Strategy Doubles Down on Bitcoin With Fresh $264M Buy as Holdings Cross 712,000 BTC

Bitcoin treasury firm Strategy has added another sizable chunk of bitcoin to its balance sheet, reinforcing its long-running accumulation strategy even as broader markets wobble.

Between Jan. 20 and Jan. 25, the company purchased 2,932 BTC for roughly $264.1 million, paying an average price of $90,061 per coin, according to a filing with the U.S. Securities and Exchange Commission. The latest buy lifts Strategy’s total holdings to 712,647 BTC, valued at about $62.5 billion at current prices.

In total, the firm has spent approximately $54.2 billion, including fees and expenses, to build its bitcoin position at an average cost of $76,037 per BTC. That stash represents roughly 3.4% of bitcoin’s fixed 21 million supply and translates into an estimated $8.3 billion in unrealized gains.

The recent purchases were funded through at-the-market sales of Strategy’s Class A common stock (MSTR) and its Stretch preferred shares (STRC). Over the past week, the company sold about $257 million worth of MSTR shares and an additional $7 million in STRC stock, while billions of dollars in remaining issuance capacity are still available across multiple equity and preferred programs.

Those offerings sit alongside Strategy’s broader “42/42” plan, which targets up to $84 billion in capital raised through equity and convertible instruments by 2027, all earmarked for further bitcoin accumulation. The firm’s preferred stock lineup spans a range of risk profiles, from higher-yield, non-convertible options to variable-rate shares designed to trade near par.

The latest move follows an even larger purchase announced earlier in January, when Strategy bought more than 22,000 BTC in a single week — its biggest accumulation since late 2024. A teaser posted ahead of the disclosure simply read: “Unstoppable Orange.”

Strategy remains the largest corporate holder of bitcoin by a wide margin, as nearly 200 public companies now hold BTC on their balance sheets. Still, market sentiment toward the sector has cooled. Many bitcoin-focused stocks, including Strategy itself, are trading well below prior peaks, with the company’s market value currently sitting below the value of its bitcoin holdings.

Despite that pressure, Strategy has repeatedly argued its capital structure is built to endure prolonged drawdowns in bitcoin’s price — even if shareholders would feel the pain along the way. Last week, the company’s shares slipped alongside bitcoin, underscoring the volatility that continues to define the bet.