By the end of January 2026, Strategy (formerly MicroStrategy) continues to execute its Bitcoin treasury strategy: financing through ATM stock issuance, convertible bonds, and preferred shares (such as the STRC/Stretch series), continually increasing its BTC holdings. Latest data (company announcements + sources like bitcointreasuries.net):
- Total holdings have exceeded 700,000 BTC (approximately 3.5%+ of the circulating supply), with an average cost of about $75,000–$76,000 per coin.
- Recently, the weekly increase in holdings often reaches several hundred million dollars (for example, in one week in January, $2.13B was spent to buy over 22k coins), with a return rate of approximately 11%+ from 2025 to now.
- The market value is close to or slightly above the value of BTC holdings, and the stock price of $MSTR is highly correlated with BTC.
The essence of Strategy's approach is "recursive financing to buy coins": issuing equity/preferred shares → funds buy BTC → holding appreciation → supporting stock price/refinancing cycle. Saylor emphasizes BTC as a long-term reserve asset, aiming to maximize BTC per share.
Currently, BTC is fluctuating around $93k–$95k, with Strategy floating gains exceeding $10 billion, but dilution risks and market corrections may bring pressure. In the long term, if institutions adopt acceleration, this model may continue to drive BTC demand.
What do you think about Strategy's accumulation path? Is it maximizing leverage on BTC, or is it a high-risk dilution game? Feel free to discuss in the comments~