Bitcoin treasury company Strategy (formerly MicroStrategy) acquired an additional 7,390 BTC for approximately $764.9 million at an average price of $103,498 per bitcoin between May 12 and May 18, according to an 8-K filing with the Securities and Exchange Commission on Monday.

Strategy now holds a total of 576,230 BTC — worth over $59 billion — bought at an average price of $69,726 per bitcoin for a total cost of around $40.2 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor. That's the equivalent of more than 2.7% of bitcoin's total 21 million supply and implies around $18.8 billion of paper gains.

The latest acquisitions were made using proceeds from the sale of its class A common stock, MSTR, and perpetual strike preferred stock, STRK. Last week, Strategy sold 1,712,708 MSTR shares for approximately $705.7 million. As of May 18, $18.98 billion worth of MSTR shares remain available for issuance and sale under that program, the firm said. Strategy also sold 621,555 STRK shares for approximately $59.7 million, with $20.79 billion worth of STRK shares remaining available for issuance and sale under that program.

Strategy's STRK and STRF perpetual preferred stocks are in addition to the firm's "42/42" plan, which targets a total capital raise of $84 billion in equity offerings and convertible notes for bitcoin acquisitions through 2027 — upsized from its initial $42 billion, "21/21" plan, of which the equity side was recently depleted.

Saylor wrote his usual hint on the likelihood of another bitcoin acquisition filing ahead of time, sharing an update on Strategy's bitcoin purchase tracker on Sunday, stating, "Never short a man who buys orange ink by the barrel." Saylor's comment received some pushback from former Wall Street trader Josh Mandell. "That's not your money, and you make our shares sound like printable FIAT," Mandell said. "And I cannot even trace all the transfers on-chain? Since when is that acceptable in Bitcoin?"

Strategy portfolio tracker. Image: Saylortracker.com.

Strategy previously acquired an additional 13,390 BTC for approximately $1.3 billion at an average price of $99,856 per bitcoin between May 5 and May 11 — taking its total holdings to 568,840 BTC — with 303,230 BTC bought in the last six months alone.

While Strategy's substantial bitcoin acquisitions have supported upward pressure for the cryptocurrency in the past, the market must factor in that such aggressive buying could slow, leading to a gradual fade in momentum, BRN analyst Valentin Fournier told The Block. BTC is currently trading for $103,188, according to The Block's Bitcoin price page, down 1.3% over the past week.

Yet more corporate bitcoin buyers join the race

There are now more than 70 companies that have adopted some form of bitcoin treasury, with Cantor Fitzgerald, SoftBank, Bitfinex, and Tether recently announcing the planned launch of a $3.6 billion bitcoin venture, Twenty One, joining the likes of Semler Scientific and KULR in adopting a bitcoin acquisition model, pioneered by Strategy and Saylor. Japanese investment firm Metaplanet also disclosed on Monday it had ramped up its acquisitions with another, larger-than-normal, 1,004 BTC buy for approximately $104.3 million as its total holdings reach 7,800 BTC.

Last week, a slew of additional would-be bitcoin treasury companies announced their plans. On May 12, Bitcoin-native holding company Nakamoto, founded by Bitcoin Magazine CEO David Bailey, agreed to merge with healthcare firm KindlyMD to launch a public bitcoin treasury strategy. The deal includes a $510 million private investment in public equity and $200 million in convertible notes.

A day later, Nasdaq-listed GD Culture Group signed a stock purchase agreement with a British Virgin Islands-based investor to sell up to $300 million worth of shares as part of its crypto treasury strategy, which includes buying bitcoin and the Official Trump memecoin. Brazilian publicly listed fintech firm Méliuz announced Thursday the acquisition of 274.5 BTC for $28.4 million, following shareholder approval of its bitcoin treasury strategy. Nasdaq-listed Basel Medical Group then announced a bold $1 billion bitcoin acquisition plan on Friday.

Analysts at Bernstein predict that Strategy and its corporate copycats could add $330 billion to their bitcoin treasuries over the next five years, driven by a more pro-crypto regime in the U.S.

Earlier this month, Strategy posted a $4.2 billion net loss for Q1, driven largely by around $6 billion in unrealized losses on its bitcoin holdings during the first quarter under new fair value accounting rules.

Strategy's $109.3 billion market cap continues to trade at a significant premium to its bitcoin net asset value, with some investors airing reservations about the firm's premium to NAV valuation and its numerous bitcoin acquisition programs. However, analysts argue that with Strategy's relatively low debt levels and no payments due until 2028, the firm's leverage remains manageable.

MSTR closed up 0.7% on Friday at $399.80, according to The Block's Strategy price page, amid a week that saw bitcoin continue to consolidate just below all-time highs. MSTR is currently down 1.4% in pre-market trading on Monday, per TradingView, and 33.2% year-to-date.

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