TLDR
- Strategy acquired 13,390 BTC for approximately $1.34 billion between May 5 and May 11.
- The company’s total bitcoin holdings have increased to 568,840 BTC worth over $59 billion at current prices.
- Strategy funded the purchase using proceeds from recent sales of MSTR and STRK shares.
- The firm sold 3,222,875 MSTR shares for about $1.31 billion and issued 273,987 STRK shares for $25.1 million.
- Strategy now holds over 2.7 percent of bitcoin’s total fixed supply of 21 million coins.
Strategy acquired 13,390 Bitcoin (BTC) for approximately $1.34 billion between May 5 and May 11, increasing its total holdings. The firm now owns 568,840 BTC, worth over $59 billion at current prices. This purchase continues Strategy’s aggressive accumulation model and further strengthens its position as the largest corporate holder of bitcoin.
The acquisition was funded using proceeds from recent stock sales, including class A common stock and perpetual preferred stock. Strategy sold 3,222,875 MSTR shares last week for approximately $1.31 billion to support the bitcoin purchase. Additionally, it issued 273,987 STRK shares, generating approximately $25.1 million.
Despite recent volatility and fair value accounting changes, the strategy’s bitcoin strategy has resulted in significant unrealized gains. The firm now holds over 2.7% of the total 21 million bitcoin supply. Over the past six months alone, Strategy added 303,230 BTC, underscoring its aggressive market approach.
Strategy has acquired 13,390 BTC for ~$1.34 billion at ~$99,856 per bitcoin and has achieved BTC Yield of 15.5% YTD 2025. As of 5/11/2025, we hodl 568,840 $BTC acquired for ~$39.41 billion at ~$69,287 per bitcoin. $MSTR $STRK $STRF https://t.co/oSXRMwiTkU
— Michael Saylor (@saylor) May 12, 2025
Strategy Continues Equity Funding Through MSTR and STRK Share Sales
Strategy’s equity programs remain active with significant room for further stock sales under current authorization limits. As of May 11, the company still has $19.69 billion in MSTR shares for future issuance. Similarly, $20.85 billion in STRK shares remain for sale, supporting continued bitcoin acquisitions.
Connect the Dots pic.twitter.com/T4Aj7yYKkr
— Michael Saylor (@saylor) May 11, 2025
These funding efforts align with Strategy’s expanded “42/42” capital plan to raise $84 billion through 2027. The plan includes equity offerings and convertible notes, replacing the previously completed “21/21” structure. The equity side of the former plan has already been fully utilized.
The company’s strong access to capital markets allows it to maintain low debt while aggressively expanding its bitcoin treasury. Analysts note that Strategy has no major debt payments due until 2028, keeping leverage manageable. Despite share dilution, market sentiment remains steady due to the consistent execution of its funding model.
Corporate Bitcoin Race Accelerates Following Strategy’s Model
Over 70 companies have adopted bitcoin treasury strategies inspired by Strategy’s approach and leadership. Firms like Cantor Fitzgerald, SoftBank, and Tether recently announced a $3.6 billion bitcoin venture named Twenty One. Other companies, including Semler Scientific, KULR, and Metaplanet, have followed Strategy’s acquisition model.
Analysts at Bernstein expect these corporate buyers to add $330 billion in bitcoin over the next five years. They cite favorable U.S. regulatory developments and growing market acceptance as key drivers. This forecast suggests a prolonged expansion of the corporate bitcoin treasury trend.
Meanwhile, Strategy continues to lead with consistent BTC purchases and market activity. The firm’s premium valuation remains elevated, currently at twice its bitcoin net asset value. Since November, it has raised over $15 billion through its stock issuance program while sustaining this premium.
Strategy Shares Rise Despite Quarterly Loss
Strategy reported a $4.2 billion net loss for Q1 due to $6 billion in unrealized losses under new accounting rules. Despite this, MSTR closed at $416.03 on Friday and rose 1.5% in Monday pre-market trading. The stock has gained 38.6% year-to-date.
The company’s market capitalization stands at $113.7 billion, trading at a premium to the value of its BTC holdings. K33 Research highlighted the valuation gap, noting it peaked at 3.4x in November and remains significant. This premium enables Strategy to pursue additional acquisitions without impacting its financial flexibility.
Benchmark and Bernstein maintain positive ratings on MSTR, with price targets of $650 and $600, respectively. These endorsements reflect confidence in Strategy’s operational model and market execution. The firm shows no signs of slowing down its bitcoin-focused growth strategy.
