Strategy (formerly MicroStrategy) disclosed on January 20 that it acquired 22,305 bitcoin for roughly $2.13 billion, bringing its total holdings to 709,715 BTC. It is the company's largest single purchase since November 2024.
The numbers
- Coins bought: 22,305 BTC, acquired between January 12 and January 19
- Average price: about $95,284 per bitcoin
- Total holdings: 709,715 BTC
- Funding: mostly at-the-market sales of Class A common stock
Timing drew scrutiny
The buying window caught bitcoin near the top of its early-January rally, when total crypto market capitalisation briefly reached about $3.4 trillion and BTC traded around $97,000. By the day of the announcement, bitcoin was trading near $92,500, and it briefly slipped below $90,000 the following day. Critics pointed out that the average cost of this tranche sat several thousand dollars above spot within 48 hours.
Why it matters
Strategy remains by far the largest corporate holder of bitcoin, and its purchases have become a closely watched source of spot demand. Analysts following the company raised their full-year 2026 acquisition estimate to around 155,000 BTC, up from an earlier forecast of 90,000 BTC — a sign the market expects the equity-funded buying programme to keep running despite a softer start to the year.
Because the purchases are financed by issuing stock, the pace of buying depends heavily on the premium at which MSTR shares trade relative to the bitcoin the company holds. That relationship will be a key variable to watch through the rest of 2026.
