Strategy disclosed in an 8-K filing on Monday that it had acquired 24,869 BTC for roughly $2.01 billion between May 11 and May 17, lifting total holdings to 843,738 coins — and funded about 97% of the buy through sales of its STRC perpetual preferred rather than common stock.
Strategy disclosed in an 8-K filed on Monday that it had bought 24,869 bitcoin for roughly $2.01 billion between May 11 and May 17, at an average price of $80,985 per coin. The acquisition lifts the company's treasury to 843,738 BTC, accumulated at an average cost of $75,700, and was funded almost entirely by sales of the firm's STRC perpetual preferred stock — not the common stock its retail base has historically subscribed to.
That financing detail is the part that matters. Strategy raised about $1.95 billion from selling roughly 19.5 million STRC shares, which accounted for approximately 97% of total proceeds. STRC is the perpetual preferred Michael Saylor introduced as a less dilutive vehicle for raising bitcoin-acquisition capital. By leaning on STRC rather than dipping into MSTR equity again, Saylor has financed two billion dollars of bitcoin without printing a single common share — a notable shift for a company that has long been criticised for using its stock as an ATM.
The buy was disclosed by Saylor on X on Sunday afternoon — flagged with the customary BTC Yield of 12.6% YTD 2026 line that the company has folded into every treasury announcement since adopting that ratio as a headline performance metric.
It is also the largest weekly purchase Strategy has made in 2026. The pace had slowed sharply through March and April; the company bought just 3,273 BTC in late April at an average price near $77,906, and several earlier purchases were characterised by analysts as the slowdown that had finally arrived. The May purchase undoes that narrative, but it does so against a much shakier price tape — bitcoin briefly cleared $82,000 earlier in the month and is now trading just above $77,000 after a week of heavy ETF redemptions and a broader market wobble triggered by the CLARITY Act moving to a full Senate vote.
There is mechanical risk attached. An average cost basis of $75,700 means Strategy is still in profit at current prices, but the cushion is thinner than at any point since the start of 2025. STRC has its own coupon obligations; the perpetual preferred carries a dividend the company has to service in cash or new issuance, and the more STRC outstanding, the harder the math gets if bitcoin slides another 10%. Critics including Jim Chanos have spent most of the year arguing that the company is one bear market away from a forced unwind. Saylor's reply has been to keep buying and to keep introducing new instruments — STRC, STRK, STRF, STRD, STRE — designed to push the dilution risk away from MSTR holders.
The market response to the filing was muted. MSTR opened roughly flat against a soft session for the Nasdaq, with options implied volatility easing into the disclosure rather than spiking — a sign the buy was already priced in by analysts tracking the STRC issuance pattern. STRC itself traded marginally lower, which is what you'd expect after a fresh 19.5 million-share supply event; the preferred had been bid up through April on the assumption that Saylor would slow purchases, and the May disclosure reverses that expectation. None of the action looked panicked.
What it does look like is a company that has decided the second half of 2026 is the time to be aggressive again. Bitcoin's correlation to long-duration US treasuries has tightened over the past month, and the 30-year yield breaking above 5% earlier in the spring has — counterintuitively — made bitcoin an easier sell to fixed-income desks looking for duration alternatives. Strategy is positioned as the levered proxy for that thesis whether anyone there frames it that way or not. Saylor's bet is that institutional capital looking for a non-correlated store of value will keep underwriting his preferred stack.
The 12.6% YTD BTC yield is, on Strategy's own metric, healthy. It means the company is acquiring bitcoin per share faster than it is issuing equity per bitcoin, which is the only ratio Saylor really cares about. Whether the broader market keeps tolerating preferred-stock issuance at this clip is a different question — and one that mostly resolves on the price of a single asset.
Strategy now holds about 4% of all bitcoin that will ever exist.
