Strategy (MSTR) Stock Slides as Saylor Acquires Another $2B in Bitcoin

Key Highlights

• Between May 11 and May 17, Strategy acquired 24,869 BTC for approximately $2.01 billion, paying an average of $80,985 per Bitcoin.
• The company’s Bitcoin treasury has reached 843,738 BTC, accumulated for approximately $63.87 billion with an average acquisition cost of $75,700 per coin.
• Approximately 97% of the capital came from STRC perpetual preferred stock sales, generating around $1.95 billion in proceeds.
• Strategy’s Bitcoin reserves now surpass BlackRock’s approximately 817,000 BTC managed through its ETF offerings.
• MSTR shares declined roughly 2.5% during premarket hours Monday, mirroring a downturn in Bitcoin valuations.

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Michael Saylor’s Strategy has executed another substantial Bitcoin acquisition. In an SEC Form 8-K filing released Monday, the enterprise revealed it secured 24,869 BTC during the May 11–17 period for about $2.01 billion.

The transaction occurred at an average rate of $80,985 per Bitcoin, elevating Strategy’s aggregate Bitcoin position to 843,738 BTC. Since initiating its Bitcoin accumulation strategy in 2020, the corporation has invested approximately $63.87 billion, maintaining an average entry price of $75,700 per coin.

Based on CoinGecko pricing data at the time of reporting, these reserves carried a market value of approximately $65.3 billion, reflecting an unrealized profit on the overall position.

MSTR shares experienced a decline of about 2.5% in Monday’s premarket session, correlating with Bitcoin’s modest retreat to approximately $77,700.

Strategy Inc, MSTR

Financing the Acquisition

The Bitcoin purchase relied predominantly on proceeds from the company’s STRC perpetual preferred stock offering, which contributed roughly 97% of the necessary capital.

Strategy generated approximately $1.95 billion through the sale of about 19.5 million STRC units. The remaining funding—approximately $83.7 million—originated from the sale of 430,344 Class A common shares.

This capital structure mirrors recent large-scale acquisitions. An earlier purchase of 34,164 BTC this year, marking Strategy’s third-largest transaction to date, similarly relied predominantly on preferred securities instead of common stock issuance.

STRC Live had identified significant preferred stock trading activity throughout the week, including a record-breaking daily volume of 15.1 million shares, with projected BTC purchases estimated at approximately 15,466 coins.

Strategy’s Bitcoin Position Eclipses BlackRock’s ETF Holdings

With 843,738 BTC in reserves, Strategy has now overtaken BlackRock’s estimated 817,000 BTC, which the investment giant manages through its Bitcoin exchange-traded fund products on behalf of institutional and retail clients.

This margin continues to expand with each successive acquisition, solidifying Strategy’s dominance as the largest publicly traded corporate Bitcoin holder globally.

Saylor has executed 109 separate Bitcoin acquisition transactions since 2020, a milestone he regularly highlights through publicly shared charts demonstrating the company’s persistent accumulation approach.

This latest purchase follows Saylor’s surprising comments during Strategy’s recent earnings call, where he suggested the possibility of eventually divesting Bitcoin holdings. He positioned this as a potential mechanism for preserving the asset’s long-term value, representing a notable departure from the company’s historically unwavering “never sell” philosophy.

Saylor contended that maintaining an overly rigid stance could ultimately undermine the very asset the strategy aims to support.

For the present, accumulation remains Strategy’s operational focus. The company has not announced any Bitcoin sales to date.

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