Michael Saylor's Strategy buys another 2,932 bitcoin for $264 million as total holdings reach 712,647 BTC

Bitcoin treasury company Strategy acquired an additional 2,932 BTC for approximately $264.1 million at an average price of $90,061 per bitcoin between Jan. 20 and Jan. 25, according to an 8-K filing with the Securities and Exchange Commission on Monday.

Strategy now holds a total of 712,647 BTC — worth around $62.5 billion — bought at an average price of $76,037 per bitcoin for a total cost of around $54.2 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor.

To put that in perspective, the haul represents around 3.4% of Bitcoin's total 21 million supply and implies around $8.3 billion of paper gains at current prices.

The latest acquisitions were made using proceeds from at-the-market sales of its Class A common stock, MSTR, and perpetual Stretch preferred stock, STRC. Last week, Strategy sold 1,569,770 MSTR shares for approximately $257 million. As of Jan. 25, $8.17 billion worth of MSTR shares remain available for issuance and sale under that program, the firm said. Strategy also sold 70,201 STRC shares for approximately $7 million, with $3.62 billion worth of STRC shares remaining. 

Strategy's STRK, STRC, STRF, and STRD perpetual preferred stock's respective $21 billion, $4.2 billion, $2.1 billion, and $4.2 billion ATM programs are in addition to the firm's "42/42" plan, which targets a total capital raise of $84 billion in equity offerings and convertible notes for bitcoin acquisitions through 2027.

STRD is non‑convertible with a 10% non‑cumulative dividend and the highest risk‑reward profile. STRK is convertible with an 8% non‑cumulative dividend, allowing equity upside. STRF is non-convertible with a 10% cumulative dividend, making it the most conservative option. STRC is a variable‑rate, cumulative preferred stock offering monthly dividends, with adjustable rates designed to keep it near par.

'Unstoppable Orange'

Saylor gave his usual hint at the firm's latest set of acquisitions ahead of time, sharing an update on Strategy's bitcoin acquisition tracker on Sunday, stating, "Unstoppable Orange."

Last Monday, Strategy announced it had purchased another 22,305 BTC for approximately $2.1 billion at an average price of $91,519 per bitcoin — taking its total holdings to 709,715 BTC and marking its largest set of weekly acquisitions since a 55,500 BTC haul in November 2024, according to the firm's purchase tracker page.

According to Bitcoin Treasuries data, 194 public companies have adopted some form of bitcoin acquisition model. MARA, Tether-backed Twenty One, Metaplanet, Adam Back, and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company, Bullish, Riot Platforms, Coinbase, Hut 8, and CleanSpark make up the remainder of the top 10, with 53,250 BTC, 43,514 BTC, 35,102 BTC, 30,021 BTC, 24,300 BTC, 18,005 BTC, 14,548 BTC, 13,696 BTC, and 13,099 BTC, respectively.

However, the value of many of the cohort's shares is down significantly from their summer 2025 peaks as their market cap-to-net asset value ratios sharply contracted, with Strategy itself down 64%, for example. Strategy's mNAV currently sits at around 0.83 — meaning the company is worth less than the value of the Bitcoin it holds.

Last year, Saylor said Strategy's capital structure is designed to withstand a 90% drop in bitcoin that persists for four to five years, thanks to its mix of equity, convertible debt, and preferred instruments — though he has acknowledged that shareholders would still "suffer" in such a scenario.

Strategy's stock fell 5.1% last week to close Friday at $163.11, according to The Block's Strategy price page, while bitcoin saw a 4.4% decline over the same period. MSTR is currently down 2.1% in pre-market trading on Monday.