Strategy Acquires 7,390 Bitcoin for $765M, Expanding Treasury Holdings to Over 576,000 BTC

Bitcoin-focused firm Strategy has expanded its already massive digital asset treasury, acquiring 7,390 more bitcoin between May 12 and May 18 for approximately $764.9 million. The purchase, disclosed in a recent U.S. Securities and Exchange Commission (SEC) filing, was made at an average price of $103,498 per bitcoin.

This acquisition brings Strategy’s total bitcoin holdings to a staggering 576,230 BTC, valued at over $59 billion based on current market prices. The company, previously known as MicroStrategy, has acquired its holdings at an average cost of $69,726 per BTC, amounting to roughly $40.2 billion in total expenditure, including associated fees. The firm’s bitcoin now represents 2.7% of the total 21 million BTC supply, resulting in more than $18 billion in unrealized gains on paper.

Funding Through Stock Sales

The latest round of bitcoin purchases was financed through the sale of Strategy’s Class A common stock (MSTR) and its newly introduced perpetual preferred shares (STRK). Last week alone, the firm sold over 1.7 million MSTR shares, raising $705.7 million, while another 621,555 STRK shares brought in $59.7 million. Combined, these offerings leave nearly $40 billion in stock still available for future fundraising under the current issuance programs.

These equity sales are part of Strategy's broader "42/42" capital plan, aimed at raising $84 billion through a mix of equity offerings and convertible notes to fund bitcoin acquisitions through 2027. This plan was an expansion from the previous $42 billion "21/21" initiative, which has already seen its equity component nearly exhausted.

Bitcoin-Focused Vision Continues

Michael Saylor, co-founder and executive chairman of Strategy, continues to promote the firm’s aggressive bitcoin strategy publicly. In a characteristically cryptic message shared on social media, Saylor hinted at more purchases ahead, stating, “Never short a man who buys orange ink by the barrel.” His remark drew some skepticism from industry observers concerned about transparency and shareholder interests.

Despite occasional pushback, Strategy remains undeterred. The company has been on a sustained buying spree, adding 13,390 BTC worth $1.3 billion just the week prior to the latest filing. In total, it has purchased over 303,000 BTC in the last six months alone.

Broader Corporate Momentum Behind Bitcoin

Strategy’s bold treasury approach is increasingly being replicated by other firms globally. More than 70 companies now hold bitcoin on their balance sheets. Japanese investment firm Metaplanet recently acquired 1,004 BTC for $104.3 million, bringing its total to 7,800 BTC. Meanwhile, Cantor Fitzgerald, SoftBank, Bitfinex, and Tether have joined forces to launch a $3.6 billion bitcoin initiative named "Twenty One."

Additional firms jumping into the bitcoin treasury space include:

• Nakamoto: A Bitcoin-native holding company formed via a merger with healthcare firm KindlyMD, backed by a $510 million private investment.
• GD Culture Group: Announced plans to raise up to $300 million for bitcoin and crypto-related investments.
• Méliuz (Brazil): Acquired 274.5 BTC for $28.4 million.
• Basel Medical Group: Revealed an ambitious $1 billion bitcoin acquisition plan.

Analysts at Bernstein project that corporate bitcoin treasuries could grow by $330 billion over the next five years, particularly under more favorable U.S. crypto regulations.

Financial Outlook and Market Performance

Earlier this month, Strategy posted a $4.2 billion net loss for Q1, largely due to $6 billion in unrealized losses under newly implemented fair value accounting standards. Despite this, analysts note the company’s low debt burden and no major payments due until 2028, suggesting its financial structure remains stable for now.

Shares of MSTR closed slightly up at $399.80 on Friday, though the stock is down 33.2% year-to-date. Bitcoin itself continues to trade just below its all-time highs, with recent price consolidation raising questions about the sustainability of current momentum.