Saylor, Sweeping Up Again?...JPMorgan Reveals Strategy's Bitcoin Binge Scenario

▲ Michael Saylor, Bitcoin (BTC)/AI generated image

JPMorgan's analysis suggests that Strategy could acquire an additional approximately $30 billion worth of Bitcoin (BTC) if it maintains its current pace of purchases this year. Strategy, led by Chairman Michael Saylor, is already pursuing an aggressive Bitcoin treasury strategy, having bought 145,834 BTC this year alone.

According to Bitcoinist on May 8 (local time), JPMorgan analysts led by Nikolaos Panigirtzoglou analyzed that Strategy appears to have re-accelerated its Bitcoin purchases in April. JPMorgan assessed that Strategy is employing an opportunistic buying strategy this year, adapting to market conditions and financing opportunities.

Strategy has added 145,834 BTC so far this year, which is worth approximately $11 billion. JPMorgan noted that a significant portion of these purchases were made below Strategy's estimated average purchase price of about $75,000. Applying the current annualized rate, Strategy's Bitcoin purchases in 2026 could exceed the approximately $22 billion purchased in 2024 and 2025, respectively.

JPMorgan's analysis focuses more on the pace of Strategy's purchases than on its holdings themselves. Strategy is not buying Bitcoin on a fixed schedule but is increasing its Bitcoin holdings by leveraging price weaknesses and opportunities for financing. The premium of the company's stock relative to its net asset value is reported to have expanded to about 26% in the last two months.

This premium serves as an important mechanism for Strategy to raise additional capital. The higher the stock price is valued compared to the intrinsic value of its Bitcoin holdings, the more Strategy can raise funds through equity or debt issuance and reinvest them into Bitcoin purchases. JPMorgan views this structure as a capital raising tool that is difficult for typical corporate Bitcoin holders to access.

Strategy announced that as of May 5, it held 818,334 BTC, an increase of 22% since the beginning of the year. The company has raised $11.68 billion year-to-date, with STRC alone accounting for $5.58 billion. The cumulative declared and paid dividends for preferred stock totaled $692.5 million.

Phong Le, CEO of Strategy, stated, “Bitcoin adoption continues to grow in 2026. Digital credits, represented by STRC, have been a great success. STRC has shown strong demand, high liquidity, and low volatility.” He also mentioned that Strategy has raised a total of $5.6 billion in STRC revenue year-to-date and noted increased Bitcoin activity from major banks such as Morgan Stanley, Goldman Sachs, and Citi.

Andrew Kang, CFO of Strategy, described the preferred stock platform as central to the company's capital structure. He said, “Strategy is the world's largest digital credit issuer with over $13.5 billion in preferred stock, supported by a robust Bitcoin balance sheet.” He added, “Since the launch of our preferred stock products in early 2025, we have met our dividend payment obligations on time and in full for 23 consecutive quarters, totaling over $693 million.”

However, larger Bitcoin purchases come with greater financial burdens. Strategy reported a net loss of $12.54 billion and a loss per share of $38.25 in the first quarter. This loss was primarily attributed to an unrealized loss of $14.46 billion on digital assets. Strategy's disclosures also stated that it must continue to pay dividends on perpetual preferred stock and may need to sell common stock or Bitcoin to meet future obligations.

Saylor had previously hinted that some Bitcoin might be sold to pay preferred stock dividends. However, he later summarized the company's basic stance in six words: “Buy more Bitcoin than you sell.” Strategy's Bitcoin strategy has entered a phase where the financing structure enabling large-scale purchases and the associated dividend burden are both growing.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*