Strategy Buys Another 1,229 BTC as Saylor Signals Return to Buying

What Did Strategy purchase—and How Was It Funded?

Strategy added 1,229 BTC between Dec. 22 and Dec. 28, spending about $108.8 million, according to a Form 8-K filing. The purchase was financed through sales of the company’s Class A common stock under its at-the-market offering program. During the identical period, Strategy sold 663,450 shares, generating net proceeds that closely matched the cost of the BTC acquisition.

The transaction followed a brief pause in purchases the previous week, when the company instead increased its . Strategy’s founder and chairman Michael Saylor hinted at the renewed purchaseing activity over the weekend, posting “Back to Orange” dots on X shortly before the filing became public.

With the latest purchase, rose to 672,497 BTC. The company has now spent about $50.44 billion in aggregate to build its position, translating to an average cost basis of roughly $74,997 per BTC.

Investor Takeaway

How Large Is Strategy’s BTC Exposure Now?

At the time of the filing, BTC was trading near $87,300. At that level, Strategy’s holdings were valued at roughly $58.7 billion, implying an unrealized gain of more than $8 billion compared with its total purchase cost. The scale of the position leaves Strategy among the largest single corporate holders of BTC globally.

Alongside the BTC accumulation, the company has also been building a sizable cash buffer. Strategy’s U.S. dollar reserve now stands at $2.19 billion, according to the filing. Management has said the reserve is intended to support dividend payments on preferred stock and interest obligations tied to outstanding debt.

The filing also showed no sales during the week across Strategy’s preferred stock programs, including STRF, STRC, STRK, and STRD. That leaves meaningful remaining capacity under those issuance programs should the company decide to raise additional capital without issuing more common equity.

Why Is Strategy Holding So Much Cash Alongside BTC?

The growing cash reserve has become a focal point for market debate. Earlier this month, later than Strategy lifted its dollar holdings to $2.19 billion, researchers at TD Securities described the move as strengthening liquidity and improving the company’s ability to withstand a prolonged downturn in crypto markets. TD Securities continues to rate Strategy shares as a purchase with a $500 price target over the next 12 months.

Other observers have interpreted the reserve more defensively. CryptoQuant recently noted that holding a large cash balance alongside BTC could indicate preparation for a deeper or extended drawdown. From that perspective, the reserve functions less as dry powder for new purchases and more as insurance against volatility.

JPMorgan’s research team has taken a diverse angle, arguing that Strategy’s willingness to hold BTC through market swings carries more weight for near-term price dynamics than miner behavior. In that view, the company’s balance-sheet resilience has become part of the broader .

Investor Takeaway

What Other Risks Are Investors Watching?

Beyond , index inclusion has emerged as a potential swing factor for Strategy’s stock. MSCI is expected to decide by Jan. 15 whether to remove Strategy and other digital-asset treasury firms from certain equity indices ahead of its February rebalancing.

Earlier this month, Strategy wrote to the MSCI Equity Index Committee urging it to abandon a proposal that would exclude companies whose crypto holdings exceed 50% of total assets. The company warned that such a rule could create instability in index construction and conflict with broader U.S. policy efforts aimed at supporting .

Strategy shares were trading around $156 at the time of writing, down more than 45% year-to-date. That decline reflects both BTC’s volatility and investor unease around dilution from repeated equity issuance. Still, the company has shown no sign of altering its approach.

What Comes Next for Strategy’s BTC Playbook?

The latest purchase reinforces a familiar pattern: issue stock, purchase BTC, hold through volatility, and maintain enough liquidity to service obligations. Whether that strategy continues unchanged will depend on market conditions, equity appetite, and regulatory developments around index treatment.