Massive Bitcoin Buying! JPMorgan: Strategy expects crypto holdings to reach $30 billion this year

Wall Street investment bank JPMorgan’s latest report indicates that the “Bitcoin bull” Michael Saylor-led strategy is rapidly accumulating Bitcoin at an astonishing pace, with this year’s purchase scale expected to reach $30 billion, setting a new record. Accurate accumulation on dips, buying power surpasses previous levels Led by JPMorgan Managing Director Nikolaos Panigirtzoglou, the analysis team pointed out that the strategy’s Bitcoin accumulation has significantly accelerated this year, having spent about $11 billion so far, buying 145,834 Bitcoins, mostly during periods when the price was below the average holding cost (about $75k), precisely accumulating on dips. Based on the current “accumulation” speed, analysts estimate that the strategy’s Bitcoin purchase scale this year could reach as high as $30 billion, far exceeding the record of approximately $22 billion in 2024 and 2025. The analysts stated, “In April, the strategy accelerated its pace of buying Bitcoin, continuing its opportunistic purchasing pattern this year—whenever the market presents an excellent buying point and financing channels are open, it does not hesitate to buy aggressively.” High premiums create “infinite bullets,” retail and institutional investors flocking Why can this company continuously have access to abundant funds? The key lies in the frenzy of capital market enthusiasm. Data shows that the premium of the strategy’s stock price over its net asset value (NAV) has expanded to about 26% over the past two months. Analysts explained that this high premium has created a favorable fundraising environment for the strategy, allowing the company to issue stocks and bonds to raise capital for purchasing more Bitcoin. JPMorgan pointed out that currently, the investor structure of the strategy is quite balanced, with retail and institutional investors each accounting for half. As the publicly listed company holding the most Bitcoin globally, the strategy currently owns 818,334 Bitcoins, worth over $65 billion. Wall Street raises target price Investment bank TD Cowen on Thursday raised the target price for the strategy from $385 to $395. Analysts said that the strategy’s expansion of issuing perpetual preferred shares STRC not only makes its Bitcoin accumulation strategy more capital-efficient but also improves the company’s Bitcoin revenue outlook.