Strategy (NASDAQ: MSTR) has purchased an additional 7,390 Bitcoin for $765 million as part of its aggressive treasury reserve strategy, according to a May 19 disclosure. The acquisition comes alongside a class-action lawsuit alleging misleading statements about Bitcoin investment risks, creating a pivotal moment for the company.
The latest purchase brings Strategy’s total Bitcoin holdings to 576,230 BTC, acquired at an average price of $69,726 per coin. At current prices near $102,615 (via CoinMarketCap), the company’s stash is worth $59.2 billion – a 47% unrealized gain.
Michael Saylor, Strategy’s executive chairman, hinted at the move through his trademark cryptic social media posts before the official announcement. The company has maintained weekly Bitcoin purchases since 2020, though this $765 million acquisition ranks among its larger recent buys.
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Strategy’s Bitcoin Accumulation Strategy
Key details of the latest purchase:
- 7,390 BTC acquired between May 12-18, 2025
- Average price: $103,498 per Bitcoin
- Year-to-date yield: 16.3%
The company spent $40.2 billion accumulating its Bitcoin position over five years, making it the largest corporate holder globally. This latest purchase follows a pattern of buying during price dips, though the $103k average price suggests confidence in continued appreciation.
Class-Action Lawsuit Details
A lawsuit filed in Virginia’s Eastern District Court accuses Strategy executives of:
- Overstating Bitcoin’s stability as a treasury asset
- Failing to disclose regulatory risks
- Misrepresenting accounting practices for digital assets
The plaintiffs claim investors suffered losses due to incomplete risk disclosures. This legal challenge emerges as the SEC tightens crypto reporting requirements, potentially impacting how public companies handle digital asset disclosures.
Strategy’s stock (MSTR) fell 2.3% to $399.80 following the dual announcements. The stock remains up 124% year-to-date, significantly outperforming Bitcoin’s 20.3% gain over the same period.
Market Impact and Analyst Reactions
Bitcoin’s price showed muted response to the news, trading between $102,000-$103,000. Analysts note that large corporate purchases now have less market-moving power compared to 2021-2022, when Strategy’s buys frequently moved prices.
Notable market reactions:
- Open interest in Bitcoin futures increased 8%
- MSTR options volatility spiked 42%
- Short interest reached 22% of float
Jim Chanos recently revealed opposing positions – shorting MSTR while maintaining Bitcoin exposure – highlighting diverging views on corporate crypto strategies. Market makers suggest the lawsuit could temporarily suppress institutional buying momentum.
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The dual developments create a critical test for corporate Bitcoin adoption. While Strategy’s continued accumulation signals confidence, the lawsuit raises questions about risk disclosure standards. Market participants will watch how this impacts both Bitcoin’s institutional appeal and regulatory oversight of crypto treasury strategies.
