Strategy has expanded its Bitcoin treasury again after acquiring 24,869 BTC for about $2.01 billion between May 11 and May 17. The purchase was made at an average price of $80,985 per bitcoin, including fees and expenses, and lifted the company’s total holdings to 843,738 BTC as of May 17.
The latest Form 8-K filing puts Strategy’s aggregate Bitcoin purchase price at $63.87 billion, with an average acquisition cost of $75,700 per BTC. With Bitcoin trading near $77,500, Strategy’s full treasury remains slightly above its reported cost basis, while the newest tranche is below its purchase price at current market levels.
That gap is the market’s immediate tension. Strategy is still buying size, but the latest purchase came above the current spot price, which puts more attention on the company’s financing engine rather than the short-term mark-to-market. At current BTC prices, the full 843,738 BTC stack is worth roughly $65.4 billion, leaving only a modest cushion above the company’s aggregate acquisition cost.
STRC Carries Most Of The Funding Load
The purchase was funded through Strategy’s at-the-market securities programs. During the same May 11 to May 17 window, the company sold 19,519,801 shares of STRC, its Variable Rate Series A Perpetual Stretch Preferred Stock, generating about $1.949 billion in net proceeds. It also sold 430,344 MSTR common shares for $83.7 million in net proceeds, bringing total net proceeds to about $2.03 billion.
That makes STRC the dominant funding route in this round. Strategy did not report sales of STRF, STRK or STRD during the period, while remaining issuance capacity stood at about $17.51 billion for STRC and $26.27 billion for MSTR common stock as of May 17. The company still has a large securities pipeline available, but the pace of issuance now sits at the center of the trade.
The latest buy reinforces the net accumulation message that Michael Saylor has been pushing around Strategy’s Bitcoin model. The company’s pitch is no longer only about holding BTC without interruption. It is about whether Strategy can keep increasing Bitcoin exposure per share by raising capital, managing preferred-stock obligations and buying more BTC than any potential future sales or dilution would offset.
BTC Yield Rises, But The Metric Has Limits
Strategy said it has achieved a 12.6% BTC Yield year to date. The number is central to how the company presents its treasury strategy, but it should be read through Strategy’s own KPI framework. In its first-quarter KPI disclosures, the company describes BTC Yield as a measure tied to Bitcoin holdings relative to assumed diluted shares outstanding, not interest income, operating yield or a traditional return on investment.
That makes the latest purchase both powerful and aggressive. Strategy now controls about 4% of Bitcoin’s maximum 21 million supply, giving it unmatched corporate exposure to BTC price action. The same concentration also keeps the stock tied to capital-market access, preferred-share demand, Bitcoin volatility and investor confidence in the company’s ability to keep raising funds without weakening the per-share economics it is trying to improve.
The May 18 filing leaves Strategy with 843,738 BTC, $63.87 billion of aggregate purchase cost and a fresh $2 billion weekly buy financed mostly through STRC. The next pressure point is not whether Strategy remains committed to Bitcoin. It is whether investors keep absorbing the preferred and common-stock issuance that turns that commitment into more BTC on the balance sheet.
