Strategy Inc. (NASDAQ:MSTR) dropped 4.5% on Thursday as JPMorgan analysts said the company’s Bitcoin (CRYPTO: BTC) purchases could reach $30 billion this year at the current pace.

Strategy Buying Faster Than 2024 And 2025

Strategy has added 145,834 Bitcoin worth roughly $11 billion year-to-date. Much of the buying happened while Bitcoin traded below the company’s estimated average purchase cost of around $75,000.

JPMorgan estimates the annualized run rate would be significantly higher than in 2025 and 2024, when the company bought around $22 billion worth of Bitcoin in each year.

The analysts noted Strategy re-accelerated Bitcoin purchases in April, extending a 2026 pattern of increasingly opportunistic buying responsive to both market conditions and financing availability.

Premium To NAV Expands To 26%

Investor demand for Strategy shares has remained strong. The company’s premium to net asset value expanded to around 26% over the past two months.

The higher premium creates easier financing conditions, allowing Strategy to issue equity and debt to fund additional purchases. 

Demand comes from both retail and institutional investors, with ownership split almost equally between the two groups.

Strategy currently holds 818,334 Bitcoin worth over $65 billion, remaining the largest corporate holder globally.

TD Cowen Raises Price Target To $395

Investment bank TD Cowen raised its price target on Strategy to $395 from $385 earlier this week. 

The increased use of STRC perpetual preferred stock issuance makes the Bitcoin accumulation strategy more capital-efficient and improves Bitcoin yield outlook.

Saylor said Strategy “will probably” sell Bitcoin in the future to help cover dividends tied to STRC, its high-yield perpetual preferred stock.

MSTR Stock Tests Support After 45% Rally

Strategy is pulling back after opening at $184.41, giving back some gains after a near-vertical 45% recovery from $130 in April. 

This is the first meaningful red candle after the sharp rally.

The symmetrical triangle breakout from April remains valid. Supertrend at $157.47 and all short-term EMAs sit below price, curling upward for the first time since August 2025.

The 200 EMA at $203.14 is the critical overhead resistance. MSTR hasn’t touched that level since September 2025. 

Price is retesting the $177 to $180 zone now acting as support after rejecting price three times previously. Holding here on a daily close would be constructive.

Support sits at $165 to $168. Major resistance holds at $203.14. Invalidation occurs on a daily close below $157. 

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