Strategy, the company formerly known as MicroStrategy and one of the largest corporate holders of Bitcoin, has made headlines again with a massive purchase of 7,390 BTC worth roughly $765 million. This move, disclosed on May 19, comes just as the company faces a class-action lawsuit filed in the U.S. District Court for the Eastern District of Virginia.

According to a filing with the SEC, the lawsuit accuses Strategy executives — including Chairman Michael Saylor, CEO Phong Le, and CFO Andrew Kang — of making false or misleading statements regarding the profitability and risks tied to their Bitcoin investment strategy. The suit claims violations of Sections 10(b) and 20(a) of the Securities Exchange Act, alleging that Strategy failed to adequately disclose the volatility and potential losses tied to its BTC-focused approach.

Despite the legal troubles, Strategy now holds 576,230 BTC bought at an average price of $69,726, with its total investment standing at approximately $40.2 billion. At current market prices near $102,615, the company has an unrealized profit of $19.2 billion, or a 47% gain.

Critics, including crypto analyst 0xngmi from DefiLlama, dismissed the lawsuit as baseless, noting that the company has always been clear about its Bitcoin-centric strategy. He commented, “You’re buying a company that calls itself ‘leverage on Bitcoin’—what do you expect?”

Meanwhile, the trend of corporate Bitcoin treasuries is gaining traction. AsiaStrategy, formerly a luxury watchmaker, adopted a similar BTC accumulation plan, while a Bahrain-based firm also followed suit. The Strategy playbook appears to be catching on, controversy and all.