Strategy Adds 13,627 BTC in Largest Bitcoin Buy Since July 2025
Strategy reinforced its long-term Bitcoin strategy with a $1.25 billion purchase, lifting its total holdings to nearly 687,500 BTC despite elevated prices.
Strategy, led by longtime Bitcoin advocate Michael Saylor, has made its largest Bitcoin acquisition since July 2025, signaling that its aggressive accumulation strategy remains firmly intact. The company disclosed that it purchased 13,627 BTC last week for approximately $1.25 billion, continuing a years-long effort to build one of the most concentrated institutional Bitcoin positions in global markets.
The purchase was revealed in a Form 9-K filing with the United States Securities and Exchange Commission on Monday, Jan. 12, providing an updated snapshot of Strategy’s balance sheet and capital allocation approach. According to the filing, the company now holds 687,410 BTC, acquired at a total cost of about $51.8 billion.
A High-Conviction Buy Near Market Peaks
The newly acquired Bitcoin was purchased at an average price of $91,519 per BTC, significantly above Strategy’s overall average cost basis of $75,353. While the timing places the buy near recent market highs, the move underscores the company’s willingness to deploy capital irrespective of short-term price fluctuations.
Strategy remains the world’s largest corporate holder of Bitcoin, and the latest purchase further widens the gap between the firm and other publicly listed companies with digital asset exposure. The scale of the acquisition suggests that price sensitivity plays a secondary role to long-term conviction in the company’s Bitcoin thesis.
Rather than adjusting its pace during periods of elevated valuations, Strategy has consistently framed Bitcoin as a core treasury asset, not a tactical trade.
Equity Markets Continue to Fund Bitcoin Accumulation
ATM programs power the latest purchase
The SEC filing shows that the $1.25 billion acquisition was financed primarily through Strategy’s at-the-market (ATM) equity issuance programs. These included sales of:
- MSTR common stock
- STRC Variable Rate Series A Perpetual Stretch Preferred Stock
Between Jan. 5-11, the company raised approximately $1.25 billion in net proceeds, which were then fully deployed into Bitcoin purchases. Strategy noted that both the aggregate cost and average acquisition price reflect all fees and expenses related to the transactions.
Significant issuance capacity remains
Importantly, Strategy still maintains substantial remaining capacity across its common and preferred stock issuance programs. This flexibility highlights how continued access to equity markets has become a central pillar of the firm’s Bitcoin accumulation model.
Rather than relying on operating cash flow or debt issuance alone, Strategy has repeatedly tapped public markets to scale its exposure, effectively allowing investors to gain indirect Bitcoin exposure through equity instruments.
Buying Through Drawdowns and Paper Losses
The latest transaction follows Strategy’s first Bitcoin purchase of the year, disclosed earlier this month, when the company acquired 1,283 BTC for $116 million on Jan. 5.
That disclosure coincided with a less favorable data point: Strategy reported a $17.4 billion unrealized loss on its Bitcoin holdings during the fourth quarter of 2025, after Bitcoin prices fell more than 20% late last year.
Despite those paper losses, Strategy continued to:
- Issue new equity
- Maintain sufficient cash reserves
- Service dividends and outstanding obligations
This approach reinforces the company’s stance that short-term volatility does not undermine Bitcoin’s long-term role on its balance sheet.
While unrealized losses drew attention during the Q4 downturn, Strategy’s average acquisition price remains well below recent market levels, giving the firm a significant buffer relative to newer buyers entering at higher valuations.
An Unmatched Corporate Bitcoin Position
With 687,410 BTC now held, Strategy’s balance sheet represents one of the most concentrated institutional Bitcoin exposures anywhere in the market. According to CryptoPulse’ Crypto Treasury Tracker, the company remains the clear leader among public firms holding Bitcoin.
Other notable corporate holders trail far behind, including:
- MARA Holdings: 53,250 BTC
- Twenty One Capital: 43,514 BTC
- Metaplanet: 35,102 BTC
The disparity illustrates just how singular Strategy’s approach has become, transforming the company into a de facto proxy for long-term Bitcoin exposure within traditional equity markets.
Beyond Bitcoin, corporate digital asset accumulation remains far less concentrated. Among Ethereum-focused treasuries, BitMine Immersion Technologies stands out as the largest known public holder, with over four million ETH held as of the time of writing—though Ethereum adoption at the corporate level remains far less common than Bitcoin.
Bitcoin as a Permanent Balance Sheet Asset
Strategy’s latest disclosure leaves little doubt that its Bitcoin strategy is unchanged. The company continues to treat Bitcoin not as a speculative asset, but as a long-duration store of value and a central component of its corporate identity.
The willingness to accumulate aggressively near market highs, fund purchases through equity issuance, and tolerate large unrealized losses during drawdowns reflects a model that is increasingly distinct from traditional treasury management practices.
As Bitcoin’s role in institutional portfolios continues to evolve, Strategy’s balance sheet has become a high-profile case study in conviction-driven capital allocation—one that may shape how other public companies think about digital assets in the years ahead, especially as regulatory clarity and market infrastructure continue to mature.
