Strategy Reloads Bitcoin Buying as Saylor Signals Return to Accumulation

Michael Saylor’s bitcoin-focused firm Strategy has returned to the market with a fresh round of purchases, snapping up 1,229 BTC between Dec. 22 and Dec. 28. The company spent roughly $108.8 million on the acquisition, paying an average price near $88,568 per coin.

The latest buying spree was financed through Strategy’s at-the-market stock sale program. Regulatory filings show the firm sold 663,450 shares of its Class A stock during the same period, raising just enough capital to fund the bitcoin purchases after fees.

Saylor had teased the move a day earlier with a cryptic “Back to Orange” post on social media, signaling a renewed focus on bitcoin accumulation. The transaction follows a brief lull last week, when Strategy refrained from buying BTC and instead bolstered its cash position. That cash reserve now totals $2.19 billion, earmarked to support preferred stock dividends and interest obligations on outstanding debt.

With the latest addition, Strategy’s bitcoin treasury has grown to 672,497 BTC. The company has spent about $50.44 billion building that position, giving it an average cost basis just under $75,000 per bitcoin. At current market prices around $87,300, the holdings are worth approximately $58.7 billion, translating into unrealized gains exceeding $8 billion.

The filing also revealed that Strategy did not issue any shares across its preferred stock programs during the week, leaving ample capacity for future fundraising if needed. While Strategy’s sizable cash buffer has been viewed by some as a defensive move against a prolonged downturn, others see it as a sign of financial flexibility that allows the firm to continue holding bitcoin through volatility.

Investors are also watching an upcoming decision from MSCI, which is reviewing whether Strategy and similar digital asset treasury companies should remain in major equity indices. The ruling, expected by Jan. 15 ahead of February’s rebalancing, could have implications for institutional exposure to Strategy’s stock, which has fallen more than 45% year-to-date and was trading near $156 at the time of writing.