US-based software company Strategy, formerly known as MicroStrategy, has accelerated its Bitcoin purchases in the last week. The company purchased a total of 535 Bitcoins between May 4 and May 10. In the notification made to the US Securities and Exchange Commission, it was stated that approximately $43 million was spent on this purchase and the average purchase price per Bitcoin was $80,340.
With this new purchase, Strategy’s total Bitcoin portfolio reached 818,869 BTC. The company added all the Bitcoins it has ever owned to its portfolio at a cost of approximately $61.86 billion and an average unit price of $75,540. This latest purchase, which occurred while Bitcoin was trading above $81,000, showed that the company’s overall position was profitable above average cost.
Purchases Made from Share Sales
The financing used for Strategy’s latest Bitcoin purchase was obtained from the company’s sales of Type B common shares and perpetual maturity Stretch preferred shares, known as STRC. The company provided a total of $42.9 million from these share sales in the relevant period.
The company’s stock, MSTR, closed the week at $187.59, gaining 9.8 percent in a week. The stock continued its rise in pre-market trading on Monday after the acquisition was announced. However, shares are still well below their peak levels seen in the summer of 2025.
Stands Out Among Public Companies
Strategy stands out among public companies with its investments in Bitcoin. The company’s chairman, Michael Saylor, has become a prominent figure in the crypto asset markets. Saylor often stands out with the Bitcoin strategy followed by the company and transparently conveys its purchasing policies to investors.
The company announced a high net loss in the first quarter due to the change in accounting standards. Most of this loss resulted from the loss of value in the Bitcoin portfolio. After the first quarter financial results, Bitcoin purchases were paused for a short time, and Saylor announced that the new purchasing process had started on the X platform with the statement “We are back in business.”
Michael Saylor stated that the company may sell Bitcoin in the future for dividend payments or debt management, but this will be part of the strategy to increase the amount of Bitcoin per company.
Saylor stated that even if the company sells, 10 to 20 more Bitcoins can be purchased for every Bitcoin sold, with appropriate financing conditions. The famous manager emphasized that his overall focus is to increase the value of Bitcoin per share.
STRC and Financing Model Discussions
Stretch preferred stock, codenamed STRC, plays a fundamental role in Strategy’s current capital raising model. This security, which has an annual dividend of 11.5 percent, is designed to trade on the market at a face value of approximately $100.
Saylor stated that, unlike traditional bonds, STRC has a perpetual structure and does not give its owners the right to convert into cash immediately, thus providing continuous and permanent capital for the company. In this way, dividend payments can be made in accordance with the company’s schedule and stakeholders remain dependent on market liquidity.
The company also proposed increasing STRC dividend payments from monthly to semi-monthly. Strategy hopes this change will reduce reinvestment delays, increase market liquidity and contribute to price stability.
Other preferred share programs operated by the company include STRK, STRF and STRD. Thanks to these instruments, Strategy aims to provide capital that will reach a total of $84 billion by 2027. The company constantly updates its strategy according to Bitcoin price, share premiums, credit conditions and return opportunities in the markets.
Saylor also opposed the criticism that “the company buys Bitcoin at weekly peaks” and noted that they generally collect capital when share premiums are high and then buy Bitcoin.
Investment advisor Peter Schiff, long known as an opponent of Bitcoin, reiterated his criticism of the company’s financing model after Saylor’s statements on dividend policy and STRC structure. While Schiff described STRC as high risk, he argued that this instrument was not suitable for retirees seeking capital preservation and regular income. Additionally, Schiff stated that public statements could create legal liability if investors suffer losses, and described STRC as a centralized and Ponzi-like structure.
Saylor, on the other hand, opposed these criticisms and argued that they saw Bitcoin as “digital capital” and that existing financing tools created a structure built on long-term Bitcoin ownership. According to him, such products are among the key elements of the company’s growth in Bitcoin holdings.
