Strategy Expands Bitcoin Treasury as Market Consolidates
Michael Saylor-led Strategy expanded its Bitcoin treasury in early January, reinforcing its long-term accumulation strategy while boosting dollar reserves through equity issuance.
Strategy, the business intelligence firm chaired by billionaire Bitcoin advocate Michael Saylor, has once again increased its exposure to Bitcoin, adding 1,287 BTC in the opening days of January. The move, disclosed in a regulatory filing dated Jan. 5, underscores the company’s continued commitment to Bitcoin as its primary treasury reserve asset, even as the market navigates a period of consolidation.
The latest purchase brings Strategy’s total Bitcoin holdings to 673,783 BTC, cementing its position as the world’s largest public holder of the cryptocurrency. The acquisition was executed between Jan. 1 and Jan. 4 at an aggregate cost of approximately $116 million, with an average purchase price of $90,391 per Bitcoin, inclusive of fees and related expenses.
Early-January Purchase Extends Accumulation Streak
Strategy’s January buying follows a smaller acquisition of just three BTC at the end of December, signaling that the company has carried its accumulation momentum into the new year without pause. Since first adopting Bitcoin as a treasury asset in 2020, Strategy has consistently increased its holdings across multiple market cycles, regardless of short-term price volatility.
As of Jan. 4, the firm’s aggregate Bitcoin purchase price stands at $50.55 billion, while the average acquisition cost across its entire treasury is $75,026 per BTC. This long-term cost basis highlights how much of Strategy’s exposure was accumulated at significantly lower prices compared with current market levels.
The scale of the holdings is notable not only in absolute terms but also in relation to Bitcoin’s fixed supply. With 673,783 BTC, Strategy now controls more than 3.2% of all Bitcoin that will ever exist, giving the company an outsized role in discussions around corporate adoption and treasury strategy.
USD Reserves Rise Alongside BTC Holdings
In parallel with the Bitcoin purchases, Strategy reported a meaningful increase in its dollar-denominated liquidity. According to the filing, the company’s USD reserves rose by roughly $62 million, lifting total dollar reserves to approximately $2.25 billion as of Jan. 4.
The additional capital was raised primarily through the sale of Class A common stock under Strategy’s at-the-market (ATM) equity program. Between Jan. 1 and Jan. 4, the company sold 735,000 shares of MSTR stock, generating net proceeds of $116.3 million after commissions and fees. These funds were largely directed toward the recent Bitcoin acquisition.
This January equity sale followed a separate round of fundraising at the end of December, during which Strategy raised $195.9 million through additional stock sales. Together, the transactions illustrate how equity issuance remains a central mechanism for financing the firm’s Bitcoin strategy.
Equity Issuance Remains Core to Capital Strategy
The filing also sheds light on Strategy’s remaining capital-raising capacity. As of Jan. 4, the company still had more than $11.3 billion in MSTR common stock available for issuance under existing programs. In addition, several classes of preferred stock retain multi-billion-dollar issuance capacity, though no preferred shares were sold during the most recent reporting period.
By relying exclusively on common equity issuance in early January, Strategy maintained flexibility across its broader capital stack. All reported proceeds reflect net figures after associated costs, reinforcing the transparency of the firm’s disclosures.
This approach has become a defining feature of Strategy’s corporate identity. Rather than treating Bitcoin exposure as a tactical investment, the company has structured its balance sheet and capital markets activity around systematically increasing BTC holdings over time, effectively positioning itself as a leveraged proxy for Bitcoin adoption.
Bitcoin Trades Near $93,000 as Momentum Builds
Strategy’s latest accumulation comes as Bitcoin shows signs of renewed strength in early January. At the time of writing, Bitcoin was trading around $93,821, extending a recovery that began after a volatile December.
Over the past 24 hours, BTC fluctuated between approximately $91,277 and $93,943, suggesting improving short-term momentum as buyers re-enter the market. Trading volume reached roughly $48.8 billion, indicating renewed participation as investors assess macroeconomic signals and early-year capital deployment.
From a broader market perspective, Bitcoin’s market capitalization stands near $1.87 trillion, with the circulating supply approaching 19.97 million BTC. That leaves fewer than 1.03 million coins yet to be mined, reinforcing the asset’s scarcity narrative.
Despite the rebound, Bitcoin remains about 26% below its October 2025 all-time high near $126,000, pointing to an ongoing consolidation phase rather than a decisive breakout. For long-term accumulators like Strategy, this environment appears to present continued opportunities to add exposure without chasing peak valuations.
Corporate Bitcoin Accumulation Extends Beyond Strategy
While Strategy remains in a league of its own, it is not the only publicly listed company expanding its Bitcoin reserves. In Japan, Metaplanet has emerged as a notable corporate holder, closing 2025 with more than 35,000 BTC after its Bitcoin-focused income unit exceeded expectations.
According to CryptoPulse’s Crypto Treasury Tracker, Metaplanet now ranks fourth globally among public Bitcoin holders, with 35,102 BTC on its balance sheet. The growing presence of international firms adopting similar treasury strategies highlights a broader trend: Bitcoin is increasingly being viewed not just as a speculative asset, but as a strategic reserve for corporations seeking long-term value preservation.
A Signal of Conviction in a Consolidating Market
Strategy’s latest purchase reinforces a familiar message from the company: short-term price movements have not altered its long-term thesis. By pairing continued Bitcoin accumulation with rising USD reserves and substantial remaining issuance capacity, the firm has positioned itself to remain active regardless of near-term market conditions.
As Bitcoin trades below its prior peak and global supply tightens, Strategy’s growing share of total BTC supply underscores the scale of its conviction. Whether the market breaks higher in the coming months or extends its consolidation, the company’s early-January move signals that, for Strategy, Bitcoin accumulation remains a balance-sheet priority rather than a market-timing exercise.
