Michael Saylor's Strategy has been accumulating bitcoin at a faster pace this year, and if the current pace continues, its bitcoin buying could reach around $30 billion this year, according to JPMorgan analysts.
Strategy (MSTR) has added 145,834 bitcoin worth roughly $11 billion year-to-date, with much of the buying happening while bitcoin traded below the company's estimated average purchase cost of around $75,000, JPMorgan analysts led by managing director Nikolaos Panigirtzoglou said in a report.
At the current pace, the analysts estimate Strategy's bitcoin (BTC) purchases could reach around $30 billion on an annualized basis this year. That would be significantly higher than in 2025 and 2024, when the company bought around $22 billion worth of bitcoin in each year, the analysts noted.
"Strategy appears to have re-accelerated its bitcoin purchases in April, extending a 2026 pattern of increasingly opportunistic buying, responsive to both market conditions and financing availability," the analysts said.
Investor demand for Strategy shares has also remained strong. The company’s premium to net asset value, or NAV, has expanded to around 26% over the past two months. The higher premium has helped create easier financing conditions for the company, allowing it to issue equity and debt to fund additional bitcoin purchases, the analysts said.
Investor demand for Strategy shares is coming from both retail and institutional investors, the analysts said, with ownership split almost equally between the two groups.
Strategy, formerly known as MicroStrategy, remains the largest corporate holder of bitcoin globally. The company currently holds a total of 818,334 bitcoin, worth over $65 billion at current prices.
Earlier Thursday, investment bank TD Cowen raised its price target on Strategy to $395 from earlier $385, saying the company's increased use of STRC perpetual preferred stock issuance makes its bitcoin accumulation strategy more capital-efficient and improves its bitcoin yield outlook.
Earlier this week, Saylor also said Strategy "will probably" sell bitcoin in the future to help cover dividends tied to STRC, its high-yield, perpetual preferred stock.