What happened
JPMorgan told clients Wednesday that Strategy looks set to re-accelerate its Bitcoin purchases through the rest of 2026, with a high-end estimate of roughly $30 billion in total buys this year. NewsBTC first surfaced the note in U. S.
afternoon trading. Strategy, rebranded from MicroStrategy and run by chairman Michael Saylor, holds more than 818,000 BTC according to BitcoinTreasuries. net, making it the largest corporate holder by a wide margin.
JPMorgan analysts pointed to an inflection in April, writing that the company 'appears to have re-accelerated its bitcoin purchases' and characterizing the cadence as opportunistic rather than mechanical. The same day, TD Cowen lifted its price target on MSTR to $395 from $385. Canaccord Genuity's Joseph Vafi reiterated a Buy and pushed his target to $224 from $185 on May 7, citing Bitcoin's rebound from a roughly $62,000 low to above $80,000.
MSTR closed at $179, leaving it up about 18% year to date. TD Cowen's number implies roughly a 120% move from here.
Why it matters
A $30 billion run rate isn't a marginal change in flows. It's a structural one. Strategy bought about $22 billion across all of 2024 and 2025, per JPMorgan's framing.
Pulling that forward into a single year, even partially, concentrates spot-market demand in a way ETFs don't, because Strategy isn't redeeming. Coins go in and they don't come out. The funding side is where this gets interesting.
JPMorgan flagged Strategy's heavier use of STRC, the variable-rate perpetual preferred stock, as a more capital-efficient way to feed the BTC stack than straight equity issuance at depressed multiples. That matters because the firm just printed a $12. 54 billion net loss for the quarter, almost entirely from a $14.