In a Securities and Exchange Commission (SEC) filing, dated May 19, Strategy (formerly MicroStrategy) announced the purchase of an additional 7,390 BTC for $764.9 million.
The acquisition, Strategy’s third so far in May, follows the submission of a class action lawsuit that alleges the firm misled investors about the financial risks associated with its Bitcoin purchases.
Including its latest acquisition, Strategy has spent more than $12.3 billion in 2025 to purchase 129,830 BTC across 15 transactions.
The SEC filing acknowledges the class action lawsuit and states that the company intends to “vigorously defend against these claims.”
Filed in the United States District Court for the Eastern District of Virginia by the law firm Pomerantz LLP on behalf of a purported class of investors, the latest class action suit accuses Strategy of making “false and misleading statements” about its business, operations and prospects.
The lawsuit takes issue with how Strategy reported its Bitcoin profits. Specifically, it claims the company failed to warn investors about the effect of a new accounting standard, ASU 2023-08, which was introduced in January 2025.
After adopting the new accounting standard, Strategy reported a $5.91 billion unrealized loss on its digital assets for the first quarter of 2025.
According to the plaintiff, when Strategy announced that its digital assets were worth less than previously reported, it led to an 8.67% drop in the company’s stock price on April 7.
Alongside MicroStrategy Incorporated, the class action lawsuit also names Chairman Michael J. Saylor, CEO Phong Le and CFO Andrew Kang as defendants.
“While Defendants advised investors throughout the Class Period that they expected Strategy’s adoption of ASU 2023-08 to materially impact its financial statements, Defendants failed to disclose the particular nature or scope of the expected impact while downplaying the attendant risks,” the lawsuit states.