MicroStrategy acquired 24,869 Bitcoin for $2.01 billion in May 2026, pushing its total holdings to 843,738 BTC and widening its position as the world’s largest public Bitcoin holder by over 26,000 coins. The purchase, completed between May 11-17 and disclosed via SEC 8-K filing on May 18, was funded almost entirely through preferred stock (STRC) sales, marking the company’s 109th acquisition event since entering the Bitcoin market in 2020.
Preferred Stock Fuels Largest Single Acquisition
MicroStrategy raised $1.95 billion from the sale of 19.5 million STRC shares, accounting for 97% of the acquisition cost. The remaining $83.7 million came from common stock (MSTR) sales of 430,344 shares. The May 11-17 buying window saw Bitcoin trade at an average of $80,985 per coin, representing a $75,700 cost basis across MicroStrategy’s entire 843,738 BTC portfolio. The STRC offering alone drove a record 15.1 million shares traded in a single day, with an estimated 15,466 BTC attributed to that capital raise activity.
Bitcoin Holdings Now Worth $65.3 Billion at Publication
The 24,869 BTC acquisition ranks as the third-largest single purchase in MicroStrategy’s acquisition history. At publication valuation, the company’s total Bitcoin position stood at $65.3 billion, with cumulative acquisition spending of $63.87 billion across all 109 purchases. MicroStrategy now holds 26,738 more Bitcoin than BlackRock, the second-largest public holder with 817,000 BTC. The gap underscores MicroStrategy’s strategic commitment to Bitcoin accumulation as a core corporate treasury asset rather than a secondary investment.
Corporate Treasury Model Reshapes Bitcoin Adoption
MicroStrategy’s recurring capital raises through preferred equity demonstrate a repeatable funding model for Bitcoin acquisition without debt expansion. The STRC instrument allows the company to access capital markets while preserving operational flexibility. This strategy contradicts earlier commentary from co-founder Michael Saylor suggesting potential Bitcoin sales under certain market conditions. The May acquisition reinforces the company’s stated “never sell” operational stance, despite previous hedging language around long-term asset protection.
Next Accumulation Window Unclear Amid Market Conditions
MicroStrategy has not provided forward guidance on future acquisition timing or size. The company’s ability to continue large-scale purchases depends on sustained capital market access and STRC investor appetite. Bitcoin’s price volatility and broader macroeconomic conditions will likely shape the timing of the next acquisition event. Investors monitoring MSTR and the broader corporate Bitcoin treasury trend will watch for the next SEC 8-K filing disclosing material purchases.
