Michael Saylor’s firm, Strategy, has once again added to its already massive Bitcoin treasury, snapping up 2,932 BTC during last week’s market pullback in a move that reinforces its long-standing conviction in the asset.
The latest purchase, disclosed in a Monday filing with the U.S. Securities and Exchange Commission, cost the company roughly $264 million and was executed at an average price of $90,061 per Bitcoin.
The acquisition took place between Jan. 20 and Jan. 25, a period marked by heightened volatility that saw Bitcoin slide from above $93,000 to briefly dip below $87,000.
With this transaction, Strategy’s total Bitcoin holdings climbed to 712,647 BTC, cementing its position as the world’s largest publicly traded corporate holder of Bitcoin. At current market prices, the company’s Bitcoin treasury is valued at approximately $62.5 billion.
Key Takeaways
- Strategy added 2,932 Bitcoin for about $264 million during a market pullback, bringing its total holdings to 712,647 BTC.
- The purchase was made at an average price of $90,061 per Bitcoin, well above the company’s overall average cost of $76,037.
- Funding for the acquisition came mainly from selling Class A common shares, alongside a smaller sale of preferred stock.
- January Bitcoin acquisitions by Strategy now exceed its combined purchases from the previous five months, signaling renewed buying momentum.
- With over 3.4% of Bitcoin’s total supply under its control, Strategy remains the largest publicly traded corporate holder of BTC.
Buying the Dip, But at a Slower Pace
While the purchase underscores Strategy’s unwavering Bitcoin-first approach, it also highlights a subtle shift in execution.
The 2,932 BTC buy is notably smaller than the company’s earlier January acquisitions. Just a week prior, Strategy announced the purchase of 22,305 BTC, following another buy of 13,627 BTC the week before that.
Altogether, Strategy has acquired around 40,100 BTC so far this month—more than the combined total it purchased between August and December 2025. The contrast suggests a sharp acceleration in buying activity at the start of the year, even as individual purchases fluctuate in size.
The timing of the latest buy is also telling. Bitcoin has fallen more than 6% from recent highs, and Strategy appears to be taking advantage of short-term weakness rather than aggressively buying into strength.
This approach contrasts slightly with Saylor’s past stance. In 2024, he openly pledged to keep buying Bitcoin even at peak prices. More recently, however, the firm has leaned toward smaller additions during periods of market uncertainty.
How the Purchase Was Funded
Strategy financed the acquisition primarily through equity sales under its at-the-market (ATM) offering programs. According to the SEC filing, the company sold roughly 1.57 million shares of its Class A common stock (MSTR), generating about $257 million in net proceeds over the five-day period.
In addition, Strategy sold 70,201 shares of its Series A Perpetual Stretch Preferred Stock (STRC), raising approximately $7 million. Combined, the proceeds closely matched the total cost of the Bitcoin purchase.
Despite the steady issuance of shares, Strategy still has significant firepower left. As of Jan. 25, the company reported about $8.17 billion in remaining capacity under its common stock ATM program. It also maintains multiple preferred stock programs—STRK, STRF, STRC, and STRD—which together represent tens of billions of dollars in potential future capital raises.
A Growing Bitcoin War Chest
Strategy’s aggregate purchase price for its Bitcoin holdings now stands at roughly $54.2 billion, including fees and expenses. That translates to an average acquisition cost of $76,037 per Bitcoin across its entire stack.
At current prices, the company is sitting on an estimated $8.3 billion in unrealized gains. More notably, Strategy now controls about 3.4% of Bitcoin’s fixed 21 million supply—a staggering concentration for a single corporate entity.
This scale has increasingly positioned Strategy as a de facto Bitcoin proxy for public market investors. However, that exposure comes with volatility.
MSTR shares were trading around $163 at the time of writing, down about 12% from a January high near $185, reflecting broader market jitters and Bitcoin’s recent pullback.
Saylor Signals Another Move
As has become customary, Michael Saylor hinted at the purchase before it became public. On Sunday, the Strategy executive chairman posted a familiar message tied to the company’s Bitcoin tracker:
“Unstoppable Orange.”
Earlier in the week, Saylor had also shared a more direct teaser, writing:
“Thinking about buying more Bitcoin.”
The timing raised eyebrows. While weekly Bitcoin purchases have become routine for Strategy, Saylor typically waits until the weekend to signal completed acquisitions. Posting midweek suggested something was already in motion—and the SEC filing soon confirmed it.
What It Signals for the Market
Strategy’s continued accumulation sends a clear message: despite short-term price swings and equity market pressure, the firm remains committed to Bitcoin as its primary treasury reserve asset.
The smaller size of the latest purchase, combined with its timing during a dip, points to a more tactical approach without abandoning the broader thesis.
For now, Strategy’s balance sheet tells the story. With more than 712,000 BTC in custody, billions in unrealized gains, and ample capital still available for future buys, Michael Saylor’s Bitcoin strategy appears far from slowing down—even when the market does.
