Massive Bitcoin Buying! JPMorgan: Strategy This Year’s Coin Hoarding Scale Reaches $30 Billion

Wall Street investment bank JPMorgan’s latest report indicates that the “Bitcoin Bull” Michael Saylor-led strategy is rapidly accumulating Bitcoin at an astonishing pace, with this year’s purchase scale expected to reach $30 billion, setting a new record.
Accurate accumulation on dips, buying power surpasses previous levels
Led by JPMorgan Managing Director Nikolaos Panigirtzoglou, the analysis team pointed out that the strategy’s Bitcoin accumulation has significantly accelerated this year, having already invested about $11 billion, acquiring 145,834 Bitcoins, mostly during periods when the price was below the average holding cost (around $75k). This precise dip-buying approach has been prevalent.
Based on the current “accumulation” speed, analysts estimate that the strategy’s Bitcoin purchase volume this year could reach as high as $30 billion, far exceeding the record of approximately $22 billion in 2024 and 2025.
The analysts stated: “In April, the strategy accelerated its pace of Bitcoin purchases, continuing its opportunistic buying pattern this year — whenever the market presents an excellent entry point and financing channels are open, they buy aggressively without hesitation.”

High premiums create “infinite bullets,” retail and institutional investors flocking
Why does this company have a continuous flow of funds? The key lies in the frenzy of capital markets. Data shows that the premium of the strategy’s stock price over its net asset value (NAV) has expanded to about 26% over the past two months.
Analysts explained that this high premium has created a favorable fundraising environment for the strategy, allowing the company to issue stocks and bonds to raise capital for more Bitcoin purchases. JPMorgan pointed out that currently, the investor structure of the strategy is quite balanced, with retail and institutional investors each accounting for half.
As the publicly listed company holding the most Bitcoin globally, the strategy currently owns 818,334 Bitcoins, worth over $65 billion.
Wall Street raises target price
Investment bank TD Cowen on Thursday raised the target price for the strategy from $385 to $395. Analysts stated that the expansion of the issuance of perpetual preferred stock STRC not only makes the Bitcoin accumulation strategy more capital-efficient but also improves the company’s Bitcoin revenue outlook.