Michael Saylor’s company continues its massive Bitcoin accumulation with a record purchase of 13,627 BTC between January 5-11, 2026, for a total of $1.25 billion. This strategic acquisition comes at a particularly favorable time, following MSCI’s decision to maintain Bitcoin treasury companies in its stock indices.
$1.25 Billion Financing Through Stock Issuance
To finance this massive purchase, Strategy sold 6.8 million Class A ordinary shares, generating $1.13 billion, as well as 1.2 million STRC preferred shares bringing in $119.1 million through its at-the-market offering program. The average acquisition price stands at $91,519 per Bitcoin.
Michael Saylor had teased this acquisition on X with the cryptic mention « ₿ig Orange », suggesting a major operation. It is indeed the largest purchase since July 2025, surpassing the two billion-dollar acquisitions made in December 2025.
687,410 BTC: The 700,000 Target in Sight
With this new acquisition, Strategy now holds a treasure of 687,410 BTC, acquired for a total of $51.8 billion at an average price of $75,353 per Bitcoin. The company is thus approaching its symbolic goal of 700,000 BTC, a historic milestone that could be reached in the coming months if the accumulation pace continues.
At Bitcoin’s current price (around $90,000-92,000), the total value of Strategy’s holdings amounts to approximately $62-63 billion, representing a substantial unrealized gain of over $10 billion compared to the acquisition cost.
MSCI Reverses Exclusion: A Strategic Victory
MSCI’s decision on January 7, 2026, not to exclude Digital Asset Treasury Companies (DATCOs) from its indices represents a major victory for Strategy. This announcement triggered an immediate rise of 4 to 6.6% in the MSTR stock during after-hours trading.
MSCI had initially proposed in November 2025 to exclude companies holding more than 50% of their balance sheet in digital assets, considering them more like investment funds than operational companies. JPMorgan had even estimated that Strategy could face up to $2.8 billion in passive fund outflows if excluded.
Strategy had vigorously contested this proposal in a public letter in December 2025, calling the 50% threshold « ill-advised » and warning of « profoundly adverse consequences ». Michael Saylor had insisted that Strategy is « not a fund, not a trust, and not a holding company » but an operational company with a $500 million software business and a unique treasury strategy using Bitcoin as productive capital.
The CLARITY Act on the Horizon
The Bitcoin purchase also comes in anticipation of the CLARITY Act markup scheduled for January 15, 2026. This bipartisan legislation aims to establish a clear regulatory framework for digital assets in the United States, defining jurisdictional boundaries between the SEC and CFTC.
The Senate Banking Committee confirmed the January 15 date for the markup, with Chairman Tim Scott suggesting they now have bipartisan support for the bill. If passed, this law could unlock billions of dollars in institutional capital and position the United States as a global leader in blockchain innovation.
Persistent Structural Challenges
Despite these positive developments, Strategy faces significant challenges. The mNAV (market-to-net asset value) ratio has dangerously compressed, fluctuating around 1.02 to 0.90 in early January 2026. If this ratio falls durably below 1, the argument for holding Strategy stock becomes difficult to defend.
Strategy’s market capitalization stood at around $45-48 billion in early January, while its Bitcoin holdings are worth approximately $60-61 billion, creating an unusual discount of 20 to 25% compared to its fair net asset value. This situation strongly contrasts with the historical premiums of 50 to 100% or more that the company enjoyed.
An Evolving Financing Model
Strategy’s financing model has evolved unfavorably. In 2024 and early 2025, the company financed itself at low cost through convertible bonds (coupons of 0.625% to 2.25%). For 2026, the configuration seems weaker with a compressed mNAV and financing shifting toward high-cost preferred stock (10%) plus dilutive common stock issuances.
As of January 11, 2026, Strategy still had $10.3 billion available for additional common stock issuance. The company has also increased its dollar reserve to $2.25 billion, intended for preferred stock dividend payments and interest obligations.
Outlook and Valuation
Analysts remain mostly optimistic. Out of 16 analysts covering MSTR, 13 recommend « Strong Buy », one suggests « Moderate Buy », and two recommend « Hold ». The average target price is $486.29, suggesting an upside potential of nearly 200%.
Bernstein predicts that Bitcoin could reach $150,000 in 2026, with an ultimate cycle target of $200,000 in 2027. The MSTR stock has admittedly fallen 65% from its all-time highs and over 50% in Q4 2025, but still shows a gain of nearly 2% since the beginning of 2026.
Strategy remains an essential sentiment marker for the Bitcoin market, although its buying capacity should be more moderate in 2026, leaving ETF flows and institutional appetite as more reliable price-setting forces. Strategy’s influence on other companies is confirmed, with Metaplanet becoming the fourth-largest institutional Bitcoin holder with 35,102 coins.
