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The firm bought more Bitcoin even as prices fell, showing strong conviction but also taking on short-term paper losses.
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Funding came from stock sales and hybrid instruments, spreading risk instead of relying on one source.
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Big Bitcoin bets can boost long-term hopes, but short-term swings keep investors on edge.
Strategy, led by Executive Chairman Michael Saylor, stepped up its Bitcoin buying last week, snapping up about $168 million worth of BTC despite a shaky market. The company added 2,486 more bitcoins to its stash, pushing its total holdings to 717,131 BTC.
That massive balance firmly places Strategy among the largest corporate Bitcoin owners in the world, showing it’s still fully committed to its long-term bet on the digital asset—even as prices move up and down.
The full position has cost Strategy $54.52 billion, translating to an average purchase price of $76,027 per coin. However, with bitcoin trading around $68,000, the holdings sit below the company’s cost basis, implying an unrealized loss of roughly $8,000 per bitcoin or $5.7 billion overall.
Besides the sheer scale of the purchase, Strategy continues to fund its acquisitions through multiple channels. Last week, $90.5 million came from common stock sales, while $78.4 million was raised via its STRC preferred series.
Consequently, the company maintains a balanced approach, combining equity issuance with hybrid digital credit instruments like STRF and STRC. Saylor highlighted in a statement Tuesday that Strategy views bitcoin as a long-term corporate reserve, adding, “We continue to build our bitcoin position as part of our broader treasury strategy.”
Market Influence and Public Company Bitcoin Holdings
Strategy accounted for more than 90% of net new public-company bitcoin purchases in January. Public firms now hold approximately 1.13 million BTC, with Strategy controlling nearly two-thirds. Moreover, the company’s aggressive approach has drawn attention from both proponents and skeptics.
Advocates praise its pioneering role in institutional bitcoin adoption. However, critics warn about the risks of leveraging corporate capital markets to boost exposure to a highly volatile asset.
Stock Performance Reflects Investor Caution
Strategy’s equity performance mirrors market sentiment. MSTR shares fell 3.2% in premarket trading Tuesday and have declined over 60% year-over-year. Nevertheless, last Friday’s 10% surge showed intermittent investor optimism.
Additionally, the current market dip highlights the challenges of maintaining large treasury allocations during volatile cycles, as Strategy’s average acquisition cost exceeds the current bitcoin price.
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