Michael Saylor’s strategy could buy nearly $30 billion worth of Bitcoin this year if the current pace of acquisitions continues, according to JPMorgan analysts, representing a potential acceleration beyond the company’s already aggressive playbook.
The estimate comes after the strategy has added 145,834 Bitcoin so far this year, worth about $11 billion, with JPMorgan noting that much of the buying occurred while Bitcoin traded below the company’s estimated average cost of about $75,000. At the current annual pace, the bank said the strategy’s 2026 purchases would exceed the roughly $22 billion it purchased in both 2024 and 2025.
JPMorgan sees Bitcoin buying spree re-accelerating
The latest information is focused on Strategy’s buying speed, not just the size of its balance sheet. JPMorgan analysts led by Nikolaos Panigirzoglou He said The company appears to have “accelerated its Bitcoin purchases again in April,” expanding what they described as an opportunity-based pattern this year.
“The strategy appears to have accelerated its Bitcoin purchases again in April,” the analysts said, according to summaries of the note. “The company is pursuing an opportunity-based acquisition strategy throughout 2026, taking into account market conditions and financing opportunities.”
This framing is important. The strategy is not just buying according to a specific schedule. JPMorgan’s read is that the company was using weak prices and available funding windows to expand its bitcoin stack, while the stock market premium gives it a capital-raising mechanism that most corporate bitcoin holders don’t have.
The strategy’s premium over net asset value has expanded to about 26% over the past two months, according to reports citing JPMorgan. A larger premium can make issuing equity or debt more attractive, because the company can raise capital above the implied value of the bitcoin it already holds and recycle the proceeds into additional bitcoin purchases.
The strategy’s balance sheet continues to grow
The strategy said on May 5 that She owns 818,334 Bitcoin As of May 3, representing 22% year-to-date growth. The company also announced raising $11.68 billion year to date, while STRC alone raised $5.58 billion, and the cumulative dividends declared and paid on preferred stock reached $692.5 million.
The company’s own commentary emphasizes the financing aspect of the model. CEO Fung Lee said, “Bitcoin adoption continues to grow in 2026. Digital credit, highlighted by STRC, has been a huge success. STRC has demonstrated strong demand, high liquidity and low volatility.” He added that the strategy has raised $5.6 billion in total revenue for STRC year-to-date, and cited increased Bitcoin activity from major banks including Morgan Stanley, Goldman Sachs and Citi.
CFO Andrew Kang framed the preferred stock platform as a core part of the company’s capital structure. “Strategy is king Digital Credit Source “In the world, with more than $13.5 billion of preferred shares outstanding, backed by a fortified Bitcoin balance sheet.” “We continue to expand our proven track record of servicing our dividends, having now met payment obligations on time and in full across 23 consecutive distributions, totaling more than $693 million since launching our preferred shares products in early 2025.”
Trade-off: larger purchases and larger commitments
The same structure that enables larger Bitcoin purchases also increases the strategy’s ongoing commitments. The company reported a first-quarter net loss of $12.54 billion, or $38.25 per share, driven by an unrealized loss of $14.46 billion on digital assets. The strategy’s filings also state that dividends on perpetual preferred stock must be paid in perpetuity, and that future obligations may require the company to sell common stock or bitcoin.
This tension became difficult to ignore after Saylor pointed it out The strategy can sell some Bitcoin to pay preferred dividendseven as he later summed up the company’s position in a six-word post: “Buy more Bitcoin than you sell it.”
At press time, Bitcoin was trading at $79,934.
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