Strategy Buys Another $1.25B in BTC, Lifting Holdings Past 687,000 BTC
What Did Strategy purchase This Time?
BTC treasury company Strategy disclosed that it purchased an additional 13,627 BTC between Jan. 5 and Jan. 11, spending about $1.25 billion at an average price of $91,519 per coin. The purchase was detailed in an 8-K filing with the .
Following the latest transaction, Strategy now holds 687,410 BTC, acquired at an average price of $75,353 per coin. The total cost basis stands at roughly $51.8 billion, including fees and expenses, according to co-founder and executive chairman Michael Saylor. At current prices, the stash is valued at around $62.3 billion, implying about $10.5 billion in unrealized gains.
The holding represents more than 3% of BTC’s fixed 21 million supply, making Strategy by far the largest corporate holder in the market. The firm has continued to signal its purchaseing activity publicly, with Saylor again hinting at the purchase ahead of time by posting “₿ig Orange” alongside the company’s acquisition tracker.
Investor Takeaway
How Is Strategy Funding Its BTC purchaseing?
The latest purchases were funded through at-the-market sales of Strategy’s Class A common stock and several tranches of perpetual preferred shares. Last week, the company sold 6,827,695 shares of its common stock for about $1.13 billion. As of Jan. 11, roughly $10.26 billion remains available under that program.
Strategy also sold 1,192,262 shares of its STRC preferred stock for about $119.1 million, leaving $3.92 billion still available. These programs sit alongside multiple other , including STRK, STRF, and STRD, each designed to appeal to diverse risk profiles.
STRD is non-convertible with a 10% and carries the highest risk-reward profile. STRK offers an 8% non-cumulative dividend with conversion rights that allow equity upside. STRF is non-convertible with a 10% cumulative dividend, making it the most conservative option. STRC features variable, cumulative monthly dividends designed to keep the share price close to par.
Together, these issuances support Strategy’s expanded “42/42” plan, which targets $84 billion in total capital raising through equity and convertible instruments by 2027. The plan was doubled from its original $42 billion target later than the equity component was exhausted.
Why Are BTC Treasury Stocks Under Pressure?
Despite BTC’s strength, many have viewn their share prices fall sharply from summer highs. Market cap-to-net have contracted across the sector, including at Strategy itself.
Strategy’s mNAV is currently around 0.81, meaning the company trades below the value of the BTC it holds. Shares are down roughly 67% from peak levels, highlighting growing investor caution toward leveraged BTC balance sheets as financing costs rise and dilution accelerates.
According to BTC Treasuries data, 194 public companies now hold BTC in some form. Outside Strategy, the top cohort includes miners, crypto-native firms, and treasury vehicles holding between roughly 13,000 and 53,000 BTC each. While adoption continues, equity performance across the group has lagged spot BTC.
Investor Takeaway
What Role Do Index Rules and Liquidity Play?
Strategy recently avoided a potential setback when MSCI decided not to immediately exclude digital asset treasury companies from its global equity indexes. The index provider had been reviewing whether firms whose digital assets exceed 50% of total assets should be removed, arguing they resemble passive investment vehicles.
On Jan. 6, MSCI confirmed it would not make changes in its February rebalancing, easing months of uncertainty for companies classified as digital asset treasuries. Another review is scheduled for May, ahead of a June rebalancing.
Strategy’s stock posted a modest gain following the MSCI decision, though a late-week tradeoff erased most of those advances. The shares ended the week little changed, underscoring how sensitive BTC treasury equities have become to index inclusion, liquidity access, and sentiment around financing risk.
Alongside its BTC purchaseing, Strategy boosted its U.S. dollar reserve by $62 million last week, lifting the balance to $2.25 billion. The reserve is intended to cover preferred dividends and interest payments, adding a buffer as the company continues to expand its capital structure.
