Strategy buys another 22,305 bitcoin for $2.1 billion in biggest purchase in over a year as holdings top 700,000 BTC

Bitcoin treasury company Strategy acquired an additional 22,305 BTC for approximately $2.13 billion at an average price of $95,284 per bitcoin between Jan. 12 and Jan. 19, according to an 8-K filing with the Securities and Exchange Commission on Tuesday.

To put that in perspective, the haul represents more than 3.3% of bitcoin's total 21 million supply and implies around $10.6 billion of paper gains at current prices.

The latest acquisitions were made using proceeds from at-the-market sales of its Class A common stock, MSTR, perpetual Strike preferred stock, STRK, and perpetual Stretch preferred stock, STRC. They mark the largest set of weekly acquisitions since a 55,500 BTC haul in November 2024. Strategy's last acquisition of more than 22,000 BTC came in March 2025, though that was smaller than the latest figure, according to the firm's purchase tracker page.

Last week, Strategy sold 10,399,650 MSTR shares for approximately $1.83 billion. As of Jan. 19, $8.43 billion worth of MSTR shares remain available for issuance and sale under that program, the firm said. Strategy also sold 38,796 STRK shares for approximately $3.4 million, with $20.33 billion worth of STRK shares remaining, and sold 2,945,371 STRC shares for $294.3 million, with $3.63 billion remaining.

Strategy's STRK, STRC, STRF, and STRD perpetual preferred stock's respective $21 billion, $4.2 billion, $2.1 billion, and $4.2 billion ATM programs are in addition to the firm's "42/42" plan, which targets a total capital raise of $84 billion in equity offerings and convertible notes for bitcoin acquisitions through 2027 — upsized from its initial $42 billion, "21/21" plan after the equity side was depleted.

STRD is non‑convertible with a 10% non‑cumulative dividend and the highest risk‑reward profile. STRK is convertible with an 8% non‑cumulative dividend, allowing equity upside. STRF is non-convertible with a 10% cumulative dividend, making it the most conservative option. STRC is a variable‑rate, cumulative preferred stock offering monthly dividends, with adjustable rates designed to keep it near par.

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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 13,099 BTC, respectively.

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However, the value of many of the cohort's shares is down significantly from their summer peaks as their market cap-to-net asset value ratios sharply contract, with Strategy itself down 62%, for example. Strategy's mNAV currently sits at around 0.85 — meaning the company is worth less than the value of the Bitcoin it holds.

Strategy's capital structure is designed to withstand a 90% drop in bitcoin that persists for four to five years, thanks to its mix of equity, convertible debt, and preferred instruments — though shareholders would still "suffer" in such a scenario.

'Bigger Orange'

Last Monday, Strategy announced it had purchased another 13,627 BTC for approximately $1.25 billion at an average price of $91,519 per bitcoin — taking its total holdings to 687,410 BTC and marking its largest set of weekly acquisitions in six months at that point.

On Wednesday, analysts at investment bank TD Cowen cut their one-year price target on Strategy to $440 from $500, citing a weaker outlook for bitcoin yield as dilution from continued equity and preferred stock issuance increases.

The analysts, led by Managing Director Lance Vitanza, now expect Strategy to acquire around 155,000 BTC in fiscal year 2026, up from a prior estimate of 90,000 BTC. However, the higher pace of accumulation is expected to be funded with a greater mix of common and preferred equity, which the analysts said will dilute bitcoin yield — defined as the percentage change in bitcoin held per fully diluted share.

Strategy's stock climbed 4.2% last week to close Friday at $173.71, according to The Block's Strategy price page. Bitcoin saw a 5.1% weekly gain before dropping on Sunday and Monday as U.S.-EU tariff war fears intensified. MSTR is down 4.7% in pre-market trading on Tuesday.

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