TheBlock
JPMorgan analysts led by managing director Nikolaos Panigirtzoglou estimate Strategy’s bitcoin purchases could reach roughly $30 billion on an annualized basis in 2026, sharply above the roughly $22 billion the company bought in each of 2024 and 2025. The bank notes Strategy has already added 145,834 BTC worth about $11 billion year-to-date, with much of the buying executed while bitcoin traded below the firm’s estimated average cost of around $75,000. BTC itself has since pushed back toward the $80,000 area.
Why it matters
JPMorgan frames the run-rate as a re-acceleration rather than a continuation: Strategy’s April pace extends a 2026 pattern of opportunistic buying tied to both market conditions and financing availability. That financing leg is the more important signal. The company’s premium to net asset value has expanded to roughly 26% over the past two months, opening a wider window for equity and debt issuance to fund additional accumulation. TD Cowen separately raised its price target on Strategy to $395 from $385, citing the increased use of STRC perpetual preferred — a structure the bank argues makes bitcoin accumulation more capital-efficient and improves bitcoin yield.
Market impact
Strategy remains the largest corporate holder of bitcoin globally at 818,334 BTC, worth more than $65 billion at current prices. Demand for MSTR is split almost evenly between retail and institutional buyers, a mix that gives Saylor’s issuance engine a broader funding base than a single-channel bid. That said, Saylor himself flagged this week that Strategy “will probably” sell bitcoin in the future to cover STRC dividends — a reminder that the $30B pace depends on the preferred-stock market staying open and the NAV premium holding. A compression in the premium or a sustained BTC drawdown below the average cost basis would slow the cadence; the JPMorgan thesis assumes neither.
Frequently asked questions
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How much bitcoin could Strategy buy in 2026 according to JPMorgan?
JPMorgan analysts estimate Strategy’s purchases could reach roughly $30 billion on an annualized basis in 2026, up from about $22 billion in each of 2024 and 2025.
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How much bitcoin has Strategy added so far this year?
Strategy has added 145,834 BTC worth approximately $11 billion year-to-date, according to JPMorgan, with much of the buying executed below the firm’s estimated average cost of around $75,000.
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Why can Strategy keep buying at this pace?
MSTR’s premium to net asset value has expanded to roughly 26% over the past two months, giving it a wider window to issue equity and debt — including STRC perpetual preferred — to fund more accumulation.
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What did TD Cowen say about Strategy?
TD Cowen raised its price target on Strategy to $395 from $385, arguing that increased use of STRC perpetual preferred issuance makes the bitcoin accumulation strategy more capital-efficient and improves bitcoin yield.
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Could Strategy ever sell its bitcoin?
Michael Saylor said this week that Strategy “will probably” sell bitcoin in the future to help cover dividends tied to STRC, its high-yield perpetual preferred stock — a caveat to the $30B accumulation thesis.
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