JPMorgan Pegs Strategy at $30B in 2026 Bitcoin Buys — Floor or Fault Line?

A May 7 JPMorgan client note estimates that Strategy could purchase roughly $30 billion in Bitcoin during 2026 if Michael Saylor's company maintains its current pace — a figure that would absorb approximately 2.3 times Bitcoin's entire post-halving annual new issuance of 164,250 BTC. Strategy already holds 818,869 BTC acquired at an average cost of $75,540, with $26.35 billion in MSTR stock capacity and $19.46 billion in STRC preferred-stock capacity still available to fund further purchases.

The engine behind the number is Strategy's flywheel: raise capital in public markets, convert it to Bitcoin, use BTC-per-share growth to attract more investor demand, enabling more issuance. STRC-linked purchases scaled from 4,467 BTC in January to 46,872 BTC in April — but collapsed to just 535 BTC in the single week STRC slipped below its $100 par value, illustrating how completely the…