La stratégie Bitcoin de Michael Saylor a franchi une nouvelle étape que peu de trésoreries d'entreprise dans l'histoire financière ont jamais approchée, que ce soit en termes d'échelle ou de concentration.
Strategy, formerly known as MicroStrategy, now holds approximately 843,738 BTC after its latest acquisition of 24,869 Bitcoin worth about $2.01 billion. The company paid an average price of roughly 80,985 $ par pièce during the most recent purchase window between May 11 and May 17, according to the firm’s latest SEC filing.
With Bitcoin’s total supply permanently capped at 21 millions de pièces, Strategy now controls more than 4% of all BTC that will ever exist. The scale of the accumulation has turned Strategy into far more than a software company with crypto exposure. Under Michael Saylor’s leadership, the firm has become the dominant corporate Trésorerie Bitcoin vehicle in global markets, with institutions, hedge funds, and retail investors tracking its purchases almost weekly.
The latest acquisition pushed Strategy’s total Bitcoin cost basis to roughly $63.9 billion, with an average acquisition price near $75,700 per BTC. Even after recent market volatility, the company remains in profit on its overall holdings.
Saylor avait laissé entendre qu'il allait procéder à cet achat avant l'annonce officielle, en publiant « Big dot energy » sur X à côté du graphique de suivi Bitcoin de la société, un schéma qui est désormais scruté de près par les traders et les analystes qui s'attendent à un autre achat important.
Key A emporter
- Strategy now holds 843,738 BTC after buying another 24,869 Bitcoin worth about $2.01 billion.
- The company controls more than 4% of Bitcoin’s total 21 million supply, making it the largest corporate BTC holder globally.
- Michael Saylor continues funding Bitcoin purchases through stock sales and preferred share offerings like STRC.
- Strategy’s stock has become a major proxy for Bitcoin exposure, attracting strong institutional interest, including BlackRock.
- Critics warn the company’s aggressive Bitcoin concentration and debt-funded accumulation increase financial risk during market downturns.
Strategy’s accumulation machine keeps accelerating
What makes Strategy’s Bitcoin campaign unusual is not just the size of the holdings but the consistency of the buying.
The company has continued purchasing Bitcoin through rallies, corrections, regulatory uncertainty, and periods of forte volatilité. Since beginning its accumulation strategy in August 2020, Strategy has completed more than 100 separate Bitcoin purchases.
Cette dernière acquisition, d'un montant de 2.01 milliards de dollars, figure désormais parmi les plus importantes jamais réalisées par l'entreprise et fait suite à un autre achat de plusieurs milliards de dollars effectué plus tôt cette année.
Strategy financed the recent buy primarily through augmentations de capital tied to its MSTR common stock and STRC perpetual preferred shares. Between May 11 and May 17, the company sold nearly 19.52 million STRC shares, generating approximately $1.95 billion in proceeds. An additional $83.7 million came from sales of MSTR common shares. The funds were quickly converted into Bitcoin.
STRC has become a major engine behind Strategy’s acquisition model in 2026. The preferred stock currently offers investors an annualized dividend yield of around 11.5%, attracting demand from income focused investors while simultaneously funding additional BTC purchases.
Analysts have pointed to an emerging pattern where Strategy raises capital through STRC offerings ahead of monthly dividend dates before deploying proceeds directly into Bitcoin. The approach has allowed the company to maintain a near-constant pace of accumulation even during periods when Bitcoin prices remain elevated.
A corporate treasury strategy unlike any other
Saylor’s long term thesis has remained largely unchanged since the company first entered Bitcoin nearly six years ago.
He has repeatedly argued that Bitcoin represents superior monetary property compared to cash, bonds, or even gold. In his view, holding large fiat reserves exposes companies to inflation and long term currency debasement, while Bitcoin offers scarcity and protection against monetary expansion.
Cette philosophie a fondamentalement transformé l'identité de Strategy.
The company’s stock now trades largely as a proxy for Bitcoin exposure, attracting investors seeking indirect access to BTC through traditional marchés d'actions. The strategy has also inspired a wave of copycat treasury models among public companies exploring digital asset reserves.
According to industry tracking data, nearly 200 public firms now hold Bitcoin on their balance sheets in some capacity, though none come close to Strategy’s scale. The company’s influence over the Bitcoin market has become impossible to ignore. Holding more than 4% of the total supply gives Strategy one of the largest known corporate positions in the asset globally.
Ses acquisitions sont désormais considérées comme des événements majeurs du marché, capables d'influencer le sentiment des acteurs des secteurs des cryptomonnaies et de la finance traditionnelle.
Institutions continue backing the strategy
Despite criticism surrounding concentration risk and debt funded accumulation, institutional appetite for Strategy exposure remains strong.
BlackRock recently increased its position in Strategy by purchasing an additional 3.14 million MSTR shares valued at roughly $535.6 million. The move raised the asset manager’s total stake to approximately 17.75 million shares worth more than $3 billion. The investment came during a period when MSTR stock experienced short term weakness following a failed breakout above the $200 range.
Still, Strategy shares remain among the strongest performing major equities tied to the atout numérique sector over the longer term. Since its first Bitcoin purchase in 2020, the stock has dramatically outperformed many traditional benchmarks, fueled largely by Bitcoin’s appreciation and investor demand for BTC-linked exposure.
Meanwhile, Bitcoin itself continues trading below some of Strategy’s recent purchase prices. At the time of reporting, BTC hovered near the $77,000 level, lower than the company’s latest acquisition cost but still comfortably above its overall average entry price.
Critics warn about concentration and volatility
Not everyone views the strategy positively.
Critics argue that concentrating such a large portion of corporate resources into a highly volatile asset exposes shareholders to substantial downside risk, especially during prolonged market downturns. Others have questioned the company’s growing reliance on preferred shares, debt issuance, and equity offerings to finance additional purchases.
Short seller Jim Chanos has publicly criticized the premium attached to Strategy’s valuation relative to the underlying Bitcoin it holds, while some analysts warn that heavy dilution through new share issuance could pressure shareholders over time. Still, Saylor has shown no indication of slowing the pace of accumulation. The company continues describing itself as a long term “net accumulator” of Bitcoin rather than an active trader.
Le chemin à parcourir
Strategy’s growing Bitcoin reserve is reshaping conversations around corporate treasury management and institutional adoption.
Les analystes de JPMorgan ont récemment estimé que la société pourrait acheter jusqu'à 30 milliards de dollars de bitcoins supplémentaires en 2026 si les conditions actuelles de levée de fonds restent favorables.
Certains observateurs du marché estiment désormais que Strategy pourrait éventuellement atteindre le cap symbolique d'un million de BTC, un chiffre qui représenterait près de 5 % de l'offre totale fixe de Bitcoin.
Whether the strategy ultimately becomes a historic financial success or a cautionary tale will depend heavily on Bitcoin’s long term trajectory.
For now, Michael Saylor appears fully committed to continuing the accumulation campaign that has already made Strategy the single largest corporate Bitcoin holder in the world.
