On May 11, 2026, Strategy Inc. (MSTR) announced that it acquired 535 BTC during the week of May 4 to May 10, 2026. The purchases were made for a total of $43 million, at an average price of $80,340 per BTC.

These Bitcoin acquisitions were fully funded using net proceeds from the company’s at-the-market (ATM) equity offering program.

Strategy’s total Bitcoin holdings now stand at 818,869 BTC, valued at about $66 billion at current market prices. The aggregate purchase cost of these holdings is $61.8 billion, at an average purchase price of $75,540 per coin.

The latest weekly purchase was primarily supported by the sale of 231,324 shares of MSTR common stock under the ATM program, which generated approximately $43 million in net proceeds. This continues Strategy’s ongoing strategy of accumulating bitcoin through equity issuances.

Strategy can sell Bitcoin and still accumulate more over time

Strategy may sell part of its massive Bitcoin stash to fund dividends and obligations while continuing to grow its holdings, Executive Chairman Michael Saylor said on a May 5 earnings call.

The company currently sits on $4.7 billion in unrealized gains at current market levels near $81,500, per its tracker. Its capital model is anchored on Bitcoin’s estimated 2.3% breakeven annual return.

When returns exceed that threshold, Strategy can sell Bitcoin to fund dividend payments while still expanding its BTC position, supported by STRC issuance that directs capital into additional purchases.

Saylor said the firm could both sell Bitcoin and still accumulate more if issuance remains above breakeven levels, projecting up to 144,000 BTC in additional holdings under a 20% issuance scenario.

Strategy CEO Phong Le clarified in a recent CNBC interview that the company would only sell Bitcoin in limited cases, including paying the 11.5% STRC dividend or optimizing taxes.

He said Strategy compares selling Bitcoin with issuing new shares, prioritizing Bitcoin per share as the main metric. The approach ensures that any Bitcoin sale is evaluated based on whether it benefits common shareholders.