Strategy Crosses 700,000 Bitcoin After $2.1B Purchase
Michael Saylor’s Strategy has crossed the 700,000 Bitcoin mark after deploying more than $2.1 billion raised from capital markets into its largest purchase in nearly a year.
Michael Saylor’s Strategy has once again reinforced its status as the world’s most aggressive corporate Bitcoin accumulator, pushing its total holdings beyond 700,000 BTC after a massive late-January purchase. The move underscores the company’s long-term conviction in Bitcoin as a monetary asset, even as prices fluctuate and scrutiny around digital asset treasuries intensifies.
According to a filing with the U.S. Securities and Exchange Commission, Strategy acquired 22,305 Bitcoin for approximately $2.13 billion during the week ending January 19. The disclosure, made public on January 20, shows the Bitcoin was purchased at an average price of about $95,284 per coin, inclusive of fees and expenses.
With this transaction, Strategy’s total Bitcoin holdings climbed to 709,715 BTC, acquired for roughly $53.92 billion at an average cost basis of $75,979 per Bitcoin. The company now controls a meaningful share of Bitcoin’s fixed supply, further cementing its role as a bellwether for corporate Bitcoin adoption.
Capital Markets Fuel Another Bitcoin Buy
The latest acquisition was financed entirely through Strategy’s at-the-market (ATM) equity and preferred stock programs, continuing the firm’s established playbook of converting traditional capital into Bitcoin exposure.
Between January 12 and January 19, 2026, Strategy raised approximately $2.125 billion in net proceeds. The bulk of the funds came from two instruments:
- STRC variable-rate preferred shares:
Strategy sold 2.95 million shares, generating $294.3 million in net proceeds. - MSTR Class A common stock:
The company issued 10.4 million shares, raising approximately $1.83 billion.
Smaller contributions were made through STRK preferred stock sales, while no capital was raised during this period under the STRF or STRD programs. The filing explicitly confirms that proceeds from the ATM program were used directly to fund Bitcoin purchases, highlighting Strategy’s ongoing commitment to a capital markets-to-Bitcoin conversion strategy.
Largest Purchase Since Early 2025
The scale of the transaction marks a notable acceleration in Strategy’s buying pace. It is the company’s largest single Bitcoin acquisition since February 2025, when it purchased 20,356 BTC for around $2 billion.
Earlier this month, on January 12, Strategy disclosed the acquisition of 13,627 BTC for roughly $1.3 billion, which at the time represented its biggest purchase since July of last year. The subsequent buy not only surpassed that figure but also signaled renewed confidence following a relatively cautious stretch through much of 2025.
With 709,715 BTC now on its balance sheet, Strategy holds approximately:
- 3.38% of Bitcoin’s total 21 million supply
- 3.55% of the estimated 19.98 million BTC currently in circulation
These figures place Strategy in a category of its own, far ahead of other public companies, institutions, and even governments accumulating Bitcoin.
Digital Asset Treasuries Face a Reality Check
Strategy’s renewed accumulation comes amid a broader reassessment of digital asset treasuries (DATs). Following a sharp rally in the summer of 2025—widely described by critics as bubble-like—investors have begun to differentiate between firms with sustainable treasury strategies and those reliant on short-term price momentum.
James Butterfill, head of research at CoinShares, previously highlighted this shift in a December 2025 update, arguing that the sector must return to core financial principles:
“The future of DATs lies in returning to fundamentals: disciplined treasury management, credible business models, and realistic expectations about the role of digital assets on corporate balance sheets,” Butterfill said.
Against this backdrop, Strategy stands out for its consistency. Rather than adjusting exposure based on short-term market cycles, the company has maintained a systematic accumulation model, using equity and preferred stock issuance to steadily expand its Bitcoin holdings.
Strategy’s Dominance Among Public Bitcoin Holders
Data from CryptoPulse.News’ Crypto Treasury Tracker shows that Strategy remains the largest public corporate holder of Bitcoin by a wide margin. Its holdings dwarf those of other major players, including MARA Holdings, Twenty One Capital, Metaplanet, and a growing list of Bitcoin-exposed public companies.
This dominant position has effectively turned Strategy into a leveraged proxy for institutional Bitcoin adoption, offering equity investors indirect exposure to Bitcoin while amplifying both upside potential and volatility.
While this approach carries risk—particularly during market drawdowns—it has also positioned Strategy as one of the most influential corporate voices in the Bitcoin ecosystem.
Bitcoin Price Pullback Meets ETF Accumulation
Strategy’s aggressive buying coincides with a period of price consolidation in Bitcoin markets. Bitcoin has slipped below $90,000 this week after retreating from recent highs near $98,000, reflecting broader market caution.
However, beneath the surface, institutional demand appears to be strengthening. U.S. spot Bitcoin ETFs recorded a sharp reversal in flows last week, swinging from $1.3 billion in outflows to $1.7 billion in inflows. Weekly ETF trading volume also surged from $16.8 billion to $21.8 billion, pushing both metrics well beyond their historical ranges.
On-chain data suggests tightening sell-side pressure and renewed accumulation, indicating that large holders may be using the pullback to add exposure rather than exit positions. The combination of ETF inflows and corporate accumulation paints a picture of sustained institutional interest, even as short-term price action remains volatile.
A Long-Term Bet on Bitcoin’s Monetary Role
Strategy’s latest purchase reinforces a clear message: its long-term thesis on Bitcoin remains unchanged. By continuously transforming capital raised in traditional markets into Bitcoin, the company is effectively doubling down on its belief that Bitcoin will play an enduring role as a store of value and monetary asset.
As markets reassess which digital asset treasuries are built to last, Strategy’s scale, discipline, and consistency set it apart. Whether this approach ultimately proves visionary or overly aggressive will depend on Bitcoin’s long-term trajectory—but for now, Strategy’s actions signal that, in its view, the accumulation phase is far from over.
