David Edwards
Bitcoin bull Michael Saylor has once again made headlines as Strategy, the firm he co-founded, acquired 13,390 BTC for approximately $1.34 billion between May 5 and May 11, during a period when the cryptocurrency broke past the $100,000 threshold.
The transaction, disclosed in a May 12 filing with the U.S. Securities and Exchange Commission, marks a 2.4% increase in Strategy’s Bitcoin holdings, which now total 568,840 BTC. The aggregate value of these holdings stands at roughly $39.4 billion, with an average purchase price of $69,287 per Bitcoin.
The latest purchase was executed at an average price of $99,856 per coin, shortly before Bitcoin reclaimed the six-figure milestone on May 8. Saylor confirmed in a post on social media platform X that the acquisition has helped the firm meet its 2025 Bitcoin yield target.
Following this transaction, Strategy’s Bitcoin yield — a proprietary metric comparing BTC holdings to assumed diluted shares — rose to 15.5%. The firm had previously aimed to maintain a 15% yield throughout 2025 after reporting a 74% yield in the prior year. As of May 2025, Strategy has now raised its target to 25%.
Not all industry observers are convinced by Strategy’s aggressive accumulation strategy. Renowned Bitcoin skeptic Peter Schiff responded critically to the announcement, cautioning that increasing the firm’s average BTC cost base — now near $70,000 — could pose risks in the event of a market correction.
“If Bitcoin drops below your average cost, small paper losses could turn into substantial real ones, especially given how much you’ve borrowed,” Schiff warned.
His remarks came shortly after Strategy revealed plans to double its capital raise to $84 billion — split evenly between equity and fixed-income offerings — as part of its ongoing push to increase Bitcoin exposure.
While Saylor remains undeterred in his pursuit of Bitcoin dominance, some firms are opting for a more cautious approach. According to a Bloomberg report, cryptocurrency exchange Coinbase has considered but repeatedly rejected a Strategy-style Bitcoin investment model.
As Bitcoin’s price volatility and institutional interest both continue to escalate, Strategy’s aggressive accumulation strategy is set to remain a focal point of debate within the digital asset space.
