Strategy now holds 818,869 Bitcoin, bought for a combined $61.86 billion at an average price of $75,540. That stash is roughly 62% of what all US-traded spot Bitcoin ETFs hold combined. And JPMorgan figures the firm isn't done — it projects Strategy could buy about $30 billion in Bitcoin this year, a pace that would swallow roughly 2.3 times Bitcoin's post-halving annual new issuance of 164,250 BTC.
The $45.8 billion war chest
To fund those buys, Strategy still has $26.35 billion of MSTR stock issuance capacity and $19.46 billion of STRC preferred-stock capacity left — a combined $45.81 billion. As of May 3, the firm had already raised $11.68 billion year to date, with the STRC preferred-stock ATM contributing $5.58 billion, up 189% from the start of the year. That STRC-linked buying grew fast: from 4,467 BTC in January to 22,131 in March and 46,872 in April. At a $30 billion annual rate, Strategy's purchases would equal roughly 51% of all cumulative spot ETF net inflows of $59.18 billion since launch.
When the ATM closes
But the preferred-stock ATM has a catch. When STRC trades below its $100 par value, the program shuts down. That happened in a single week in April: STRC-linked purchases cratered from 46,872 BTC to just 1 BTC. The mechanism is a flywheel — raise capital in public markets, convert to Bitcoin, use BTC-per-share growth to attract more investor money. When the ATM closes, the flywheel stalls. STRC's price near par is now the critical variable.
The cash cost
Holding that much preferred stock isn't free. At $8.54 billion in STRC notional and an 11.50% annual dividend, Strategy's cash obligation runs about $982 million per year — equivalent to roughly 12,370 BTC at current prices near $79,373. That's a real expense, and it doesn't go away if the ATM is closed. Strategy's average cost of $75,540 sits about 5.1% below today's price, so the paper position is still in the black, but the dividend burn is real.
Citi’s bullish case — and the unresolved question
Citi sees a potential 12-month Bitcoin target of $165,000, contingent on easing liquidity and sustained institutional demand. But for Strategy to keep buying at pace, STRC needs to stay above $100. It slipped once and buying collapsed. The next test will come when the next batch of STRC hits the market — whether it can absorb supply without falling below par. That's the unresolved question for the second half of 2026.
