Michael Saylor’s Strategy may purchase about $30 billion worth of Bitcoin in 2026 if it continues buying at its current pace, according to analysts at JPMorgan.
The company, formerly known as MicroStrategy, has added 145,834 BTC so far this year, valued at roughly $11 billion. JPMorgan analysts led by Nikolaos Panigirtzoglou said the pace of accumulation has increased in recent months, especially during April, when Strategy appeared to step up purchases as Bitcoin traded near or below its estimated average acquisition cost.
Strategy remains the largest publicly traded corporate holder of Bitcoin. The company now holds 818,334 BTC, worth more than $65 billion based on recent market prices. Its Bitcoin reserve remains the center of its corporate strategy and financing model.
Bitcoin Purchases Accelerate in 2026
JPMorgan analysts said Strategy’s year-to-date Bitcoin buying rate points to an annualized total of around $30 billion by December. That would exceed the company’s Bitcoin purchases in 2024 and 2025, when it bought about $22 billion worth of BTC in each year.
The analysts said Strategy has become more opportunistic in 2026, adjusting its purchases based on market prices and capital availability. The firm has used multiple financing channels, including common stock, debt and preferred equity, to fund its Bitcoin acquisitions.
Investor demand for Strategy shares has also supported the buying program. JPMorgan said the company’s premium to net asset value has expanded to about 26% over the past two months. A higher premium can make equity issuance more favorable because the company can raise capital above the value of its underlying Bitcoin holdings.
The analysts noted that demand for Strategy shares comes from both retail and institutional investors, with ownership split almost evenly between the two groups.
STRC Adds New Financing Layer
Strategy’s capital structure has grown more complex as it adds preferred stock products to support Bitcoin accumulation. STRC, also known as “Stretch,” is a variable-rate perpetual preferred stock backed by the company’s Bitcoin holdings.
Saylor has described the company’s structure as a system that converts Bitcoin into digital credit through STRC and digital equity through MSTR. In this model, Bitcoin serves as the reserve asset, STRC provides a yield-focused credit layer, and MSTR acts as the equity layer linked to Bitcoin’s upside and volatility.
STRC is designed to trade near a $100 par value. Strategy adjusts its monthly dividend rate and uses an at-the-market issuance program to sell new shares when market conditions allow. Proceeds can then be used to purchase more Bitcoin.
The preferred stock product has grown rapidly. Saylor has said STRC reached about $8.5 billion in assets under management within roughly nine months. He has positioned the product as part of a wider effort to create Bitcoin-backed credit instruments for public markets.
Dividend Comments Draw Attention
The company’s financing model has also drawn scrutiny after Saylor said Strategy may sell Bitcoin in the future to help cover dividends tied to STRC. His comments came as investors monitored how the company will manage recurring payment obligations linked to preferred stock and debt.
Strategy has annual obligations tied to preferred dividends and interest payments. Supporters of the model argue that Bitcoin appreciation, equity issuance and preferred stock sales can help fund continued accumulation. Critics say the company may face pressure if Bitcoin prices fall, investor demand weakens or dividend costs rise.
Concurrently, Peter Schiff, a long-time Bitcoin critic and gold advocate, criticised Strategy’s preferred stock structure after Saylor’s comments. Schiff argued that the model depends on continuing market confidence and said Strategy may face pressure if dividend payments become harder to fund.
Despite these, TD Cowen recently raised its price target on Strategy to $395 from $385, citing the company’s increased use of STRC perpetual preferred stock. The bank said the structure may make Bitcoin accumulation more capital-efficient and improve Strategy’s Bitcoin yield outlook.
