Strategy Buys 24,869 BTC for $2 Billion During Market Dip

Strategy Inc., the bitcoin treasury company led by executive chairman Michael Saylor, disclosed Monday that it acquired an additional 24,869 bitcoin for approximately $2.01 billion between May 11 and May 17. 

The purchase comes as bitcoin prices declined toward $77,000, giving the company a window to expand its already large holdings.

According to an 8-K filing with the Securities and Exchange Commission, the company purchased bitcoin at an average price of roughly $80,985 per coin. 

The filing confirms Strategy’s continued use of equity markets to finance its bitcoin accumulation.

How Strategy Funded a $2 Billion Bitcoin Buy in Six Days

The company tapped two channels under its at-the-market offering programs. It sold 19.52 million shares through its STRC preferred stock program, generating $1.95 billion in net proceeds. 

An additional 430,344 shares were sold through its MSTR common stock program, raising $83.7 million.

All of the capital was immediately deployed into bitcoin. The STRC preferred stock has become the dominant funding tool. 

Executive Chairman Michael Saylor has described preferred shares as a “digital credit instrument,” structured to capture yield-seeking capital to finance continuous bitcoin acquisition.

Strategy still has roughly $51.5 billion in remaining ATM authorization across all its offering programs. 

The MSTR common stock program has roughly $26.3 billion in remaining authorization, while the STRC preferred program has $17.5 billion available.

What the Buy Means for Strategy’s Bitcoin Position

The latest acquisition brings Strategy’s total holdings to approximately 843,738 BTC. 

The company has spent roughly $63.9 billion acquiring bitcoin at an average purchase price of approximately $75,700 per bitcoin, including fees and expenses.

Strategy’s holdings now represent more than 4% of bitcoin’s total 21 million supply cap. 

The company also reported a BTC Yield of 12.6% year-to-date for 2026, a metric it uses to measure the growth of bitcoin holdings relative to diluted shares outstanding.

Bitcoin’s Slide Into $77,000 Territory

The purchase window coincided with notable market weakness. Bitcoin fell as much as 3.4% on May 15 to around $78,600, its lowest in two weeks, as inflation concerns rattled investors. The sell-off continued through the weekend. 

Bitcoin’s decline below the $77,000 mark triggered $657 million in crypto liquidations within 24 hours, with $584 million coming from long positions.

Spot bitcoin ETFs recorded a net outflow of $1.039 billion for the week of May 11 through May 15, snapping six consecutive weeks of net inflows. 

That shift in institutional positioning added pressure. 

As of May 18, bitcoin traded between $76,900 and $77,465, with resistance identified near $78,400.

A Counterpoint Investors Are Watching

Not all analysts share confidence in Strategy’s model. 

Standard Chartered analyst Geoff Kendrick said in December 2025 that buying by bitcoin digital asset treasury companies “is likely over, as valuations no longer support further expansion,” and expects consolidation rather than continued growth in that category.

Separately, Polymarket traders have pushed the likelihood of a Strategy bitcoin liquidation to 86% before 2026 ends, a figure that reflects speculative positioning rather than any company statement. Strategy has not commented publicly on those odds.

What Comes Next for Strategy’s Bitcoin Program

Strategy has not announced a specific schedule for its next acquisition. 

With $51.5 billion in remaining ATM capacity, the company retains the financial infrastructure for further purchases. Investors can track holdings in real time at strategy.com. 

The company’s next scheduled financial disclosure will follow its standard quarterly reporting calendar. Any new 8-K filings will appear on the SEC’s EDGAR database.