Strategy Piles Into Bitcoin as Wrench Attacks and Token Unlocks Rattle Crypto
Strategy added 24,869 BTC between May 11 and May 17, spending roughly $2.01 billion at an average cost of $80,985 per coin and pushing total holdings to 843,738 BTC, more than 4% of Bitcoin's fixed 21 million supply cap. TD Cowen responded by lifting its price target on Strategy shares from $395 to $400, maintaining a Buy rating and projecting more than 140% upside from the stock's recent close near $166. The brokerage cited faster-than-expected treasury accumulation and accretive balance sheet actions, raising its full-year Bitcoin yield estimate to 19.8% and its Bitcoin dollar gain forecast to $15.16 billion.
Physical violence against crypto holders is forcing exchanges to treat personal security as a core operating expense. Coinbase's latest proxy filing revealed the company spent about $8.7 million in 2025 protecting CEO Brian Armstrong, up from roughly $6.2 million the prior year. Gemini separately disclosed a January 2026 services agreement paying a fixed $400,000 per month for executive protection, secure transportation, and risk advisory services covering its founders and their families.
Token Unlocks Add Pressure to a Cautious Market
Crypto markets face a fresh supply test this week as more than $770 million worth of tokens are scheduled for release. Pyth Network unlocked approximately $92.46 million in tokens on May 19, while LayerZero is releasing 25.71 million ZRO tokens worth about $32.65 million on May 20, split among strategic partners, core contributors, and team repurchases.
The backdrop for these unlocks is already fragile. Bitcoin holds near $77,400 as derivatives signal caution, with falling futures open interest and mixed altcoin performance suggesting traders are reducing risk rather than chasing the recent rebound. Bitcoin dominance stands at roughly 60.81% of the total crypto market cap, as 81% of tracked coins lost ground in the last 24 hours, reinforcing the defensive posture that has defined this market cycle.