• Earlier this week, Strategy Inc. disclosed its largest Bitcoin purchase to date, buying US$2.54 billion worth of the cryptocurrency to lift its holdings to 815,061 BTC and surpass BlackRock’s iShares Bitcoin Trust as the world’s biggest institutional holder.

• The company funded this record acquisition primarily through sales of its STRC perpetual preferred stock and new equity, highlighting an unusual capital-raising “machine” that converts investor demand directly into additional Bitcoin on its balance sheet.

• Next, we’ll examine how Strategy’s use of perpetual preferred equity to accumulate Bitcoin at scale reshapes its overall investment narrative.

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To own Strategy today, you have to believe the company can keep operating as a leveraged Bitcoin proxy while still running a credible software business. The latest US$2.54 billion Bitcoin purchase, mostly funded through STRC perpetual preferreds and new equity, reinforces that identity and sharpens near term catalysts around capital-raising capacity, Bitcoin price moves and Q1 2026 results on May 5. It also lifts execution risk. The STRC “machine” only works while investor appetite for an 11.5% yield backed by volatile Bitcoin remains strong and the market accepts ongoing dilution after a 12 month total return decline of more than half. If that appetite fades, Strategy’s earlier commitment to sell Bitcoin if its market value sinks below its holdings could flip the narrative quickly from accumulator to forced seller.

But there is a catch here that current and prospective shareholders should not ignore. Strategy’s shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be.

Eight Simply Wall St Community fair value estimates span about US$372.50 to US$705, underscoring how far apart private investors are on Strategy’s worth. Set that against a business model now even more tied to perpetual preferred funding and the potential for Bitcoin backed selling, and you can see why it pays to weigh several viewpoints before deciding how this story might affect returns.

Explore 8 other fair value estimates on Strategy – why the stock might be worth over 4x more than the current price!

Don’t just follow the ticker – dig into the data and build a conviction that’s truly your own.

• A great starting point for your Strategy research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.

• Our free Strategy research report provides a comprehensive fundamental analysis summarized in a single visual – the Snowflake – making it easy to evaluate Strategy’s overall financial health at a glance.