Michael Saylor's Strategy buys another 1,142 BTC for $90 million as total bitcoin treasury value remains below cost

Bitcoin treasury company Strategy acquired an additional 1,142 BTC for approximately $90 million at an average price of $78,815 per bitcoin between Feb. 2 and Feb. 8, according to an 8-K filing with the Securities and Exchange Commission on Monday.

Strategy now holds a total of 714,644 BTC — worth around $49.2 billion — bought at an average price of $76,056 per bitcoin for a total cost of around $54.4 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 more than 3.4% of Bitcoin's total 21 million supply but implies around $5.2 billion of paper losses at current prices amid the recent downturn.

The latest acquisitions were made using proceeds from at-the-market sales of its Class A common stock, MSTR. Last week, Strategy sold 616,715 MSTR shares for approximately $89.5 million. As of Feb. 8, $7.97 billion worth of MSTR shares remain available for issuance and sale under that program, the firm said. 

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Bitcoin would need to plunge to $8,000 before balance sheet issues

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, "Orange Dots Matter."

Last Monday, Strategy announced it had purchased another 855 BTC for approximately $75 million at an average price of $87,974 per bitcoin — taking its total holdings to 713,502 BTC.

Meanwhile, Strategy reported a fourth-quarter loss on Wednesday as the bitcoin pullback erased tens of billions of dollars in value from the company's balance sheet, producing one of the largest quarterly losses ever recorded by a U.S. public company.

During the subsequent earnings call, Strategy CEO Phong Le said that bitcoin would need to drop to $8,000 and remain at that level for five to six years before posing a real threat to servicing its convertible debt.

"In the extreme downside, if we were to have a 90% decline in bitcoin price, and the price was $8,000, that is the point at which our bitcoin reserve equals our net debt, and we will not be able to then pay off our convertibles using our bitcoin reserve, and we'd either look at restructuring, issuing additional equity, issuing additional debt," Le said on the call.

Despite the results, TD Cowen analysts Lance Vitanza and Jonnathan Navarrete said on Friday that Strategy has "further solidified its position" as the leading corporate bitcoin treasury and is "better positioned than ever" to participate in a potential recovery, even as the broader premise can look strained during a steep downside.

Meanwhile, analysts at Bernstein said Monday that, while Strategy has used leverage to buy bitcoin, the firm has structured its liabilities conservatively through long-dated perpetual preferred equity, ample cash reserves to cover dividends, and no major debt maturities until 2028.

DAT downturn

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 13,513 BTC, respectively.

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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 70%, for example. Strategy's mNAV currently sits at around 0.96 — meaning the company is worth less than the value of the bitcoin it holds.

Strategy's stock fell 3.6% last week to close Friday at $134.93, according to The Block's Strategy price page, while bitcoin saw an 8% weekly drop. MSTR is currently down 4.1% in pre-market trading on Monday.

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