Strategy bought 24,869 more Bitcoin last week and now holds 843,738 BTC

Strategy added another 24,869 Bitcoin last week. The May 18 8-K makes the mechanics plain: every coin was purchased using proceeds from ATM equity sales, the average cost was $80,985 per coin, and the company now holds 843,738 BTC in aggregate.

That aggregate position carries a total average purchase price of $75,700 per coin across the entire stack. The most recent tranche came in above that blended average, which means the cost basis is drifting upward as the company keeps buying at current prices.

The ATM Machine Keeps Running

The funding source matters as much as the size. Strategy has been running its Bitcoin acquisition program almost entirely through ATM equity issuance, and this week's purchase is no different. The 8-K notes that the $MSTR Stock amount available reflects aggregate remaining capacity across both the existing offering and the $MSTR Increase, the $21 billion expansion announced March 23, 2026. Sales under the $MSTR Increase begin once the existing offering is substantially depleted, so the company has effectively pre-staged the next phase of capital without needing a new capital markets transaction.

Net proceeds in the filing are presented after sales commissions, which is the standard ATM disclosure. There is no language in the 8-K directing proceeds to any specific use beyond the Bitcoin purchase itself, which the filing discloses directly.

The Gap Between Cost and the Last Filed Value

Strategy disclosed aggregate fair market value of approximately $64.04 billion as of April 26, 2026, per the May 5 10-Q, at a reference price of $78,258 per BTC. The new 24,869-coin tranche was purchased at $80,985 per coin, above that snapshot price. The April 26 fair value figure does not capture these new coins or any price movement since that date, so the filed position value is already stale relative to current holdings.

That gap between the last disclosed fair value and current holdings is a recurring feature of Strategy's disclosure cadence. The 10-Q captures a point-in-time position. The 8-K updates the coin count and cost basis. Investors tracking the full picture need both documents.

Filing Cadence and Score Context

$MSTR's Filing Risk Score sits at 100 and Event Momentum matches it, both reflecting the density of capital markets and Bitcoin acquisition disclosures the company generates. This 8-K is the latest in a consistent pattern of weekly or near-weekly purchase announcements. The elevated disclosure cadence is a feature of the strategy, not a sign of distress. The BTC Exposure Score of 85 reflects what is now obvious from the balance sheet: Bitcoin is the central variable in the equity research case, not the software business.

Insider Activity at 50 sits at the neutral baseline, meaning Form 4 activity is not generating unusual signals in either direction at the moment.

Price Context Around the Purchase

$MSTR has gained roughly 28% over the past 90 days but sits about 3% lower over the past 30 days, per cached price context as of May 20. The stock is above its 50-day moving average but below its 20-day and 200-day moving averages, a split trend picture that reflects the short-term recovery from February lows against a longer-term drawdown. The 52-week high set in July 2025 remains more than 60% above current levels.

The crypto backdrop adds a layer of context. Bitcoin dominance at 58.1% signals a Bitcoin-led tape rather than a broad altcoin rotation, which is the environment where Strategy's concentrated exposure tends to track most directly. The crypto Fear and Greed index reading of 29 sits in fear territory, and Bitcoin's 30-day realized volatility of approximately 25% annualized is calm by historical standards. That combination of fear sentiment and low realized volatility is the kind of environment where Strategy has historically been most active in accumulating.

The Runway Question

The more important forward question is how much capacity remains before the existing ATM offering is exhausted and the $MSTR Increase kicks in. The 8-K does not disclose remaining capacity under the current program in dollar terms, only that the $MSTR Increase activates once existing capacity is substantially depleted. The next 8-K or 10-Q filing that quantifies remaining ATM capacity will answer how close Strategy is to flipping into the new $21 billion tranche.

At the current weekly purchase pace, that transition could come sooner than the headline $21 billion figure implies.

Research only. Not investment advice.