JPMorgan analysts expect Strategy—formerly known as MicroStrategy—to accelerate its Bitcoin acquisitions in 2026, potentially deploying up to $30 billion this year. The projection comes as the company continues to expand its already sizable Bitcoin treasury while navigating significant accounting losses tied to fair-value movements.
JPMorgan Sees Faster Accumulation in 2026
The analysts said Strategy “appears to have re-accelerated its bitcoin purchases” beginning in April, describing the company’s approach as increasingly opportunistic. According to BitcoinTreasuries.net, Strategy holds more than 818,000 BTC. Purchasing has been brisk in 2026, with the firm reportedly adding over 145,000 BTC in the first five months—estimated at roughly $11 billion.
Under JPMorgan’s view, total Bitcoin purchases this year could reach about $30 billion, outpacing the roughly $22 billion accumulated across 2024 and 2025 combined at today’s implied annualized pace. Strategy, led by longtime Bitcoin advocate Michael Saylor, is among the largest publicly traded corporate holders of Bitcoin.
Financing Mix and Financial Results
JPMorgan highlighted Strategy’s financing approach, noting increased use of STRC—variable-rate perpetual preferred stock—to fund purchases. The analysts said this structure could improve capital efficiency versus prevailing market alternatives.
Despite the rapid accumulation, Strategy reported a net loss of $12.54 billion for the quarter, driven largely by an unrealized decline in the fair value of its Bitcoin holdings totaling $14.46 billion.
Analyst Targets and Stock Performance
Optimism around the company’s strategy has filtered into equity research. TD Cowen on Thursday raised its price target for Strategy’s shares (NASDAQ: MSTR) to $395 from $385. MSTR closed at $179, up about 18% year to date; if TD Cowen’s target is achieved, it would imply roughly a 120% move from current levels.
Separately, Canaccord Genuity’s Joseph Vafi reiterated a Buy rating on May 7 and lifted his MSTR target to $224 from $185, noting the company’s resilience as Bitcoin rebounded from a roughly $62,000 low to above $80,000.
Outlook
JPMorgan’s note outlined a constructive view on Bitcoin’s path, citing a base case for the asset reaching about $140,000 by the end of 2026, with an upside scenario near $175,000. If Strategy maintains its current pace—and its financing remains favorable—the firm could significantly expand its Bitcoin position this year, even as earnings remain sensitive to crypto market volatility.