Strategy (MSTR) bought another 24,869 Bitcoin this week, spending roughly $2.01 billion at an average price of $80,985 per coin. The purchase, disclosed in an SEC Form 8-K filing, pushes the company's total hoard to 843,738 BTC — making it the largest corporate Bitcoin treasury on the planet. At current prices near $80,000, that stash is worth over $67 billion.
Another 24,869-BTC haul
This is Strategy's second purchase this month. The previous one, logged during the week of May 5–11, was a relatively modest 535 BTC for $43 million. Wednesday's buy is the bigger story. The company's cumulative cost for all its Bitcoin now sits at roughly $63.87 billion, with an average entry price of about $75,700 per coin. Strategy did not sell any Bitcoin in this transaction — a recurring pattern.
The firm also reported a proprietary metric called BTC Yield at 12.6% year-to-date. That figure measures how much Bitcoin the company accumulates per fully diluted share, and it's a number investors watch closely.
Funding the buys — STRC and the ATM
Strategy funded this latest acquisition with two primary tools: its Variable Rate Series A Perpetual Stretch Preferred Stock (ticker STRC) and its MSTR at-the-market equity offering program. STRC carries an annualized dividend of roughly 11.5% and has grown into a multi-billion dollar preferred equity product. The ATM program lets the company sell new MSTR shares into the market as needed.
It's an expensive way to raise money for Bitcoin, but Strategy has made it work. The preferred stock gives income-focused investors a yield while the company gets cheapish equity capital to keep stacking.
The debt retirement and the 'net accumulator' tension
Strategy also retired $1.5 billion face value of zero-coupon convertible notes due 2029. It paid about $1.38 billion — roughly 92 cents on the dollar. That's a clean balance-sheet move, but it signals something more interesting: a willingness to use the balance sheet aggressively, possibly even selling some Bitcoin to fund it.
During the Q1 2026 earnings call, executive chairman Michael Saylor and CEO Phong Le acknowledged that selling Bitcoin to cover STRC dividends or manage tax obligations was on the table. Saylor later walked back those concerns, saying the company would buy 10 to 20 Bitcoin for every coin it ever sold. That 'net accumulator' stance is central to the Strategy thesis, but the debt retirement shows they're not afraid to get creative with capital — even if it means occasionally dipping into the stack.
The big unresolved question is whether Saylor's walkback holds. Strategy has never sold a single Bitcoin since it started buying in 2020. The convertible note retirement doesn't require a sale, but it does suggest the company is thinking about more aggressive balance-sheet moves. Investors will be watching the next SEC filing for any hint of a change.
