According to JPMorgan analysts, the strategy – formerly known as MicroStrategy – may significantly accelerate the pace of Bitcoin purchases this year.
The company, headed by well-known Bitcoin bull Michael Saylor, is already one of the largest publicly traded Bitcoin treasuries, and JPMorgan believes its next move could be a larger and faster round of acquisitions.
The strategy could outperform previous Bitcoin purchases
The strategy currently holds over 818,000 Bitcoins, According to to BitcoinTreasuries.net. Purchases have been lively throughout 2026: the company reportedly added over 145,000 BTC in just five months, which is estimated to be worth around $11 billion.
However, JPMorgan analysts say this amount may boost significantly. In their opinion, this year’s Bitcoin purchases by Strategy could reach $30 billion within a year. At today’s suggested annual rate, this would mean that 2026 purchases would far exceed the approximately $22 billion acquired in 2024 and 2025 combined.
JPMorgan pointed to a change in dynamics in April, stating that Strategy “appears to be accelerating its bitcoin purchases again.” Analysts have linked this behavior to increasingly opportunistic purchasing patterns.
Optimism around the Strategy’s plan also appeared in analysts’ target prices. TD Cowen on Thursday raised the target price for MSTR shares from $385 to $395.
At the time of writing, MSTR closed at $179, up 18% year-to-date. If TD Cowen’s forecast were to come true, the alleged move would represent a jump of approximately 120% from current levels.
Net loss vs. Big prediction
Analysts also noted Strategy’s strategic approach to financing acquisitions. They argue that the company’s increased apply of STRCs (preferred floating rate perpetual shares) to finance Bitcoin purchases could improve capital efficiency, making it more attractive compared to prevailing market prices.
However, the company’s latest financial picture includes ponderous losses. The strategy posted a net loss of $12.54 billion for the quarter, primarily due to an unrealized decline in Bitcoin’s fair value of $14.46 billion.
Looking ahead, the baseline and Strategy scenarios reflect a bullish outlook. The company’s underlying assumption is that Bitcoin could reach around $140,000 by the end of 2026, with an upside scenario of around $175,000.
Additionally, Canaccord Genuity’s Joseph Vafi maintained a Buy rating on May 7, raising his price target for MSTR from $185 to $224. Canaccord noted that since Bitcoin has rebounded – rising from a low of around $62,000 to over $80,000 – the strategy continues to “endure another perceived storm.”
Featured image created with OpenArt, chart from TradingView.com
