Strategy (NASDAQ: MSTR), the rebranded former MicroStrategy and the world's largest corporate Bitcoin holder, has wasted no time in 2026 continuing its aggressive accumulation strategy.
On January 5, the company announced it purchased 1,287 Bitcoin between December 29, 2025, and January 4, 2026, for approximately $116.3 million at an average price of around $90,391 per BTC.
This latest acquisition brings Strategy's total holdings to 673,783 BTC — representing more than 3% of Bitcoin's entire 21 million supply cap.
The coins were acquired at a total cost of about $50.55 billion since the program began in 2020, with an average purchase price of $75,026 per Bitcoin. At current market prices near $93,000, these holdings are valued at roughly $63 billion, yielding unrealized gains of approximately $12.4 billion.
The purchase was fully funded through at-the-market (ATM) sales of Class A common stock. During the reporting period, Strategy sold nearly 2 million MSTR shares, generating over $312 million in net proceeds — leaving substantial capacity for future issuances.
Bolstering the Balance Sheet: USD Reserve Hits $2.25 Billion
In addition to the Bitcoin buy, Executive Chairman Michael Saylor highlighted that Strategy added $62 million to its USD cash reserve, elevating it to $2.25 billion. This reserve, established in late 2025 amid market volatility, is designed to cover dividend payments on preferred stock and interest on debt obligations for an extended period — currently estimated at over 32 months of coverage.
This move addresses concerns about potential forced sales during downturns, providing a buffer without touching the Bitcoin treasury. It underscores Strategy's dual focus: relentless BTC accumulation paired with prudent liquidity management.
Stock Performance and Market Context
MSTR shares responded positively to the news, climbing around 3-5% in early trading on January 5-6, 2026, amid a broader Bitcoin rebound above $92,000. However, the stock has faced headwinds: after peaking above $450 in mid-2025, it declined over 60% in the latter half of the year as Bitcoin corrected from highs near $120,000.
Despite the drawdown, Strategy's model — leveraging equity and debt to acquire Bitcoin — has inspired a wave of corporate adopters. As of early 2026, nearly 200 publicly listed companies hold Bitcoin on their balance sheets, though none approach Strategy's scale.
A looming regulatory wildcard is the MSCI index review on January 15, 2026, which could reclassify "digital asset treasury" firms like Strategy if crypto exceeds 50% of assets, potentially triggering billions in index fund outflows.
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Saylor's Unwavering Vision
Michael Saylor, the vocal Bitcoin maximalist who pioneered this corporate strategy in 2020, continues to signal confidence. The rebrand to Strategy in early 2025, complete with an orange-themed logo symbolizing Bitcoin, reflects the company's evolution from business intelligence software provider to premier Bitcoin treasury firm.
While Q4 2025 saw massive unrealized losses of **$17.44 billion** due to Bitcoin's dip, the long-term thesis remains intact: Bitcoin as the superior reserve asset in an inflationary digital age.
As Strategy enters 2026 with renewed buying, it sends a clear message to institutions: even after volatility, the accumulation continues. For Bitcoin bulls, it's another "orange dot" on the chart—Saylor's signature for each purchase. Whether this leveraged bet pays off big in a bull resurgence or faces scrutiny in prolonged sideways action remains one of the crypto market's most watched narratives.
