Sophia Bennett
Crypto Analyst
While the crypto market was suffering through one of its worst weeks in months, Michael Saylor's Strategy was doing what it always does on Monday mornings: announcing another massive Bitcoin purchase.
Strategy last week purchased 24,869 BTC for about $2.01 billion, at an average price of roughly $80,985 per coin. The purchase brings Strategy's total holdings to 843,738 BTC, acquired for about $63.87 billion at an average cost of $75,700 per coin.
The disclosure came via a Form 8‑K filing with the SEC, the same routine that has become one of the most watched Monday morning filings in all of financial markets.
How the Purchase Was Funded
This was not financed through debt or a new equity offering in the traditional sense. Strategy has built something more unusual, a preferred stock engine that converts investor demand directly into Bitcoin.
Strategy sold 19.95 million shares of STRC stock through its at‑the‑market offering program between May 11 and 17, 2026, generating $1.95 billion in net proceeds. The company also sold 430,344 shares of MSTR stock during the same period, generating net proceeds of $83.7 million. Total net proceeds from all securities sales reached $2.03 billion.
STRC, which offers an annualised dividend of approximately 11.5%, has grown into a multi‑billion dollar preferred equity product and has become an increasingly important pillar of Strategy's Bitcoin‑buying engine.
Every dollar raised went straight into Bitcoin. No delays, no repositioning, no hedging.
A Significant Acceleration From the Week Before
The scale of this week's purchase raised eyebrows, partly because the previous week had looked uncharacteristically modest.
The purchase marks a significant acceleration from Strategy's most recent disclosed buy, 535 BTC for $43 million during the week of May 5 to 11, which had raised questions among investors about whether the firm was pulling back on its aggressive accumulation pace.
Those questions are now answered. Strategy was not slowing down. It was reloading.
The BTC Yield Metric That Matters to Saylor
Strategy does not measure its success the way most companies do. Earnings, revenue, margins, those are secondary. The number Saylor watches most closely is BTC Yield.
The company has recorded a BTC Yield of 12.6% year‑to‑date in 2026, a proprietary metric that tracks Bitcoin accumulation per diluted share and serves as Strategy's primary benchmark for measuring the accretive value of its capital markets activity for shareholders.
In plain terms: are shareholders getting more Bitcoin exposure per share over time? At 12.6% year‑to‑date, the answer is yes, even as the company continues to issue new stock to fund purchases.
STRC's Market Cap Hits $8.5 Billion
The preferred stock programme powering all of this has itself become a significant financial product.
The strong market response has lifted STRC's market capitalisation to $8.5 billion, putting it at the top spot among tradeable preferred stocks worldwide. STRC maintained a steady trading range near $100 through the week, with an annual yield still sitting at 11.5% even as yields across broader markets soften.
An 11.5% yield backed by Bitcoin is attracting a specific type of investor, one who wants exposure to crypto's upside through a fixed‑income‑style instrument. As long as that appetite holds, Strategy's machine keeps running.
The Bigger Picture
MSTR shares are lower by 2.5% in premarket trading, with Bitcoin down modestly from Friday at $77,700. The market dip did not change Saylor's calculation. It never does.
Strategy now holds 843,738 Bitcoin, roughly 4% of the total supply that will ever exist. Purchased at an average cost of $75,700 per coin, the company is currently sitting close to breakeven at today's prices. But that is not the point. The point is that Strategy believes the number goes significantly higher from here, and it keeps proving that belief with its chequebook every single week.