#StrategyBTCPurchase
Strategy (formerly MicroStrategy) just added another 2,932 $BTC last week for $264 million. The company now holds 712,647 Bitcoin worth approximately $62 billion at current prices around $87,500.
This isn't a new strategy. Since August 2020, Executive Chairman Michael Saylor has transformed Strategy into the world's largest corporate Bitcoin holder. The approach is simple but aggressive: continuously raise capital through stock and debt offerings, then immediately convert it into Bitcoin.
The Numbers Behind the Strategy
Total Holdings: 712,647 BTC (over 3% of max supply)
Total Investment: $54.19 billion
Average Cost Basis: $76,037 per BTC
Current Value: ~$62 billion
Recent Purchase: 2,932 BTC at $90,061 each
The recent purchases show a pattern. After buying over $1 billion in BTC for two consecutive weeks in early January (including a massive $1.25 billion purchase), Strategy slowed down slightly last week but never stopped. The company raised $264 million primarily through common stock sales, with 97% going straight into Bitcoin.
Bitcoin Price Action
#Bitcoin hit an all-time high of $126,000 in October 2025 but has since pulled back 30% to current levels around $87,500. This drawdown hasn't deterred Strategy. In fact, lower prices mean they can acquire more coins per dollar invested.
How the Business Model Works
Strategy measures success through "BTC Yield"—how much Bitcoin per share increases over time. When the company's market value trades above its Bitcoin holdings (a metric called mNAV), issuing stock to buy Bitcoin is accretive to shareholders.
Currently, Strategy's mNAV sits at 1.08, meaning the market values the company slightly above its Bitcoin holdings. This small premium allows them to keep accumulating while still creating value for shareholders.
The company has a $2.25 billion cash reserve to cover dividends and interest payments for approximately 21 months. This cushion means they won't be forced to sell Bitcoin during downturns.
The Broader Context
Strategy isn't operating in a vacuum. The company's "21/21 Plan" aims to raise $42 billion over three years ($21 billion in equity, $21 billion in debt) entirely for Bitcoin purchases. They've already raised approximately $21 billion in 2025—halfway to their goal.
Recent regulatory developments favor their strategy. MSCI decided not to exclude digital asset companies from major indices, removing a threat that could have forced billions in selling. Meanwhile, crypto legislation like the CLARITY Act is advancing through Congress, potentially providing clearer regulatory frameworks.
Institutional interest remains strong despite volatility. Bitcoin ETFs saw $1.9 billion in inflows during the first week of January 2026 alone.
The Risks
Strategy's stock (MSTR) has fallen 64% since July despite their Bitcoin accumulation. The company's fortunes are entirely tied to Bitcoin's price. A prolonged decline below $80,000 would test investor patience and could compress the mNAV premium, making further stock issuances less attractive.
The 100-week moving average at $87,145 represents a critical support level. Below that, the next major support sits at $84,099—the average cost basis of U.S. Bitcoin ETF holders.
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