Buying up Bitcoin! JPMorgan: MicroStrategy's annual BTC accumulation could reach $30 billion

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A recent report from JPMorgan indicates that Strategy, led by "Bitcoin bull" Michael Saylor, is accumulating Bitcoin at an astonishing pace, with its total purchases this year expected to reach $30 billion, setting a new historical record. Buying the dip with precision, purchasing power surpasses the past The analysis team led by JPMorgan Managing Director Nikolaos Panigirtzoglou pointed out that Strategy has significantly accelerated its pace of Bitcoin accumulation this year. So far this year, the company has spent approximately $11 billion to acquire 145,834 BTC, mostly by precisely buying the dip whenever the price fell below its average holding cost (approximately $75,000). Based on the current "accumulation" speed, analysts estimate that Strategy's total Bitcoin purchases this year will reach as high as $30 billion, far exceeding the records of approximately $22 billion each in 2024 and 2025. Analysts stated: "Strategy stepped on the gas to accelerate Bitcoin purchases in April, continuing its 'opportunistic' buying pattern seen throughout the year—whenever the market presents an excellent entry point and financing channels are open, it buys aggressively without hesitation." High premium creates "infinite ammunition," pursued by both retail and institutional investors Why does this company have an endless supply of capital? The key lies in the frenzy of the capital markets. Data shows that the premium of Strategy's stock price relative to its "Net Asset Value (NAV)" has expanded to approximately 26% over the past two months. Analysts explained that this high premium has created a favorable financing environment for Strategy, allowing the company to issue stocks and bonds to raise funds for purchasing more Bitcoin. JPMorgan noted that Strategy's current investor structure is quite balanced, with retail and institutional investors each accounting for half. As the world's largest corporate holder of Bitcoin, Strategy currently holds a total of 818,334 BTC, valued at over $65 billion. Wall Street raises target price Investment bank TD Cowen raised its target price for Strategy from $385 to $395 on Thursday. Analysts stated that Strategy's expanded issuance of perpetual preferred stock STRC not only makes its Bitcoin accumulation strategy more capital-efficient but also improves the company's Bitcoin yield outlook. However, Michael Saylor has recently shown a subtle shift in strategy. He admitted for the first time that Strategy is "very likely" to sell a portion of its Bitcoin in the future to pay STRC dividends.

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