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.
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’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’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.
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
