Strategy keeps stacking Bitcoin as Saylor presses accumulation

The company said it paid an average price of $90,061 per Bitcoin during the period, inclusive of fees and expenses. The purchase took Strategy’s total holdings to 712,647 BTC as of January 25, with an aggregate purchase price of $54.19 billion and an average cost basis of $76,037 per Bitcoin. 

The acquisition was funded with proceeds from Strategy’s at-the-market program. In the same filing, the company reported selling 1,569,770 shares of its Class A common stock for net proceeds of about $257.0 million during January 20–25, alongside a smaller issuance of its STRC preferred stock that brought total net proceeds disclosed in the table to roughly $264.0 million. 

Strategy latest buy follows a larger spree disclosed earlier in the month. Strategy previously reported purchasing 22,305 BTC between January 12 and January 19 for about $2.13 billion, bringing holdings at that time to 709,715 BTC, with purchases again tied to at-the-market issuance.

Michael Saylor’s approach has made it a focal point for traders watching corporate demand for Bitcoin, since the firm buys in size and publishes frequent updates via filings and its investor communications. The company has framed its Bitcoin position as a core balance-sheet strategy, with accumulation paced by capital-markets access and the capacity to issue additional securities under its programs.

Investors have expressed concern about Strategy’s reliance on at-the-market stock sales to finance its Bitcoin purchases. In recent sessions, the company’s shares have traded lower amid broader crypto market weakness, with some analysts pointing out that share dilution could be weighing on investor appetite even as Bitcoin holdings grow. Strategy’s stock price has at times moved more sharply than Bitcoin itself, reflecting how closely the equity is tied to the underlying digital asset and dilutive financing activities.