MicroStrategy added 89,378 bitcoin year-to-date, bringing total holdings to 843,738 BTC as of May 25, executive chairman Michael Saylor announced. The company acquired roughly $63.87 billion worth of bitcoin at an average price of $75,700 per coin and reports a 13.3% BTC yield through the first five months of 2026.
That yield metric, the increase in bitcoin per share relative to dilution, matters more to Saylor than quarterly swings in mark-to-market value. A year ago, on the same date, the company held 580,250 BTC at an average cost of $69,979 and recorded a 16.8% yield for that period. The deceleration reflects the sheer scale of accumulation; adding billions in bitcoin at higher prices while managing a larger treasury naturally compresses yield percentage.
Debt Repurchase and Cash Burn
MicroStrategy retired $1.5 billion principal of 2029 convertible notes for $1.38 billion in cash, an 8% discount that saves the company roughly $120 million. Proceeds from at-the-market equity offerings funded both the bitcoin purchases and the debt buyback. Cash reserves now sit at $871 million, down sharply from prior quarters. The company has issued $8.5 billion in preferred stock to generate yield against its $64 billion bitcoin position, according to one observer tracking the structure.
The liability management move reduces total debt to $6.7 billion and nudges the BTC yield metric upward by retiring claims without touching the bitcoin stack. It also leaves MicroStrategy extremely leveraged to spot price. If bitcoin declines sharply, the company’s equity cushion narrows fast. Saylor has consistently argued that bitcoin’s long-term trajectory justifies the leverage; the question is whether the capital markets agree when volatility returns.
The Yield Debate
Not everyone accepts MicroStrategy’s framing. Some trackers calculate a “CEBE yield”, a metric that charges the cost of debt against bitcoin per share gains rather than ignoring it. By that measure, one analyst pegged the company’s Q2 performance at -4.9%, arguing that fiat claims compound faster than accumulation at current leverage levels. The gap between reported 13.3% BTC yield and negative CEBE yield reflects two views of the same balance sheet: one treats debt as a tool to acquire more bitcoin per share, the other as a drag on net value per share.
MicroStrategy now controls 3.9% of bitcoin’s total supply. The company has turned corporate treasury into a leveraged bet on a single asset, using convertible debt, preferred equity, and ATM issuance to fund continuous accumulation. Whether that strategy looks prescient or reckless depends entirely on where bitcoin trades in the next twelve months, and whether the company can refinance or raise capital if it doesn’t go up.
