Strategy Buys 24,869 BTC for $2B, Now Holds 843,738

Executive Chairman Michael Saylor announced the purchase on X at 12:02 UTC on May 18, 2026. The company simultaneously filed a Form 8-K with the SEC confirming the details.

The purchase took place between May 11 and May 17. Strategy paid an average price of roughly $80,985 per bitcoin. Prior to this buy, the company held 818,869 BTC.

Strategy Bitcoin Purchase Breakdown

Strategy now holds 843,738 BTC acquired for a cumulative $63.87 billion. That puts the average cost basis at approximately $75,700 per bitcoin.

At current supply levels, Strategy controls roughly 4.02% of all Bitcoin that will ever exist. This single weekly buy absorbed about 0.12% of the total BTC supply.

The company funded the acquisition through at-the-market equity offerings. These include sales of MSTR Class A common stock and STRC Variable Rate Series A Perpetual Stretch Preferred Stock. This follows Strategy’s standard weekly pattern of raising capital and deploying it into Bitcoin.

BTC Yield Reaches 12.6% Year-to-Date

Alongside the purchase, Strategy reported a BTC Yield of 12.6% for 2026 so far. BTC Yield is the company’s proprietary KPI. It measures the percentage change in Bitcoin Per Share, calculated by dividing total BTC holdings by assumed diluted shares outstanding.

A positive BTC Yield means the company is accumulating Bitcoin faster than it is diluting shareholders. In other words, each share of MSTR represents more Bitcoin today than it did at the start of the year.

This metric is not a traditional investment yield or income return. It tracks whether capital-raising activity is accretive to per-share Bitcoin exposure. Strategy has maintained a positive BTC Yield since it began reporting the figure.

How Strategy Funds Its Bitcoin Buys

Strategy operates as a self-described “Bitcoin Treasury Company.” It raises capital primarily through two channels.

The first is ATM equity offerings of MSTR common stock. The second is STRC, a perpetual preferred security that pays a variable dividend. STRC provides lower-cost capital that does not directly dilute common shareholders.

The company also occasionally issues convertible notes. The model is designed as a leveraged, perpetual Bitcoin accumulator. It aims to grow BTC ownership faster than total share count increases.

Strategy’s Bitcoin Acquisition History in 2026

On-Chain Tracking and Verification

Arkham Intelligence tracks Strategy’s holdings under its legacy “MicroStrategy” tag. According to Arkham, approximately 83% of the company’s BTC is verified on-chain. The remainder sits in custody, primarily with Fidelity Digital Assets.

Strategy does not disclose specific wallet addresses for each purchase. Large buys are typically executed OTC or through custodians and then settled in batches to known tagged addresses.

Market Context and Price Action

Bitcoin traded between roughly $77,000 and $81,000 during the week Strategy made its purchases. The average price of $80,985 suggests the company bought near the top of that range.

MSTR and STRC stocks typically show elevated volatility on purchase announcement days. No intraday May 18 price data for either stock is available yet.

This 24,869 BTC purchase ranks among the larger weekly buys of 2026. In April, Strategy acquired 34,164 BTC for approximately $2.54 billion. In November 2024, the company made two separate purchases of 55,500 BTC and 51,780 BTC.

Critics Flag Dilution and Concentration Risk

Not everyone views the strategy favorably. Short-sellers and some analysts argue that continuous ATM equity issuances and preferred stock dividends create ongoing dilution risk for common shareholders.

Bear-case arguments highlight that Strategy concentrates nearly all corporate value in a single volatile asset. If Bitcoin underperforms, the company faces potential dividend obligations on its preferred series (STRC, STRF, STRK) while BTC Yield could turn negative.

JPMorgan analysts and critics on platforms like X and Reddit have raised these concerns repeatedly. Strategy counters that its BTC Yield has remained strongly positive throughout 2026.

What Comes Next for Strategy

Strategy shows no signs of slowing its accumulation pace. The company has purchased Bitcoin nearly every week in 2026, according to its public disclosure history.

The next major catalyst could be whether the company crosses 850,000 BTC. At the current pace, that milestone could arrive within weeks.

Investors can track Strategy’s ongoing Bitcoin purchases through its BTC dashboard and weekly 8-K filings on SEC EDGAR.

This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.