Strategy Inc., Michael Saylor’s company formerly known as MicroStrategy, has achieved an unprecedented feat in the cryptocurrency universe. With an acquisition of 22,305 bitcoins for $2.13 billion between January 12 and 19, 2026, the company has now surpassed the symbolic threshold of 700,000 BTC held, consolidating its position as the undisputed leader among corporate Bitcoin holders.
A Record Acquisition: 22,305 BTC in One Week
According to official documents filed with the Securities and Exchange Commission (SEC), Strategy acquired these 22,305 bitcoins at an average price of $95,284 per unit. This operation represents the company’s largest single purchase since July 2025, surpassing even the acquisition of 13,627 BTC made two weeks earlier for $1.25 billion.
As of January 19, 2026, Strategy’s total reserves stand at 709,715 bitcoins, acquired for an aggregate cost of $53.92 billion. The company’s average acquisition price is $75,979 per bitcoin, including fees and expenses. At current market value, these reserves represent approximately $65 billion.
Diversified and Sophisticated Financing
To finance this monumental acquisition, Strategy raised approximately $2.1 billion by selling various securities through its At-The-Market (ATM) sales program:
- 10,399,650 MSTR common shares generating $1.83 billion
- 2,945,371 STRC (Stretch) preferred shares for $294.3 million
- 38,796 STRK (Strike) preferred shares for $3.4 million
This financing strategy illustrates Strategy’s sophisticated approach, using different financial instruments to raise capital without relying exclusively on common stock issuance, thereby limiting dilution for existing shareholders.
More Than 3.3% of Bitcoin’s Total Supply
With 709,715 bitcoins, Strategy now controls more than 3.3% of the maximum supply of 21 million bitcoins that will ever exist. This symbolic milestone was anticipated by the market after Michael Saylor posted an enigmatic message on X on January 18 with the mention « ₿igger Orange, » suggesting an even larger purchase.
To put this accumulation in perspective, Strategy holds approximately 60% of all bitcoins held on corporate balance sheets. The second-largest corporate holder, MARA Holdings, owns only about 53,250 BTC, nearly 13 times less than Strategy.
A Systematic Accumulation Strategy
Despite market volatility in January 2026, Strategy maintained its accumulation pace with purchases over several consecutive weeks:
- Dec. 29, 2025 – Jan. 4, 2026: 1,286 BTC for $116.3 million (average price: $90,391)
- Jan. 5-11, 2026: 13,627 BTC for $1.25 billion (average price: $91,519)
- Jan. 12-19, 2026: 22,305 BTC for $2.13 billion (average price: $95,284)
This sustained pace demonstrates Michael Saylor’s unwavering conviction in Bitcoin’s long-term potential, regardless of short-term price movements.
Market Reaction: MSTR Stock Under Pressure
Paradoxically, Strategy stock (MSTR) registered a decline of approximately 5% in pre-market trading on January 20. This negative reaction reflects several investor concerns:
The mNAV ratio (market capitalization to net asset value), which measures the stock’s valuation premium, has decreased significantly. From 2.5x in 2024, this ratio fell to approximately 1.0x in early 2026, reducing the effectiveness of Strategy’s arbitrage strategy.
In 2025, MSTR experienced six consecutive months of decline, the first such series since adopting Bitcoin as a treasury asset in August 2020. As of January 19, 2026, the stock was trading around $174, down more than 49.7% over the past 120 days.
Market Context: Growing Institutional Demand
Strategy’s aggressive accumulation occurs in a context of growing institutional demand for Bitcoin. Spot Bitcoin ETFs recorded their largest weekly flows since October, with $1.42 billion in net inflows during the week ending January 17, 2026.
BlackRock’s IBIT dominated the activity with over $1 billion in new capital during the week, representing nearly three-quarters of all incoming flows. Fidelity’s FBTC also contributed with $351 million.
According to Glassnode data, Bitcoin holdings on corporate balance sheets increased from approximately 854,000 BTC to 1.11 million BTC over the past six months, a 30% expansion. This corporate accumulation exceeded mining supply at a ratio of approximately 3 to 1, creating significant supply pressure.
« BTC Yield »: A Key Performance Metric
Strategy uses an indicator called « BTC Yield » to evaluate the effectiveness of its accumulation strategy. This KPI represents the percentage change in the ratio between the company’s Bitcoin holdings and its assumed diluted shares outstanding.
A positive BTC Yield means the company is acquiring more Bitcoin than the dilution it creates by issuing new shares. For 2025, Strategy reported a BTC Yield of 22.8%. In Q1 2026, the BTC Yield stands at 0.1% year-to-date.
Michael Saylor’s Long-Term Vision
Michael Saylor remains unfazed by short-term fluctuations. He recently unveiled a 20-year vision for Bitcoin, forecasting annual returns of 30% over the next two decades. He expects Bitcoin to reach $150,000 to $250,000 by 2026, and potentially $21 million by 2046.
Beyond pure accumulation, Saylor is building what he describes as a « digital merchant bank » that transforms Bitcoin’s volatility into structured credit products. The company is also exploring ways to generate yield on its Bitcoin holdings through DeFi protocols or by issuing Bitcoin-backed lending products.
The 42/42 Plan: $84 Billion in Ambition
To support its continued accumulation, Strategy is pursuing its ambitious « 42/42 Plan, » aiming to raise $84 billion total over three years (2024-2027):
- $42 billion in equity
- $42 billion in fixed-income securities
With more than $38 billion available between common and preferred shares, Strategy has considerable room to maneuver to continue its Bitcoin purchases.
The Bitcoin Treasury Company Ecosystem
Strategy is no longer alone in its strategy. Several companies have adopted similar models:
- MARA Holdings: ~53,250 BTC (second-largest holder)
- Metaplanet (Japan): 35,102 BTC with a target of 210,000 BTC by end of 2027
- Riot Platforms: ~18,430 BTC
- Bitcoin Standard Treasury: 30,021 BTC
Risks and Challenges to Monitor
Despite the impressive Bitcoin accumulation, Strategy faces several significant challenges. The company’s value is intrinsically linked to Bitcoin’s price, with a five-year beta of 3.43, meaning the stock fluctuates 3.43 times faster than the S&P 500.
Strategy must also manage a debt portfolio of $8.2 billion in bonds and convertible notes. The approval of spot Bitcoin ETFs now offers institutional investors simpler and cheaper alternatives, which could reduce MSTR’s appeal as a Bitcoin « proxy. »
Outlook for 2026
According to a recent survey, nearly 90% of investors expect Strategy’s Bitcoin holdings to increase in 2026, and nearly half expect growth of around 50%. If Strategy maintains its current acquisition pace, the company could potentially reach 800,000 to 900,000 BTC by the end of 2026.
Conclusion: A Bold Bet on Bitcoin’s Future
The acquisition of 22,305 bitcoins and crossing the 700,000 BTC threshold mark a historic milestone for Strategy and the entire Bitcoin ecosystem. Michael Saylor’s strategy represents a bold bet that Bitcoin will become the dominant digital store of value globally.
For investors, Strategy offers amplified exposure to Bitcoin, but with proportionally amplified risks. Strategy’s innovative approach to financial engineering has transformed how public companies envision treasury management in the digital age, charting a new path at the intersection of traditional finance and digital assets.
This article is based on official documents filed with the SEC, company announcements, real-time market data, and expert sector analyses as of January 20, 2026.
