Strategy Inc. Breaches 700,000 Bitcoin Barrier with $2.1B Acquisition
Michael Saylor’s firm adds 22,305 BTC at an average of $95k, pushing total holdings to 3.3% of the network’s total supply despite immediate market headwinds.
Strategy Inc. (formerly MicroStrategy) has executed its largest Bitcoin acquisition in over a year, purchasing 22,305 BTC for approximately $2.13 billion. The purchase, disclosed in a Form 8-K filing Tuesday, pushes the company’s total holdings to 709,715 BTC. This represents roughly 3.3% of the total Bitcoin supply that will ever exist.
The Receipt
Michael Saylor’s firm paid an average price of $95,284 per Bitcoin for this tranche, deploying capital raised through its At-The-Market (ATM) equity offering program. This aggressive buy-in comes as the spot price of Bitcoin struggles at $91,000 (-2.6%), rendering this specific acquisition immediately underwater by roughly 4.5%. The company’s aggregate cost basis now stands at $54 billion, with an average entry of roughly $76,000 per coin.
The company acquired 22,305 BTC for ~$2.13 billion at ~$95,284 per bitcoin. As of 1/19/2026, we hold 709,715 $BTC.
Institutional Context: Dilution vs. Yield
The acquisition follows Saylor’s January 18 “Bigger Orange” post on X, which signaled the move to market participants. While the sheer scale of the buy ($2.1B) highlights continued institutional conviction, the funding method, selling MSTR equity, remains a point of friction. Analysts at TD Cowen recently flagged that while total holdings are growing, the “Bitcoin Yield” per share is facing compression due to the pace of share dilution.
Market Reaction
Bitcoin (BTC) failed to rally on the news, sliding to $91,000 as geopolitical tensions regarding Greenland weighed on risk assets. Strategy Inc. (MSTR) shares, however, showed resilience, trading near $174 in pre-market action, as investors continue to utilize the stock as a high-beta proxy for Bitcoin exposure.
