Strategy Spends $1.25 Billion on Bitcoin in Biggest Buy Since July

The company now holds 687,410 BTC worth roughly $62 billion, cementing its position as the world’s largest corporate Bitcoin holder.

Michael Saylor announced the purchase on January 12 via a regulatory filing with the SEC. Strategy paid an average of $91,519 per Bitcoin during the acquisition period. The company’s total Bitcoin investment now stands at $51.8 billion with an average cost basis of $75,353 per coin.

Stock Sales Fund Latest Acquisition

Strategy raised the $1.25 billion through its at-the-market equity offering program. The company sold 6.8 million shares of Class A common stock, generating $1.13 billion in net proceeds. An additional $119.1 million came from selling 1.19 million shares of Variable Rate Series A Perpetual Stretch Preferred Stock.

This financing method allows Strategy to buy Bitcoin without issuing new debt. The company maintains over $10.3 billion in remaining capacity under its common stock ATM program. Multiple preferred stock programs provide billions more in potential funding for future purchases.

Source: @Strategy

The purchase represents Strategy’s third consecutive week of Bitcoin buying in 2026. Between December 29 and January 4, the company acquired 1,287 BTC for $116 million. Combined with the latest purchase, Strategy has added nearly 15,000 Bitcoin worth $1.37 billion in the first two weeks of the new year.

Biggest Purchase Since $2.5 Billion July Buy

The $1.25 billion acquisition marks Strategy’s largest Bitcoin purchase since July 29, 2025, when it bought 21,021 BTC for $2.47 billion. That July purchase was funded through a $2.52 billion preferred stock IPO, the largest U.S. initial public offering of 2025.

Strategy made several smaller billion-dollar purchases in December 2025. The company acquired 10,645 BTC for $980 million during December 8-14 and bought 10,624 BTC for $963 million the previous week. However, none of these purchases exceeded the latest $1.25 billion buy.

Throughout 2025, Strategy executed 41 separate Bitcoin purchases compared to 18 purchases in 2024. The company spent over $22 billion acquiring Bitcoin during 2025, though higher average prices meant fewer coins were purchased despite the increased spending. Strategy averaged buying 641 Bitcoin per day throughout the year.

Relief From Index Exclusion Risk

Strategy’s purchase came days after MSCI announced it would not exclude digital asset treasury companies from its global equity indexes. The January 6 decision removed a significant threat that had weighed on Strategy shares for months.

MSCI had proposed excluding companies with over 50% of assets in digital currencies from major benchmarks. The exclusion could have forced passive index funds to sell billions in Strategy shares. Analysts estimated potential forced selling of $2.8 billion to $15 billion across all affected companies.

Strategy formally opposed the proposal in a December letter to MSCI. Executive Chairman Michael Saylor and CEO Phong Le argued that digital asset treasury companies are operating businesses, not passive investment funds. The letter emphasized that Strategy actively uses its Bitcoin holdings to generate shareholder returns through various financial instruments.

Strategy shares jumped approximately 6% following MSCI’s announcement. The decision maintains the status quo for digital asset treasury companies already included in MSCI indexes. However, MSCI signaled it may launch a broader consultation on how non-operating companies should be treated in the future.

Company Reports $17 Billion Quarterly Loss

Despite ongoing Bitcoin accumulation, Strategy reported a $17.44 billion unrealized loss on digital assets in the fourth quarter of 2025. The loss stemmed from Bitcoin’s price decline from approximately $126,000 in October 2025 to around $87,000 by year-end.

For the full year 2025, Strategy recorded a $5.4 billion unrealized loss on digital assets. The company adopted fair value accounting in 2025, requiring it to mark Bitcoin holdings to current market prices each quarter. This creates substantial earnings volatility as Bitcoin prices fluctuate.

Strategy shares fell roughly 47% during 2025, closing the year around $158 per share after reaching highs above $450 in July 2025. The stock decline reflected Bitcoin’s price volatility and investor concerns about dilution from continuous share issuance.

However, Strategy maintains an overall unrealized gain on its Bitcoin position. At current prices near $91,000, the company’s 687,410 Bitcoin holdings are worth approximately $62 billion against a total cost of $51.8 billion. This represents an unrealized profit of over $10 billion.

Strategy established a $2.25 billion cash reserve to ensure it can meet dividend and interest obligations. As of January 4, 2026, this reserve covered approximately 21 months of payment requirements. The reserve provides a cushion against market volatility without requiring Bitcoin sales.

Crypto Regulation Advances in Congress

The purchase timing aligns with progress on cryptocurrency legislation in Congress. The Senate is expected to hold markup votes on the CLARITY Act in mid-January 2026. The bill passed the House of Representatives with strong bipartisan support in July 2025, receiving 294 votes in favor and 134 against.

The Digital Asset Market Clarity Act would create a comprehensive regulatory framework for cryptocurrencies. The legislation grants the CFTC exclusive jurisdiction over digital commodity spot markets while preserving SEC authority over investment contract assets. The goal is providing regulatory certainty for institutional investors.

Senate Banking Committee Chairman Tim Scott and Agriculture Committee Chairman John Boozman confirmed a markup session would occur in January. White House crypto adviser David Sacks stated in December that lawmakers are closer than ever to passing landmark crypto market structure legislation.

Market analysts view potential passage of the CLARITY Act as important for institutional adoption. Banks and traditional financial institutions have largely stayed on the sidelines due to regulatory uncertainty. Clear rules could open the door for increased corporate Bitcoin adoption similar to Strategy’s approach.

Strategy continues executing its “21/21 Plan” announced in October 2024. The three-year initiative targets raising $42 billion through $21 billion in equity offerings and $21 billion in fixed-income securities. All proceeds are designated for Bitcoin purchases.

The company raised approximately $21 billion during 2025 through a combination of common stock, preferred stock, and convertible debt offerings. This progress represents roughly half of the three-year fundraising target, demonstrating Strategy’s ability to access capital markets despite market volatility.

The Bitcoin Accumulation Continues

Strategy owns more than 3% of Bitcoin’s 21 million maximum supply, making it the dominant corporate holder by a wide margin. The company’s holdings exceed the combined Bitcoin treasuries of all other publicly traded companies. According to Bitcoin Treasuries data, public companies collectively hold over 1.1 million Bitcoin.

Bitcoin was trading around $90,500 at the time of publication, representing modest fluctuations from the levels seen during Strategy’s purchase period. The company’s aggressive accumulation strategy continues regardless of short-term price movements, reinforcing its long-term commitment to Bitcoin as a treasury reserve asset.