Strategy bought 24,869 BTC last week. The May 18 8-K makes it official.

The purchase ran from May 11 through May 17 at an average cost of $80,985 per coin, funded through proceeds from ATM share sales. Total aggregate holdings now stand at 843,738 BTC, with a cumulative average purchase price of $75,700. The aggregate purchase price across the entire position is $63.87 billion, per the filing.

The ATM Is Still the Engine

Every coin in this latest tranche came from the ATM. That is the same mechanism Strategy has used repeatedly to convert equity issuance into Bitcoin accumulation, and the May 18 filing confirms the pattern continues without interruption.

The filing also clarifies the sequencing of the company's two active offering programs. On March 23, 2026, Strategy announced a new $21.0 billion offering of $MSTR stock, labeled the $MSTR Increase. That capacity sits idle for now. Sales under the $MSTR Increase can only begin once the existing offering is substantially depleted. The filing presents the $MSTR stock amount available for issuance as the aggregate remaining capacity across both programs combined, so the headline ATM figure reflects two stacked programs, not one.

Net proceeds are presented after sales commissions, per the filing's own footnote.

Position Scale and the April Fair Value Anchor

The most recent SEC-disclosed fair market value of the Bitcoin position was approximately $64.04 billion as of April 26, 2026, per the May 6 10-Q, at a reference price of $78,258 per BTC. The May 18 8-K does not provide an updated fair market value figure. The cumulative purchase price of $63.87 billion disclosed in the 8-K is a cost basis figure, not a fair value mark.

At 843,738 BTC, Strategy's holdings are now larger than at any prior disclosure. The gap between the $75,700 cumulative average cost and the $80,985 average paid last week shows the company is still adding at prices above its historical average, which compresses the embedded gain on a cost basis but does not change the fair-value accounting treatment that flows through quarterly earnings.

Filing Risk and Disclosure Cadence

$MSTR's Filing Risk Score sits at 100, anchored on the density of capital markets and Bitcoin acquisition filings the company generates. Event Momentum is also at the ceiling. These are not signals of financial distress. They reflect a company that files material disclosures at a pace most public companies never approach, and this 8-K is another data point in that cadence.

The elevated disclosure intensity is the expected output of a strategy that treats the ATM as an ongoing operational tool rather than a one-time financing event. Each weekly or bi-weekly Bitcoin update filing is a direct consequence of that design.

What the $21 Billion Reserve Changes

The $MSTR Increase is the more forward-looking disclosure in this filing. A $21 billion reserve offering sitting behind the current program means Strategy has pre-authorized the next phase of ATM-funded accumulation without needing a new shareholder vote or registration statement when the current program runs dry.

The sequencing matters. The existing offering must be substantially depleted before $MSTR Increase sales begin. That creates a natural transition point where the filing cadence will shift: watch for an 8-K or prospectus supplement that signals the existing offering is near exhaustion, because that filing will mark the moment the $21 billion reserve becomes active capacity rather than announced capacity.

$MSTR's BTC Exposure Score of 85 reflects exactly this dynamic. The equity's behavior is tightly coupled to Bitcoin price and to the pace of ATM-funded accumulation. Both variables are now operating simultaneously, with the existing offering still running and a larger successor program queued behind it.

Research only. Not investment advice.