy shares is split almost evenly between retail and institutional investors. That means this is not a niche trade. It is a mainstream institutional position growing in size and conviction every quarter. Whether the $30 billion pace proves sustainable depends on financing conditions, Bitcoin price levels, and shareholder appetite. But JPMorgan’s coverage alone signals that Strategy’s model has moved from controversial to consensus on Wall Street.