JPMorgan estimates Michael Saylor's Strategy could buy roughly $30 billion worth of Bitcoin in 2026 if the company keeps up its current pace. That would top the roughly $22 billion it bought each of the last two years. As of May 3, Strategy held 818,334 Bitcoin — up 22% year-to-date — and the buying has only accelerated through April.
How much Strategy is buying
Strategy acquired 145,834 Bitcoin year-to-date, worth about $11 billion at the time of purchase. The company doesn't buy on a fixed schedule. JPMorgan calls it an 'opportunity-driven' approach — pouncing on market dips and financing windows. That flexibility let Strategy snap up more coins in April alone than in some full quarters last year.
The financing engine
Strategy raised $11.68 billion in total funding year-to-date, including $5.58 billion from its STRC preferred equity offering. The company also paid out $692.5 million in cumulative preferred stock dividends over 23 consecutive payments since early 2025. That dividend track record helps keep the capital machine humming, even as the company reported a first-quarter 2026 net loss of $12.54 billion — mostly from a $14.46 billion unrealized loss on digital assets. The stock trades at a 26% premium to net asset value, making it easier to raise more cash for Bitcoin buys.
The dividend trade-off
Strategy has $13.5 billion in preferred equity outstanding. Paying dividends on that stock costs real money, and the company has said it may sell some Bitcoin to meet those obligations — but the guiding principle remains: 'buy more bitcoin than you sell.' So far, the net effect has been a steady accumulation. JPMorgan's report doesn't see that changing unless Bitcoin prices collapse far enough to force a portfolio re-think.
What banks are doing
Strategy CEO pointed to growing Bitcoin adoption from major banks including Morgan Stanley, Goldman Sachs, and Citi in 2026. That institutional activity isn't just noise — it helps create the liquidity and regulatory comfort that lets Strategy keep running its playbook. JPMorgan's note itself is a sign that Wall Street is watching the bitcoin treasury model closely, and the numbers suggest it's working for now.
What's next: Strategy will keep buying into market dips as long as financing windows stay open. The next quarterly update, due in August, will show whether the $30 billion run-rate holds or accelerates further.
