Strategy Founder Michael Saylor has released the Bitcoin tracker for the 12th consecutive week, hinting at a larger-scale purchase with the phrase “Bigger Orange,” leading the market to speculate that this round of accumulation may surpass last week’s $1.25 billion.
(Background: Buying frenzy! MicroStrategy Strategy invests $1.25 billion to add 13,000 BTC, bringing total holdings to over 687,000 BTC)
(Additional context: Strategy secures its position in the NASDAQ 100! Michael Saylor: Will continue accumulating Bitcoin until the market shuts up)

Table of Contents

• The tracker has become a market indicator
• Holdings reach new highs
• Funding sources and fundraising strategies
• Institutional investment wave continues to heat up

Michael Saylor posted the Bitcoin tracker on social media on Sunday, marking the 12th week of routine updates. However, this time was different, as he added a meaningful phrase: “Bigger Orange,” implying that the next wave of acquisitions could be even more astonishing.

The tracker has become a market indicator

Since November 2025, Saylor has been releasing the tracker almost every Sunday. As Strategy usually announces purchases on Mondays, this chart is seen by the industry as a signal of institutional accumulation.

Notably, last week Strategy completed its largest single purchase since July 2025—spending approximately $1.247 billion to buy 13,627 BTC at an average price of $91,519 per coin.

Holdings reach new highs

According to public data, as of January 11, Strategy holds a total of 687,410 BTC, with a total investment of about $51.8 billion, and an overall average holding cost of $75,353 per BTC. This cements its position as the world’s largest corporate Bitcoin reserve holder.

Since the start of 2026, Strategy has accumulated nearly 15,000 BTC. If Saylor’s “Bigger Orange” hint proves true, the company’s holdings are likely to surpass 700,000 BTC this week.

Funding sources and fundraising strategies

Strategy’s funding primarily comes from two channels:

• Sale of 1,192,262 shares of STRC Variable Rate Series A Perpetual Preferred Stock, raising approximately $119.1 million
• Sale of 6,827,695 shares of MSTR Class A common stock, raising approximately $1.1285 billion

Although Strategy’s stock price has fallen over 50% from its peak last year, its key market value to net asset value (mNAV) premium has dropped to about 1.0x, but Saylor continues to raise funds through ATM (At-the-Market) equity offerings.

Institutional investment wave continues to heat up

Strategy’s ongoing accumulation aligns with current institutional investment trends. According to Bitwise forecasts, by the end of 2026, global governments and institutions are expected to hold a total of 4.269 million BTC, with institutional capital inflows possibly reaching $300 billion in 2026.

Grayscale, in its latest outlook report, also pointed out that institutional funds and regulatory benefits from the Trump administration will drive Bitcoin to rewrite its all-time high in the first half of 2026.

The market is closely watching Strategy’s official announcement on Monday to confirm how large-scale Saylor’s “Bigger Orange” acquisition action truly is.