Strategy Buys More Bitcoin as Market Slide Narrows Its Cushion
Bitcoin treasury firm Strategy has continued to lean into its accumulation playbook, purchasing an additional 855 BTC for roughly $75.3 million during the final week of January. The buys were executed at an average price of $87,974 per coin, according to a newly filed 8-K with the U.S. Securities and Exchange Commission.
The latest move lifts Strategy’s total bitcoin stash to 713,502 BTC, valued at about $56 billion at current market prices. The company’s cumulative acquisition cost now stands near $54.3 billion, translating to an average purchase price of $76,052 per bitcoin, inclusive of fees and expenses.
That hoard represents more than 3.4% of bitcoin’s fixed 21 million supply. However, recent downside pressure in the market has significantly reduced Strategy’s unrealized gains. As bitcoin briefly dipped below $76,000 on Monday, the firm’s average cost momentarily slipped into unrealized loss territory for the first time since October 2023. At prevailing prices, Strategy’s paper profit has narrowed to roughly $1.2 billion.
Funding for the purchase came from ongoing at-the-market sales of Strategy’s Class A common stock (MSTR). Over the prior week, the company sold 673,527 shares, raising approximately $106.1 million. As of Feb. 1, Strategy still has $8.06 billion worth of MSTR shares authorized for sale under the program. No perpetual preferred shares were issued during that period.
As has become tradition, executive chairman Michael Saylor hinted at the acquisition in advance by updating Strategy’s bitcoin tracker with a familiar phrase: “More Orange.”
Beyond retail and corporate investors, Strategy’s shares are increasingly serving as a proxy for institutional bitcoin exposure. Norway’s sovereign wealth fund now sources roughly 81% of its indirect BTC exposure through Strategy, equivalent to about 7,801 BTC, giving it an estimated 1.16% ownership stake in the company.
The broader trend of corporate bitcoin adoption continues to expand. Data from Bitcoin Treasuries shows 194 public companies now hold BTC on their balance sheets. Still, many of these firms — including Strategy — have seen sharp declines in their market cap-to-net asset value ratios since peaking in summer 2025. Strategy’s mNAV has fallen to around 0.81, implying the company is trading below the value of its underlying bitcoin holdings.
Despite the volatility, Saylor has repeatedly argued that Strategy’s capital structure — built around equity, convertible debt, and preferred instruments — is designed to endure even a prolonged 90% bitcoin drawdown. He has also acknowledged that such a scenario would be painful for shareholders.
Market pressure remains evident. Strategy shares dropped 7% last week to close at $149.71, matching bitcoin’s weekly decline. The stock was down another 8% in pre-market trading on Monday, reflecting investor caution as crypto markets continue to struggle.