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

Strategy—previously referred to as MicroStrategy—may meaningfully speed up its Bitcoin-buying tempo this yr, in response to analysts at JPMorgan. 

The agency, led by well-known Bitcoin bull Michael Saylor, is already one of many largest publicly traded Bitcoin treasury firms, and JPMorgan believes its subsequent transfer could also be a bigger, quicker spherical of acquisitions.

Strategy Could Outpace Past Bitcoin Buying

Strategy presently holds greater than 818,000 Bitcoin, according to BitcoinTreasuries.internet. Purchases have been energetic all through 2026: the corporate reportedly added over 145,000 BTC in simply 5 months, which is estimated at roughly $11 billion. 

JPMorgan analysts, nonetheless, stated that quantity may rise considerably. Under their view, Strategy’s Bitcoin purchases this yr may attain $30 billion over the course of the yr. At at present’s implied annualized tempo, that might put 2026 purchases far above the roughly $22 billion acquired throughout 2024 and 2025 mixed.

JPMorgan pointed to a change in momentum in April, saying Strategy “seems to have re-accelerated its bitcoin purchases.” The analysts tied the conduct to what they described as an more and more opportunistic shopping for sample.

The optimism round Strategy’s plan additionally confirmed up in analyst worth targets. On Thursday, TD Cowen raised its target price for the corporate’s inventory, MSTR, from $385 to $395. 

As of the time of writing, MSTR closed at $179, translating to an 18% achieve because the starting of the yr. If TD Cowen’s forecast have been to play out, the implied transfer would symbolize a couple of 120% soar from present ranges.

Net Loss Vs. Big Forecast

Analysts additionally highlighted the financing method by Strategy behind the acquisitions. They say the agency’s elevated use of STRC (variable-rate perpetual most popular inventory) to fund Bitcoin purchases may enhance capital effectivity, making it extra engaging relative to prevailing market pricing.

Still, the corporate’s newest monetary image contains main losses. Strategy reported a internet lack of $12.54 billion for the quarter, pushed largely by an unrealized decline in Bitcoin honest worth of $14.46 billion.

Looking forward, the bottom case and situations for Strategy replicate a bullish outlook. The agency’s base case is that Bitcoin may attain roughly $140,000 by the top of 2026, with an upside situation of about $175,000. 

Separately, Joseph Vafi at Canaccord Genuity reiterated a Buy score on May 7, lifting his MSTR worth goal from $185 to $224. Canaccord famous that since Bitcoin has rebounded—transferring up from its roughly $62,000 low to greater than $80,000—Strategy has continued to “climate one other perceived storm.

Featured picture created with OpenArt, chart from TradingView.com