Michael Saylor’s Strategy kicks off 2026 with a $116 million bitcoin buy as its total treasury holdings hit 673,783 BTC
Bitcoin treasury company Strategy acquired an additional 1,286 BTC for approximately $116.3 million at an average price of $90,391 per bitcoin between Dec. 29 and Jan. 4, according to an 8-K filing with the Securities and Exchange Commission on Monday.Strategy now holds a total of 673,783 BTC — worth around $63 billion — bought at an average price of $75,026 per bitcoin for a total cost of around $50.6 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor. To put that in perspective, the haul represents more than 3% of Bitcoin's total 21 million supply and implies around $12.4 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. Last week, Strategy sold 1,990,911 MSTR shares for approximately $312.2 million. As of Jan. 4, $11.39 billion worth of MSTR shares remain available for issuance and sale under that program, the firm said. No shares of its perpetual preferred stocks were sold last week, with a total of $41.4 billion remaining under those collective ATM programs.The company also increased its USD Reserve by $62 million during the period to a total of $2.25 billion, Saylor noted. Strategy's USD Reserve is designed to support the payment of dividends on its preferred stocks and interest on its existing debt.'Orange or Green?'Saylor again hinted at its latest acquisitions ahead of time, sharing an update on Strategy's bitcoin acquisition tracker on Sunday, stating, "Orange or Green?" — referencing whether the company would add to its bitcoin or USD reserves.Strategy's bitcoin acquisitions. Image: Strategy.Last Monday, Strategy announced it had purchased another 1,229 BTC for approximately $108.8 million at an average price of $88,568 per bitcoin — taking its total holdings to 672,497 BTC.Ahead of the Christmas break, Strategy boosted its USD reserve by $748 million to $2.19 billion, with analysts at TD Cowen's TD Securities unit saying the move strengthened the company's ability to operate through a "prolonged crypto winter" by improving liquidity and financial flexibility. TD Securities maintains a buy rating on Strategy with a $500 price target over the next 12 months. During December, Strategy also urged MSCI to drop a proposal that would bar companies whose crypto holdings exceed 50% of total assets from its global equity benchmarks, warning the move would create unstable index churn and contradict the U.S. government's push to foster digital-asset innovation. A final decision by MSCI is expected by Jan. 15 ahead of its February index rebalancing.DAT boom and bustAccording to Bitcoin Treasuries data, 192 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, 19,324 BTC, 14,548 BTC, 13,696 BTC, and 13,011 BTC, respectively.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 contracted, with Strategy itself down , for example. Strategy's mNAV currently sits at around 0.81 — meaning the company's market cap is valued at less than the Bitcoin it holds.Strategy's stock closed up 3.4% on Friday at $157.16 and is currently up 4.5% in pre-market trading on Monday, according to The Block's Strategy price page. MSTR fell 1.7% last week overall, and dropped approximately 50% over the past year, compared to bitcoin's 6% 2025 loss.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.