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Resumption of Coin Purchase Plan! Strategy invests $43 million to increase Bitcoin holdings

Strategy increased its holdings by approximately 53,500 BTC with about $43 million from May 4 to 10, 2026, at an average price of approximately $80,340. As of May 10, 2026, its total holdings reached 818,869 BTC, with a total purchase cost of about $61.86 billion, and an average cost of approximately $75,540. This action not only provides a direct positive signal for Bitcoin but also reflects the resilience of Strategy's financing model.

Why can Strategy continue to buy Bitcoin?

Diversified Financing Mechanisms

Strategy has built a "trinity" capital matrix, raising funds through various methods:

Common Stock ATM Issuance: Utilizing the premium of stock price over Bitcoin net asset value (NAV), issuing additional shares at market price to raise funds, creating a "share issuance to buy coins" cycle.

Perpetual Preferred Shares (e.g., STRK): Attracting fixed-income investors with annual interest rates of about 8%-11.5%, achieving a "debt-funded coin purchase" model.

Convertible Bonds and Equity Conversion: Initially financed through low-interest convertible bonds, now gradually shifting toward equity, reducing debt pressure.

Positive Flywheel Effect

As long as the market values its stock higher than the Bitcoin NAV, the company can continue to issue shares without diluting shareholders’ equity, instead increasing the Bitcoin holdings per share (BPS), forming a positive cycle of "stock price rises → share issuance → coin purchase → BPS increases → stock price rises again."

Strong Capital Commitment

The company is executing the "42/42 Plan," aiming to raise $84 billion (each $42 billion in equity and debt) between 2025 and 2027 for coin purchases, demonstrating its long-term strategic commitment.

Impact on Bitcoin Market

1. Short-term Price Support: Strategy’s continuous buying creates "rigid demand," effectively resisting market selling pressure and serving as an important support at the price bottom.

2. Tightening Circulating Supply: Holding over 810k BTC essentially "only accumulates," intensifying market liquidity tension and driving "scarcity premium."

3. Accelerating Institutionalization: As a listed company, its actions attract traditional capital’s attention to BTC, promoting Bitcoin’s transition from a speculative asset to an institutional allocation asset.

4. Market Sentiment Guidance: Its coin purchase actions are often interpreted as "confidence signals," triggering chain reactions and attracting other institutions to follow suit.

It is worth noting that Strategy’s high-leverage model also carries risks: if BTC prices remain below its financing costs (such as the breakeven point of about $75k for preferred stock dividends), it will face financial pressure and may even be forced to reduce holdings. However, it currently still holds over $6.5 billion in available issuance capacity, leaving room for further financing.