Strategy (MSTR) Stock: Pours $1.25B Into Bitcoin, Pushing Holdings to 687,410 BTC

TLDR

• Strategy buys 13,627 BTC at $91,519, raising total holdings to 687,410 coins.
• $1.25B bitcoin purchase funded via common and preferred stock sales.
• Average bitcoin cost now $75,353, below current $91K market price.
• Company retains $10.3B equity issuance capacity for future purchases.
• Strategy shows long-term commitment despite $17.4B unrealized Q4 bitcoin loss.

Strategy (MSTR) increased its bitcoin holdings for the third consecutive week, spending $1.25 billion on new purchases. The company added 13,627 BTC at an average price of $91,519 per coin. This acquisition pushes Strategy’s total bitcoin holdings to 687,410 coins, reflecting a total investment of $51.8 billion.

The latest purchase is the largest for Strategy since July, showing continued commitment to its bitcoin accumulation plan. The company funded the buy through the sale of common stock and preferred shares. MSTR’s strategy emphasizes using equity markets to expand its cryptocurrency reserves.

Strategy’s total average purchase price per bitcoin now stands at $75,353, which is below the current trading price of around $91,000. The company maintains substantial capacity for additional stock issuance to fund future bitcoin acquisitions. This approach allows MSTR to continue its accumulation without relying on external debt or cash reserves.

Funding Through Equity Programs

Strategy used its at-the-market (ATM) program to raise $1.25 billion for bitcoin purchases between January 5 and January 11. The company sold 6.8 million shares of Class A common stock, generating $1.13 billion in net proceeds. Additionally, Strategy sold 1.2 million shares of its Variable Rate Series A Stretch Preferred Stock for $119.1 million.

The equity sales directly funded the bitcoin purchases, with no proceeds allocated elsewhere. Strategy retains $10.3 billion capacity for further common stock issuance. It also holds additional preferred stock issuance capacity across multiple series, providing billions more in funding potential.

MSTR’s ability to deploy stock proceeds for bitcoin reflects a structured approach to treasury management. The strategy combines market timing with equity issuance to optimize acquisitions. This method ensures Strategy can continue growing its digital asset holdings efficiently.

Market Position and Strategic Context

Strategy now holds the largest publicly reported bitcoin treasury among corporate entities, surpassing 687,000 BTC. The company’s acquisitions reinforce its role in normalizing bitcoin as a corporate treasury asset. Total public company bitcoin holdings now exceed 1.1 million coins, driven largely by firms like MSTR.

The company reported a $17.4 billion unrealized loss in Q4 2025 due to bitcoin price fluctuations. Despite this, MSTR continued its accumulation strategy without slowing purchases. This demonstrates long-term commitment to maintaining Bitcoin as a core treasury asset.

Bitcoin trading near $91,000 places MSTR’s latest purchases above their average cost, yet the company’s strategy remains unchanged. The firm maintains flexibility through available stock issuance capacity to seize market opportunities. The strategy’s approach highlights disciplined accumulation and strong balance sheet management in cryptocurrency markets.

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