MicroStrategy Could Outperform in 2026 if Saylor Buys More BTC

MicroStrategy has purchased 145,834 Bitcoin since January, bringing its total holdings to 818,334 BTC. The company shifted financing toward STRC perpetual preferred shares and disclosed it may sell some Bitcoin to fund preferred dividends. Michael Saylor posted on X: “Buy more bitcoin than you sell.”

The purchases amount to roughly $11 billion so far this year, with most bought while Bitcoin traded below MicroStrategy’s estimated average cost of about $75,000 per coin. Analysts at JPMorgan estimate full-year purchases could reach about $30 billion, above the roughly $22 billion the company spent on Bitcoin in each of the prior two years. At current prices the holdings are worth more than $65 billion, making MicroStrategy the largest corporate holder of Bitcoin.

MicroStrategy has increasingly used STRC, a perpetual preferred stock carrying an approximate 11.5% yield, to finance purchases. STRC’s outstanding face value now exceeds $8.5 billion. TD Cowen estimates the annual dividend burden on those preferred shares runs to about 2.2% of the value of MicroStrategy’s Bitcoin holdings, roughly $1.5 billion. The company disclosed it would “probably” sell Bitcoin at times to meet those obligations; Saylor’s follow-up post reiterated a net-buying preference.

TD Cowen raised its price target on MicroStrategy shares to $395 from $385, citing higher capital efficiency from the financing shift; that target implied more than 110% upside from a recent closing price of $186.82. TD Cowen also increased its BTC Yield forecast for MicroStrategy to 18.2% for fiscal 2026 (from 16.7%) and to 9.6% for fiscal 2027 (from 5.4%), using a baseline Bitcoin price of about $140,000 by year-end and a bull case of $175,000.

JPMorgan analysts wrote that demand for MicroStrategy shares remains strong among retail and institutional investors and that the company re-accelerated Bitcoin purchases in April, following an opportunistic buying pattern tied to market conditions and financing availability. Analysts noted the near-term outlook will hinge on whether MicroStrategy keeps buying at its current pace and on Bitcoin’s price path relative to firm forecasts.

MicroStrategy began its large-scale Bitcoin accumulation several years ago and financed purchases through equity offerings and debt. The shift to STRC provides a high-yield financing option and creates recurring dividend obligations that the company has acknowledged may require occasional Bitcoin sales. Analysts flagged the company’s ongoing purchases, financing choices and Bitcoin price action as the main variables affecting MicroStrategy’s financial profile and share performance through the rest of 2026.