Strategy Already Exceeded Q2 Bitcoin Purchase Forecast

Strategy has already acquired more Bitcoin partway through Q2 than TD Cowen had modeled for the entire quarter. 

The firm now forecasts roughly 100,000 BTC purchased in Q2 alone, lifting full-year BTC Yield projections to 19.8% from 18.2%.

Preferred equity issuance has dominated capital raises in Q2 with roughly $1.95 billion raised versus minimal common equity issuance. 

Nearly all proceeds have been deployed directly into Bitcoin purchases.

Bitcoin per 1,000 fully diluted shares reached 2.21x as of May 17, up from 1.95x at the end of 2025. TD Cowen called the trajectory a core validation of Strategy’s financing model, with Bitcoin…

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