Bitcoin Reserves Grow Further with the Latest Purchase

According to the shared data, Strategy executed this acquisition in a single transaction, significantly increasing its Bitcoin reserves. The company’s aggressive buying approach shows that its confidence in Bitcoin remains intact even during periods of elevated prices. Experts note that this strategy confirms Strategy views Bitcoin not merely as a speculative asset, but as a long-term store of value.

As of January 19, 2026, Strategy’s total Bitcoin holdings have reached 709,715 BTC. The company acquired these holdings at an average cost of $75,979 per Bitcoin, with a total investment value of approximately $53.92 billion. These figures place Strategy among the world’s largest institutional Bitcoin holders.

A Strong Signal of Institutional Confidence

According to analysts, acquisitions of this scale send a powerful signal that institutional confidence remains strong despite short-term market uncertainty. At a time when geopolitical risks, macroeconomic uncertainty, and volatility in traditional markets are increasing, companies continuing to hold Bitcoin on their balance sheets is particularly noteworthy.

Strategy’s policy also serves as a benchmark for other institutional investors. The company’s consistent purchases across various price levels highlight its belief in Bitcoin’s long-term potential. Experts suggest that large-scale institutional buying can reduce selling pressure by removing supply from the market. An increase in long-term holders may also help lower volatility over time and contribute to a more balanced market structure.

Evaluation

Strategy’s latest $2.13 billion Bitcoin purchase clearly shows that the company has no intention of stepping back from its crypto strategy. With total holdings exceeding 709,000 BTC, Strategy remains one of the most influential institutional players in the Bitcoin ecosystem. Whether the company will make additional purchases in the coming period will continue to be closely watched by the market.

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MicroStrategy is known for aggressively accumulating Bitcoin even during historic bear markets, which is why every major drop leads investors to ask: “At what price would Saylor start taking a loss?”

Strategy’s Bitcoin Portfolio: Cost Basis, Value, and Profit Status

As of today, Strategy holds a total of 649,870 BTC. At current market prices, the company’s portfolio is valued at $54.24 billion. The most critical metric is the company’s average purchase price: MicroStrategy’s average Bitcoin cost basis: $74,433

Based on this figure, BTC is still trading in the company’s favor. With Bitcoin hovering around $81,000, Strategy is currently:

• 13% in profit
• + $5.86 billion in unrealized gains

However, the accelerating decline and rising volatility show that this level is being approached rapidly.

Performance Gap Between Bitcoin and MSTR Widens

A performance comparison over the past year reveals that Strategy shares have significantly underperformed relative to Bitcoin:

• MicroStrategy stock has fallen 59.02% in the last year
• Bitcoin fell only 15.72% in the same period
• The gap: –43.30 points

This indicates substantial erosion in the company’s market value. Investors highlight that even when Bitcoin does not fall sharply, the company’s stock still experiences major declines.

Saylor Remains Unbothered: “We Could Survive an 80–90% Crash”

Despite the current picture, Michael Saylor remains remarkably calm. In an interview with Fox, he stated that Strategy’s Bitcoin-focused structure is built to survive even massive downturns:

“Strategy could continue operations even through an 80–90% Bitcoin crash.”

Saylor also pointed to Bitcoin’s long-term correction history:

• Bitcoin has experienced 15 major drawdowns in 15 years
• After each correction, it eventually reached new all-time highs
• Sharp pullbacks “wipe out leveraged positions and weak hands”

According to Saylor, Bitcoin’s volatility is steadily decreasing. Annual volatility has dropped from 80% in 2020 to around 50% today. That’s why Strategy remains focused on long-term growth rather than short-term price declines.

The Critical Level for Saylor

If Bitcoin continues its downward trend, there is a clear price level at which Strategy would enter a loss: Critical threshold: $74,433 A drop below this level would technically put the company’s Bitcoin position into the red, but no short-term shift in the company’s strategy is expected. Bitcoin’s historical cycle shows that every major correction is eventually followed by new long-term highs. Strategy’s aggressive BTC accumulation strategy is built entirely on this belief.

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Why Did MicroStrategy’s Market Value Fall Below Its Bitcoin Holdings?

The company’s 641,692 BTC are worth approximately $66.59 billion at current prices, yet Strategy’s market capitalization dropped to $65.34 billion during the day. Thus, despite historically trading at a premium over its assets, the company temporarily moved into negative premium (discount) territory.

This divergence indicates that investors view MicroStrategy’s operational structure, leverage level, and dilution risks as more concerning compared to Bitcoin itself. While Bitcoin fluctuated between $99,000 and $96,000 throughout the week, MicroStrategy shares experienced far greater volatility.

Why Is NAV Falling? Institutional Risk and Capital Expansion in Focus

Although MicroStrategy is known for its aggressive Bitcoin accumulation strategy, it frequently raises capital through equity and preferred stock offerings to sustain this approach. This increases dilution risk for shareholders while also raising the company’s debt burden.

The company recently added 487 BTC for $49.9 million. But according to analysts, even these additional purchases aren’t enough to ease selling pressure on the stock. Investors increasingly perceive direct Bitcoin exposure as a cleaner and less risky way to invest.

Why Is MicroStrategy Stock Weaker While Bitcoin Remains Strong?

The Crypto Fear and Greed Index falling into the “extreme fear” zone reflects how fragile market psychology has become. Yet Bitcoin held a relatively tight trading range compared to MicroStrategy stock, demonstrating stronger resilience.

This highlights a key distinction:

• Bitcoin is a direct asset,
• MicroStrategy is a company with operational risks, debt, and ongoing capital raises.

Therefore, from a risk perspective, MSTR shares are seen as a more leveraged proxy for BTC.

Fear of Bitcoin Selling: Is It Realistic?

The drop of NAV below 1 sparked debates on social media and among analysts: “Will MicroStrategy sell Bitcoin?”
However, this scenario appears highly unlikely.

There are two main reasons:

1. MicroStrategy’s business model is entirely built around Bitcoin.
   Selling BTC would contradict its core strategy.
2. A major sell-off would trigger a snowball effect, damaging the market and hurting the company itself.
   This makes selling an irrational decision.

Separately, a large transfer of 76,000 BTC (worth around $4.5 billion) from company wallets was detected today. But these transfers are believed to be part of cold-storage restructuring, not sale-related activity.

Strategy Trading Below NAV Signals a Shift in Market Behavior

MicroStrategy briefly trading below the value of its Bitcoin holdings shows a subtle yet important change in institutional investor behavior. The market still rewards direct exposure to Bitcoin, but companies with leverage, debt, and dilution risks are no longer receiving the same premium. This indicates that despite weak market conditions, Bitcoin remains strong, while MicroStrategy carries higher volatility and structural risks.

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Japan-based Metaplanet is drawing attention in the cryptocurrency market. The company purchased 555 Bitcoin for $53.7 million, increasing its total reserves to 5,555 BTC. With an average purchase price of $96,768, this move strengthens Metaplanet’s Bitcoin strategy. The company is solidifying its position as Asia’s largest institutional Bitcoin holder. 

Metaplanet’s Strategic Bitcoin Moves 

Metaplanet is following Michael Saylor’s strategy model. Since April 2024, the firm has been aggressively accumulating Bitcoin and plans new purchases with a $25 million zero-interest bond issuance. These bonds were sold to EVO FUND and will mature on November 6, 2025. Additionally, the company’s stock surged by 13.32% following this acquisition. Furthermore, Metaplanet aims to enter the U.S. market through a subsidiary established in Miami, signaling its efforts to expand global reach. 

*Metaplanet Issues 25 Million USD in 0% Ordinary Bonds to Purchase Additional $BTC* pic.twitter.com/ruPsX85Ot1

— Metaplanet Inc. (@Metaplanet_JP) May 7, 2025

According to the mentioned data source, BlackRock, the world’s largest asset management company, has accumulated 614,639 Bitcoin through its iShares Bitcoin Trust ETF (IBIT). This cryptocurrency amount is equivalent to approximately $58.7 billion in fiat currency. 

Impact on the Crypto Market 

With Bitcoin trading at $97,000, Metaplanet’s purchases have made an impact on the market. The company aims to reach 21,000 BTC by 2026. Meanwhile, BlackRock’s Bitcoin ETF holds the lead with 614,639 BTC. The Company strategy reflects the growing interest of institutional investors in Bitcoin. 

According to CoinMarketCap data today, Bitcoin’s price was around $97,500 at 13:00 UTC, showing a 3.2% increase in the last 24 hours. This rise was accompanied by a global trading volume of $42 billion, up 18% from the previous day. 

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Strategy (MSTR) Completes $2 Billion 0% Convertible Bond Offering

Strategy (MSTR) has successfully completed a $2 billion offering of 0% convertible senior notes due in 2030. These notes, sold exclusively to qualified institutional buyers under Rule 144A, are senior, unsecured debt instruments and do not pay regular interest.

The initial conversion rate is 2.3072 shares of class A common stock per $1,000 principal amount, which equates to a conversion price of approximately $433.43 per share.

The notes will mature on March 1, 2030, and holders of the notes have the right to convert them under certain conditions before December 3, 2029, and at any time thereafter. Strategy may settle conversions in cash, class A common stock, or a combination of both.

The company raised approximately $1.99 billion in net proceeds, which it plans to use for general corporate purposes, including Bitcoin acquisition and working capital.

MicroStrategy Increases Bitcoin Reserves with Purchase of 20,356 Bitcoins

MicroStrategy has added 20,356 Bitcoins to its reserves, purchasing at an average price of $97,514 per Bitcoin. This purchase highlights the company’s continued confidence in Bitcoin as a strategic asset. MicroStrategy has become a significant player in the crypto market and continues to hold Bitcoin on its balance sheet.

With this latest acquisition, the company is reaffirming its commitment to using Bitcoin as a long-term investment tool, demonstrating its ongoing belief in Bitcoin’s potential as a valuable digital asset.

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As the largest corporate holder of Bitcoin, MicroStrategy aims to raise $2 billion through a perpetual preferred stock offering to buy more Bitcoin, expanding its “21/21” plan.

In a statement on January 3, the company explained that the perpetual preferred stock could be obtained by converting MicroStrategy’s Class A common stock, paying a cash dividend, redeeming shares, or a combination of these methods.

Related tweet:

This offering is separate from MicroStrategy’s ongoing plan to raise $21 billion in equity and $21 billion in fixed-income instruments. The company has largely implemented this strategy in recent months to finance Bitcoin acquisitions through convertible senior notes and debt.

MicroStrategy plans to carry out the perpetual preferred stock offering this quarter to strengthen its balance sheet and purchase more Bitcoin.

However, the company stated, “The decision whether to proceed with and consummate the Offering is at MicroStrategy’s sole discretion and is subject to market and other conditions.”

“MicroStrategy may choose not to proceed with or consummate the Offering at all.”

MicroStrategy Will Eventually Unravel, Bitcoin Bulls Should Look Elsewhere

According to Bitcoin Treasuries, MicroStrategy owns 446,400 Bitcoin valued at $43.9 billion.

In 2024, it made its largest Bitcoin purchase to date, buying 257,250 Bitcoin alone.

These 446,400 Bitcoin were purchased at an average cost of $62,500, which means MicroStrategy is up 57.2% on its Bitcoin investment.

The company’s Bitcoin investment strategy was led by executive chairman Michael Saylor, who has been a pioneer in corporate Bitcoin adoption worldwide.

Saylor’s Bitcoin strategy has also greatly benefited MicroStrategy (MSTR) shares, which increased by 13.2% to $339.6 on January 3, a 438% rise compared to the same time last year.

However, after the announcement of the perpetual preferred stock offering plan, MSTR shares fell by 0.19% in after-hours trading.

The Change in MSTR’s Share Price on January 3 (including after-hours)

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