While the US-based software and technology company Strategy has recently accelerated its Bitcoin accumulation, it has also put the possibility of sales on its agenda for the first time due to dividend obligations. The company, generally known in the business world for its Risk Management Software and big data technologies, has attracted attention with its Bitcoin investments in recent years. The company’s founder and executive chairman, Michael Saylor, is among the best-known institutional investors who maintain the largest institutional holdings of Bitcoin.
A new era in Bitcoin purchasing
It was observed that Strategy gained serious momentum in Bitcoin purchases in 2026. The company has collected 145,834 Bitcoins since January. The total value of these purchases is estimated at approximately $11 billion and was mostly made while the Bitcoin price was hovering below $75,000.
According to analysis by JPMorgan, it is stated that the company’s Bitcoin purchases throughout the year may approach 30 billion dollars. This figure significantly exceeds the purchases of $22 billion in the last two years, respectively. JPMorgan analysts stated that Strategy accelerated its purchases again in April and that financing opportunities in addition to current market conditions also affected this process.
Strategy’s current balance sheet includes 818,334 Bitcoins. The total value of this amount is over 65 billion dollars. Thus, the company has become the highest institutional owner of Bitcoin in the world in this field.
Innovative method in financing with STRC
While the company has recently financed its Bitcoin purchases, it has turned to perpetual preferred stock called STRC. STRC has a dividend yield of approximately 11.5%. However, the annual dividend burden brought by this financing model corresponds to 2.2% of the company’s total Bitcoin portfolio and is at the level of 1.5 billion dollars.
Michael Saylor stated in his statement this week that the company will sell Bitcoin from time to time to cover these dividend payments in the future. This marks the first time the company has openly stated that its assets can be sold.
According to Michael Saylor’s post on social media, the “Buy more than sell” approach is adopted; In other words, it is thought that the Bitcoins the company receives through STRC and new share issues can more than compensate for the portion that is likely to be sold for dividends.
By issuing STRC, the company is able to purchase Bitcoin without traditional equity dilution. Currently, STRC’s market capitalization exceeds $8.5 billion.
Targets and market expectations for MSTR shares
Analysts at TD Cowen noted that this change in financing resulted in greater capital efficiency than expected, and raised the company’s price target per share to $395. This target represents an increase of more than 110% from the previous closing price of $186.82.
Analysts increased their Bitcoin return expectation for the company to 18.2% in fiscal 2026 and 9.6% for 2027. It is estimated that in the basic scenario, Bitcoin will reach approximately $140,000 by the end of the year, and in the bullish scenario, it may climb to $175,000.
JPMorgan pointed out that investor interest continues to rise on both the individual and corporate side. The main agenda item for the rest of the year is whether the company can maintain its current Bitcoin buying pace and how the Bitcoin price will approach the $140,000 key level set by TD Cowen.
While the steady increase in Bitcoin price and share premium increases the leverage effect of MSTR shares; On the contrary, the dividend math will become difficult and the $395 price target will become difficult to reach.
