Today, almost every other company wants to build a Bitcoin (BTC) treasury.
But there is hardly anyone who can do it at the pace at which Michael Saylor’s Strategy Inc. (NASDAQ: MSTR) does.
In fact, in the first quarter of 2026, the company kept raking up Bitcoin throughout its highs and lows. Although this also resulted in over $14 billion of on-paper loss.
Wall Street has been paying attention. JPMorgan recently made a bold prediction about how far Strategy’s Bitcoin play will extend.
Related: Michael Saylor’s Strategy reports $12.54B net loss in Q1
A buying pace unlike anything before
Analysts led by Managing Director Nikolaos Panigirtzoglou estimate that if the current pace continues, Strategy’s Bitcoin purchases could reach around $30 billion on an annualized basis this year.
That would be significantly higher than 2025 and 2024, when the company bought roughly $22 billion worth of Bitcoin in each year.
Year to date, Strategy has added 145,834 BTC worth approximately $11 billion, with much of the buying happening while Bitcoin traded below the company’s estimated average purchase cost of around $75,000 per coin.
“Strategy appears to have re-accelerated its Bitcoin purchases in April, extending a 2026 pattern of increasingly opportunistic buying, responsive to both market conditions and financing availability,” the analysts said.
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Strong investor demand is fueling the machine
The buying acceleration has been supported by robust investor appetite for Strategy’s securities across both equity and preferred stock.
The company’s premium to net asset value has expanded to around 26% over the past two months.
That expanding premium has made financing easier. A higher premium allows Strategy to issue equity and debt at more favorable terms, funneling more capital into Bitcoin purchases.
Investor demand is coming from both retail and institutional investors, the analysts noted, with ownership split almost equally between the two groups.
JPMorgan is not the only one trying to predict Strategy’s next Bitcoin buy. Analyst…
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