Strategy bought another 24,869 Bitcoin last week. The company paid $2.01 billion in aggregate, averaging $80,985 per coin. The purchase ran from May 11 through May 17 and was funded entirely through ATM equity sales, per the 8-K filed May 18.

Aggregate holdings now stand at 843,738 BTC. The average cost basis across the full position is $75,700 per coin, and total aggregate purchase price has reached $63.87 billion.

The ATM Is Still the Engine

Every coin in this purchase came from the ATM facility. That is the same mechanism Strategy has used repeatedly to convert equity issuance into Bitcoin exposure, and the 8-K makes the funding source explicit. Net proceeds are presented after sales commissions, per the filing's own footnote.

The existing ATM has not yet been substantially depleted. Until it is, the separate $21 billion $MSTR Increase announced March 23 cannot begin. That sequencing matters because it tells you the company has a second, larger reload already authorized and waiting. The current facility comes first. The $MSTR Increase is the next layer.

Position Scale Against the Last Filed Valuation

The most recent SEC-disclosed fair market value for the Bitcoin position was approximately $64.04 billion as of April 26, 2026, per the May 6 10-Q, at $78,258 per BTC. That snapshot predates this week's purchase. The 843,738 BTC figure now on the books is larger than the position that generated that valuation, and the per-coin average cost of $75,700 sits below that April 26 reference price. The next quarterly filing will carry the updated mark.

Filing Risk and Disclosure Cadence

$MSTR's Filing Risk Score sits at 100, reflecting the density and recurrence of capital markets disclosures the company generates. This 8-K is another entry in that pattern. The elevated disclosure cadence is a feature of the strategy, not a distress signal. Every ATM drawdown produces a filing. Every Bitcoin purchase produces a filing. The company has structured itself to generate continuous disclosure events, and the scores reflect that.

The BTC Exposure Score of 85 captures what that cadence is actually about. Bitcoin is the central variable in the equity story. The ATM, the $MSTR Increase, the cost basis, and the aggregate holdings figure are all inputs to the same question: how much Bitcoin does Strategy hold, at what cost, and how much more capacity does it have to add.

What the MSTR Increase Signals About Scale

The $21 billion $MSTR Increase is not a small reserve. At the current average purchase price of roughly $81,000 per coin, that facility could theoretically fund another 250,000 BTC or more. The company is not running out of authorized capacity. The question is how fast the existing ATM gets drawn down and whether the equity market continues to absorb the issuance.

$MSTR's price context adds texture here. The stock is up roughly 28% over the past 90 days but down about 60% from its one-year high, per cached price data as of May 20. The short-term trend is up while the long-term trend remains down. That gap between short-term recovery and longer-term drawdown is the backdrop against which every new ATM issuance gets priced.

The crypto Fear and Greed index sat at 29, classified as fear, at the time of this filing. Bitcoin dominance was 58.2%, indicating a Bitcoin-led tape. Those conditions frame the environment in which Strategy executed this purchase and will continue drawing down the ATM.

The next concrete monitoring point is the next 8-K disclosing either another Bitcoin purchase or the first drawdown under the $MSTR Increase. When the $MSTR Increase activates, the scale of weekly purchases could step up materially.

Research only. Not investment advice.