The world’s most aggressive corporate Bitcoin bull is officially back in accumulation mode. On May 11, 2026, Strategy Inc disclosed in an SEC filing that it acquired 535 Bitcoin for approximately $43 million between May 4 and May 10. The purchase, executed at an average price of $80,340 per coin, marks the company’s first major acquisition since late April and ends a brief pause in its high-frequency buying schedule.
With this latest buy, Strategy’s total holdings have swelled to a staggering 818,869 BTC. To put that in perspective, the firm now controls roughly 3.9% of the total 21 million Bitcoin supply.
The acquisition was primarily funded through the company’s “at-the-market” (ATM) equity programs, specifically the sale of Class A common stock (MSTR), which generated $42.9 million, and a small issuance of its Stretch (STRC) preferred stock.
Dividend Debate: Buying 10 to Sell 1?
The purchase comes at a time of mixed sentiment among MSTR investors. During the Q1 2026 earnings call, Chairman Michael Saylor sparked debate by suggesting the company might periodically sell small portions of its Bitcoin holdings to fund dividend payments and “inoculate the market.”
While the prospect of any selling initially rattled some traders, Saylor clarified in a recent weekend interview that the company’s net direction remains overwhelmingly long. He noted that for every one Bitcoin sold to facilitate corporate maneuvers or dividends, the firm expects to buy 10 to 20 more. This buy-more-than-you-sell philosophy appears designed to maintain the company’s high-growth Bitcoin per share metric while providing liquidity for its newer dividend-paying stock classes like STRC.
Market Performance: MSTR Outpaces BTC
Despite a net loss reported in Q1 due to unrealized markdowns on its digital assets, Strategy’s stock has remained a favorite for those seeking high-beta exposure to the crypto market.
-
Year-to-Date performance: MSTR is up roughly 23%, significantly outperforming Bitcoin itself, which has seen a 7.2% decline in the same period.
-
Premarket reaction: Shares rose 4.3% on Monday morning following the disclosure, trading above $187.50.
By effectively turning MSTR into a leveraged Bitcoin ETF that also pays yield through its preferred share tiers, Strategy is rewriting the rules of corporate treasury management. As analysts at JPMorgan recently noted, the firm’s total Bitcoin purchases could hit $30 billion this year if this pace continues, a signal that for Saylor and company, the work of orange-pilling the balance sheet is far from over.
