JPMorgan said Strategy’s Bitcoin purchases could reach $30B in 2026 as the company expands BTC buying through STRC funding.
Strategy, the largest corporate holder of Bitcoin (BTC) by volume, is accumulating $BTC at a pace that could push its total purchases to roughly $30 billion in 2026, JPMorgan analysts said in a report published May 7. That would surpass the approximately $22 billion the firm deployed in each of the two prior years.
JPMorgan analysts, led by managing director Nikolaos Panigirtzoglou, said Strategy has acquired 145,834 BTC worth around $11 billion since January 2026. A large share of those purchases occurred while Bitcoin traded below the company's average acquisition cost of roughly $75,000 per coin. The analysts described the April buying activity as increasingly opportunistic, responsive to both price levels and financing conditions. #Bitcoin #Strategy
TD Cowen raised its price target on Strategy to $395 from $385 on May 7, citing the company's expanded use of STRC perpetual preferred stock as a more capital-efficient funding vehicle. The bank said the shift improves Strategy's Bitcoin yield outlook. Strategy funds its BTC purchases through a mix of corporate debt and equity instruments, a practice that has drawn concern from some investors over leverage and shareholder dilution.
Saylor Says Strategy Can Fund Dividends on BTC Alone
Investor demand for Strategy shares has remained firm, with the company's premium to net asset value (NAV) expanding to around 26% over the past two months, according to JPMorgan. The higher premium has made it easier for the company to raise capital through equity and debt offerings. Ownership is split almost evenly between retail and institutional investors, the analysts noted.
During Strategy's Q1 2026 earnings call, Executive Chairman Michael Saylor said the company may sell a portion of its BTC in the future to fund dividends tied to its STRC preferred stock. "We'll probably sell some Bitcoin to fund a dividend, just to inoculate the market, just to send the message that we did it," Saylor said. He added that if BTC appreciates by more than 2.3% annually, the company could sustain those dividends without selling shares of its common stock.
Strategy currently holds 818,334 BTC at an average cost of $75,537 per coin, according to the company's website. Bitcoin was trading at approximately $79,976 at the time of writing, according to CoinMarketCap. If Strategy continues issuing STRC preferred stock, and BTC holds above that breakeven level, the company said it could grow its BTC position while simultaneously maintaining dividends.
Bitcoin advocate and Jan3 CEO Samson Mow pushed back against criticism of the potential sales on May 7, arguing that the added flexibility strengthens Strategy's market position. "Never selling limits optionality. Public markets are war. In war, you need all available tools at your disposal," Mow said. He added that a company locked into a single, publicly stated strategy becomes predictable and easier to target. "A company that has publicly vowed to only ever do one thing has handed a map to short sellers and arbitrageurs," he said.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
