James Richardson
Bitcoin treasury firm Strategy has expanded its already massive BTC position, adding more coins to its balance sheet as it continues to position itself as the largest corporate holder of Bitcoin globally.
According to a newly filed Form 8-K with the U.S. Securities and Exchange Commission, Strategy acquired 1,286 BTC for approximately $116.3 million between December 29 and January 4.
The purchase was executed at an average price of $90,391 per bitcoin, reinforcing the firmโs long-term accumulation strategy despite market volatility.
Following the latest acquisition, Strategy now controls 673,783 BTC, valued at roughly $63 billion at current market prices, according to co-founder and executive chairman Michael Saylor.
The companyโs average cost basis stands at $75,026 per bitcoin, with total spending โ including fees and expenses โ estimated at $50.6 billion. This translates into approximately $12.4 billion in unrealized gains and represents more than 3% of Bitcoinโs fixed 21 million supply.
Stock Sales Continue to Fund Bitcoin Accumulation
The most recent BTC purchases were financed through at-the-market sales of Strategyโs Class A common stock (MSTR).
During the previous week, the firm sold 1,990,911 MSTR shares, raising $312.2 million. As of January 4, Strategy still has $11.39 billion worth of MSTR shares available for issuance under the program.
No perpetual preferred shares were sold during the period, leaving $41.4 billion in remaining capacity across those ATM programs.
USD Reserve Strengthened to Support Debt and Dividends
Strategy also boosted its USD Reserve by $62 million, bringing the total to $2.25 billion. The reserve is designed to ensure interest payments on outstanding debt and dividends on preferred stock.
This increase followed a $748 million cash injection made just before Christmas, highlighting a dual-track approach of Bitcoin accumulation and liquidity management.
โOrange or Green?โ: Saylor Teases the Market Again
Ahead of the disclosure, Saylor hinted at the move by updating Strategyโs Bitcoin acquisition tracker with the phrase โOrange or Green?โ, signaling a choice between adding to Bitcoin or bolstering cash reserves.
The company had previously announced a 1,229 BTC purchase worth $108.8 million at an average price of $88,568, bringing total holdings to 672,497 BTC at that time.
MSCI Pushback and Index Inclusion Concerns
In December, Strategy urged MSCI to reconsider a proposal that would exclude companies whose crypto holdings exceed 50% of total assets from global equity indices.
The firm warned such a move could trigger index instability and conflict with U.S. government efforts to promote digital asset innovation. A final decision from MSCI is expected by January 15, ahead of its February index rebalancing.
Corporate Bitcoin Adoption Expands โ but Valuations Compress
Data from Bitcoin Treasuries shows 192 public companies now hold bitcoin in some form. Other major holders include MARA, Metaplanet, Riot Platforms, Coinbase, Hut 8, CleanSpark, and Bullish, among others.
However, many of these firms have seen sharp declines in market cap-to-net asset value (mNAV) ratios since summer peaks. Strategyโs own mNAV sits near 0.81, meaning the company is currently valued below the bitcoin it holds.
MSTR Stock Performance Lags Bitcoin
Strategy shares closed up 3.4% on Friday at $157.16 and gained another 4.5% in pre-market trading on Monday. Despite the short-term bounce, MSTR fell 1.7% last week and is down roughly 50% year-over-year.
By comparison, Bitcoin is down just 6% in 2025, underscoring the growing divergence between BTC price performance and crypto treasury equities.
