Michael Saylor Bitcoin wager looks tighter as Strategy premium shrinks

Editor’s Update February 2, 2026:

Strategy announced an additional Bitcoin purchase on February 2, 2026. The company acquired 855 BTC for approximately $75.3 million at an average price of $87,974 per bitcoin.

For a long stretch, buying Strategy stock was a shortcut to leveraged bitcoin exposure. Investors did not need wallets, exchanges, or ETF flows. They just bought MSTR and got a company that kept stacking coins.

That shortcut depends on one fragile ingredient: a premium. When the market values the stock well above the companys underlying bitcoin hoard, Strategy can issue shares, buy more BTC, and still claim the trade is accretive. When that premium compresses, the math starts to look less forgiving.

Bitcoin’s latest drop put that pressure back on the front page. Prices briefly dipped below Strategy’s reported cost basis, a level the company itself tracks on its dashboard. 

Strategy currently reports 713,502 BTC acquired for a total of approximately $54.26 billion at an average cost basis of $76,052 per bitcoin. The company has continued to fund purchases largely through at-the-market share sales. A recent filing cited $257 million raised from common stock sales, plus additional proceeds from preferred stock, used to buy 2,932 BTC. 

Analysts watching the structure say the immediate risk is not forced liquidation. Much of the conversation centers on fundraising capacity. If shares trade at a discount to the bitcoin pile, issuing stock to buy more bitcoin becomes harder to defend, and the buying pace can slow. 

The dynamic is also playing out in sentiment. Saylor keeps signaling purchases on X with his familiar color-coded posts, while traders debate whether the company remains a compelling proxy now that spot bitcoin exposure is widely available elsewhere.