US-based software and technology company Strategy is rapidly increasing its Bitcoin accumulation, but for the first time is considering selling some of its holdings to meet dividend obligations. Known in the business world for risk management software and big data technologies, the company has been drawing attention for its Bitcoin investments in recent years. Michael Saylor, Strategy’s founder and chairman, is among the most prominent corporate investors holding the largest institutional Bitcoin portfolio.
Bitcoin acquisition accelerates in 2026
Strategy’s Bitcoin purchasing activities have seen significant momentum in 2026. Since January alone, the company has acquired 145,834 BTC, with a total value estimated at around $11 billion. These purchases mostly occurred while the Bitcoin price was under $75,000.
According to analyses by JPMorgan, the company’s total Bitcoin acquisitions for the year could approach $30 billion. This not only surpasses the $22 billion accumulated in the previous two years, but also positions Strategy as a dominant player in the field. JPMorgan analysts note that purchases accelerated again in April, with both market conditions and financing opportunities playing a role.
The company’s current balance sheet shows a holding of 818,334 BTC, valued at over $65 billion. This cements Strategy’s position as the world’s largest institutional holder of Bitcoin.
Innovative funding via STRC
To fund its recent Bitcoin acquisitions, Strategy turned to STRC, a perpetual preferred stock. STRC offers a dividend yield of approximately 11.5 percent. However, this method comes with an annual dividend obligation equating to 2.2 percent of the company’s Bitcoin portfolio, translating into $1.5 billion in payouts.
This week, Michael Saylor stated that to meet these dividend payments, the company may occasionally sell some of its Bitcoin holdings. This marks the first time Strategy has openly acknowledged the possibility of selling its assets to address external liabilities.
Via social media, Michael Saylor explained that Strategy is adopting a “buy more than you sell” approach, aiming to purchase enough Bitcoin through STRC and new equity issuances to more than offset any coins potentially sold for dividend payouts.
By issuing STRC, the company can acquire Bitcoin without diluting traditional shareholders. The current nominal market value of STRC exceeds $8.5 billion.
MSTR share targets and market outlook
Analysts at TD Cowen highlighted that this funding model delivers higher-than-expected capital efficiency, prompting them to raise their price target for the company’s shares to $395. This represents an increase of more than 110 percent over the previous closing price of $186.82.
Analysts also raised Strategy’s expected Bitcoin yield to 18.2 percent for fiscal 2026 and 9.6 percent for 2027. Their baseline scenario envisions Bitcoin reaching around $140,000 by year-end, with a bullish outlook setting the target at $175,000.
JPMorgan points out continued growth in both retail and institutional investor interest. For the remainder of the year, the main question is whether the company can sustain its current Bitcoin buying pace—and how close Bitcoin’s price will come to TD Cowen’s $140,000 target.
A steady rise in Bitcoin prices and a premium on shares could increase leverage in MSTR stock; if the opposite occurs, the math behind dividend payouts could become challenging and the $395 target harder to reach.
