The Information · Bitcoin ETF · Michael Saylor · JPMorgan · Strategy · Bitcoin · CryptoSlate
Strategy’s capital markets machine may give Bitcoin a huge recurring buyer
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A May 7 JPMorgan client note estimated that Strategy could buy roughly $30 billion in Bitcoin in 2026 if Michael Saylor's company maintains its current purchasing pace.
Key facts
- Strategy holds 818,869 BTC acquired for $61.86 billion at an average cost of $75,540, and with $26.35 billion of MSTR stock issuance capacity and $19.46 billion of STRC preferred-stock capacity still
- US-traded spot Bitcoin ETFs hold approximately 1.33 million BTC in total since launch, and a $30 billion Strategy purchase year would equal roughly 51% of all cumulative spot ETF net inflows
- Strategy buys dips systematically, as its $75,540 average cost is roughly 5.1% below the current BTC price near $79,373, demonstrating accumulation through market volatility
- Between May 4 and May 10, Strategy bought 535 BTC for $43 million, with the company's April flywheel at 46,872 BTC collapsing to a 535 BTC purchase, showing how directly BTC accumulation tracks
Summary
Strategy’s capital markets machine may give Bitcoin a huge recurring buyer, but the same flywheel also means BTC could become increasingly dependent on one company’s ability to keep issuing stock and preferred shares. That figure positions Strategy alongside spot ETF flows and miner supply as a structural force in Bitcoin's demand architecture. Strategy holds 818,869 BTC acquired for $61.86 billion at an average cost of $75,540, and with $26.35 billion of MSTR stock issuance capacity and $19.46 billion of STRC preferred-stock capacity still available, the capital markets runway exists to approach that number. JPMorgan's estimate puts Strategy's capital structure at the center of Bitcoin's bull and bear case simultaneously, as the same machine that could create a price floor concentrates Bitcoin's marginal bid within one company's access to equity and preferred stock markets.