Strategy—formerly known as MicroStrategy—could meaningfully accelerate its 
Bitcoin-buying pace this year, according to analysts at JPMorgan. The firm, 
led by well-known Bitcoin bull Michael Saylor, is already one of the largest 
publicly traded Bitcoin treasury companies, and JPMorgan believes its next 
move may be a larger, faster round of acquisitions. Strategy Could Outpace 
Past Bitcoin Buying Strategy currently holds more than 818,000 Bitcoin, 
according to BitcoinTreasuries.net. Purchases have been active throughout 
2026: the company reportedly added over 145,000 BTC in just five months, which 
is estimated at roughly $11 billion. JPMorgan analysts, however, said that 
amount could rise substantially. Under their view, Strategy’s Bitcoin 
purchases this year could reach $30 billion over the course of the year. At 
today’s implied annualized pace, that would put 2026 purchases far above the 
roughly $22 billion acquired across 2024 and 2025 combined. Related Reading: 
VanEck Forecast: Bitcoin Could Climb To $1,000,000 By 2031, Research Head Says 
JPMorgan pointed to a change in momentum in April, saying Strategy “appears to 
have re-accelerated its bitcoin purchases.” The analysts tied the behavior to 
what they described as an increasingly opportunistic buying pattern. The 
optimism around Strategy’s plan also showed up in analyst price targets. On 
Thursday, TD Cowen raised its target price for the company’s stock, MSTR, from 
$385 to $395. As of the time of writing, MSTR closed at $179, translating to 
an 18% gain since the beginning of the year. If TD Cowen’s forecast were to 
play out, the implied move would represent about a 120% jump from current 
levels. Net Loss Vs. Big Forecast Analysts also highlighted the financing 
approach by Strategy behind the acquisitions. They say the firm&#8217;s increased 
use of STRC (variable-rate perpetual preferred stock) to fund Bitcoin 
purchases could improve capital efficiency, making it more attractive relative 
to prevailing market pricing. Still, the company&#8217;s latest financial picture 
includes major losses. Strategy reported a net loss of $12.54 billion for the 
quarter, driven largely by an unrealized decline in Bitcoin fair value of 
$14.46 billion. Related Reading: This New Move Just Opened XRP To 44 Million 
New Users Looking ahead, the base case and scenarios for Strategy reflect a 
bullish outlook. The firm’s base case is that Bitcoin could reach 
approximately $140,000 by the end of 2026, with an upside scenario of about 
$175,000. Separately, Joseph Vafi at Canaccord Genuity reiterated a Buy rating 
on May 7, lifting his MSTR price target from $185 to $224. Canaccord noted 
that since Bitcoin has rebounded—moving up from its roughly $62,000 low to 
more than $80,000—Strategy has continued to “weather another perceived storm. 
Featured image created with OpenArt, chart from TradingView.com

JPMorgan Says Strategy Could Buy Up To $30B In Bitcoin This Year– TD Cowen Lifts Target To $395

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JPMorgan Says Strategy Could Buy Up To $30B In Bitcoin This Year– TD Cowen Lifts Target To $395

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