Michael Saylor’s firm, Strategy, has again bolstered its Bitcoin treasury, buying 7,390 BTC for approximately $765 million in the period of May 12 to 18, 2025. This purchase takes its overall hoard to 576,230 BTC—currently worth more than $59 billion—making it the largest corporate owner of Bitcoin. But as Strategy doubles down on its crypto bet, it is also facing a class action lawsuit claiming misrepresentation of its Bitcoin strategy and failure to disclose developing accounting risks. Below, we dissect the details of this headline-grabbing acquisition, analyze how it was funded, discuss Strategy’s wider Bitcoin ambitions, and dissect the investor lawsuit that has developed.
Acquisition Information
Strategy’s latest Bitcoin purchase of 7,390 BTC was disclosed in its May 19, 2025 SEC filing as yet another milestone in the company’s bold accumulation strategy. The average price per Bitcoin in this tranche was approximately $103,600, which amounts to a total cost of approximately $764.9 million. Since adding these coins, Strategy currently possesses 576,230 BTC, which accounts for more than 2.7% of all circulating Bitcoin supply.
Financing the Purchase
Rather than tapping debt markets, Strategy funded this acquisition predominantly through equity issuance. According to its 8-K filing, the company raised net proceeds of roughly $765 million by selling about 1.7 million shares of its common stock (MSTR) and 621,555 shares of 8% Series A perpetual convertible preferred stock (STRK). These products, as part of its overall “21/21 Plan,” are aimed at raising $42 billion of capital through 2027, half equity and half fixed-income instruments.
Strategy’s Bitcoin Aspirations
Since embracing Bitcoin as its main treasury reserve asset in 2020, Strategy has relentlessly gone about its mission of holding $42 billion of BTC by December 2027, regardless of market conditions. As of May 2025, the company still holds authorization to issue more than $18.9 billion of common stock and about $20.7 billion of preferred stock for future Bitcoin buys. This long-term vision positions Strategy to continue expanding its Bitcoin reserves well beyond the 576,230 coins it currently controls.
The Investor Lawsuit
Amidst this bullish Bitcoin plan, Strategy is now in the midst of a class action lawsuit that was initiated on May 16, 2025 in the U.S. District Court for the Eastern District of Virginia. The complaint states that Strategy and its managers issued false statements about the ease and security of its Bitcoin bet, while omitting risks to newly adopted crypto accounting standards. Plaintiffs allege these exclusions artificially inflated the stock price of the company and subjected investors to unanticipated volatility.
In its response to the SEC, Strategy vowed to aggressively defend the lawsuit but warned that it cannot foresee the outcome or estimate financial effects at this time.
Outlook and Industry Impact
Strategy’s unwavering bet on Bitcoin—fueled by creative equity and debt capital—has also encouraged other corporates and funds to venture into such treasury-reserve strategies. Despite some critics expressing concern about overconcentration and uncertainty in regulation, Saylor and his people seem unconcerned. As the courtroom battle rages on, everyone will be watching how well Strategy manages to balance hard-pressing Bitcoin hoarding with shareholder anxieties and emerging accounting principles. With its 42/42 capital-raise road map running until 2027 and the price volatility of Bitcoin always in play, future chapters in Strategy’s crypto drama will be eagerly watched by markets and regulators in equal measure.
