TheBlock
JPMorgan analysts led by managing director Nikolaos Panigirtzoglou estimate Strategy's bitcoin purchases could reach $30 billion on an annualized basis in 2026 — a significant step up from the roughly $22 billion the company deployed in each of the prior two years. The firm has already added 145,834 BTC worth approximately $11 billion year-to-date, with much of that buying occurring while bitcoin traded below Strategy's estimated average cost basis of around $75,000.
JPMorgan described the pattern as "increasingly opportunistic buying, responsive to both market conditions and financing availability." Strategy's premium to net asset value has expanded to around 26% over the past two months, easing its ability to issue equity and debt to fund further accumulation. Retail and institutional investors now hold the company's shares in roughly equal proportion.
Separately, TD Cowen raised…
Lookonchain
WatcherGuru