'Big dot energy': Michael Saylor's Strategy buys another 24,869 BTC for $2 billion as total holdings top 4% of bitcoin supply
Bitcoin (BTC) treasury company Strategy (STRC) acquired an additional 24,869 BTC for approximately $2.01 billion at an average price of $80,985 per bitcoin between May 11 and May 17, according to an 8-K filing with the Securities and Exchange Commission on Monday.
Strategy now holds a total of 843,738 BTC — worth around $65.3 billion — bought at an average price of $75,700 per bitcoin for a total cost of around $63.9 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor.
To put that in perspective, Strategy's holdings are the equivalent of more than 4% of bitcoin's 21 million supply cap and imply around $1.4 billion of paper gains at current prices.
The latest acquisitions were made using proceeds from at-the-market sales of its Class A common stock, MSTR, and perpetual Stretch preferred stock, STRC.
Strategy recently extended its ATM programs to include up to an additional $21 billion of MSTR, alongside a further $21 billion of its STRC preferred stock and $2.1 billion of STRK preferred stock.
'Big dot energy'
Saylor again hinted about the firm's latest purchase announcement ahead of time, sharing an update on Strategy's bitcoin acquisition tracker on Sunday and stating, "Big dot energy" — suggesting a substantial purchase disclosure.
STRC, a variable‑rate, cumulative preferred stock offering monthly dividends, with adjustable rates designed to keep it near $100 par value, has increasingly become the primary driver of its bitcoin acquisitions in recent weeks. The stock currently offers an annualized rate of 11.5%
Strategy recently proposed updating the dividend payment schedule for STRC, shifting from once per month to twice per month. The company states that the change could "lead to reduced reinvestment lag, enhanced liquidity, market efficiency, and increased price stability."
Last week, analysts at K33 argued that strong investor demand for STRC may be creating recurring mid-month bitcoin buying pressure as the company issues new shares and uses the proceeds to acquire BTC ahead of the current ex-dividend dates on the 15th of each month.
On Thursday, U.S. President Donald Trump and his family disclosed that they had bought shares in Strategy during the first quarter, alongside other crypto-related stocks such as Coinbase and MARA Holdings. Trump and his family bought and sold Strategy's Class A shares across eight transactions. The largest purchase was made on Feb. 12, worth between $50,001 and $100,000, while the largest sale was made on Jan. 12, ranging between $15,001 and $50,000.
On Friday, Strategy agreed to buy back $1.5 billion face value of its zero-coupon 2029 convertible notes for approximately $1.38 billion, retiring the debt at roughly 92 cents on the dollar. The company listed bitcoin sales as one of three potential funding sources, a notable disclosure given Michael Saylor's recently stated "net accumulator" policy.
DAT activity
According to Bitcoin Treasuries data, 196 public companies have adopted some form of bitcoin acquisition model, with 84 currently active, per The Block's Bitcoin Treasury Tracker.
Tether-backed Twenty One, Metaplanet, MARA, Adam Back, and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company, Bullish, Coinbase, Riot Platforms, Strive, and Hut 8, and make up the remainder of the top 10, with 43,514 BTC, 40,177 BTC, 35,303 BTC, 30,021 BTC, 24,300 BTC, 16,492 BTC, 15,680 BTC, 15,009 BTC, and 13,696 BTC, respectively.
However, the value of many of the cohort's shares is down significantly from their summer 2025 peaks as their market cap-to-net asset value ratios sharply contracted, with MSTR itself still down around 61%, for example, with an mNAV of 1.04, per Bitcoin Treasuries.
Strategy's stock fell 5.1% overall last week, closing on Friday at $177.42, according to The Block's MSTR price page, but remains up 14.8% year-to-date. Bitcoin fell approximately 3.3% over the same period, subsequently slumping below $77,000 earlier on Monday amid President Trump's latest Iran threat and renewed inflation fears.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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