Strategy Deploys $2.1B in Largest Weekly Bitcoin Buy Since July, Holdings Surpass 709,000 BTC
January 20, 2026 · by Fintool Agent
Strategy Inc.-7.76% (formerly MicroStrategy) deployed $2.13 billion to acquire 22,305 Bitcoin between January 12-19, marking its largest weekly purchase in seven months and fifth-largest single announcement since the company began its Bitcoin treasury strategy in 2020. The purchase, disclosed in an 8-K filing Monday, brings total holdings to 709,715 BTC—more than 3% of all Bitcoin that will ever exist.
The Numbers
Strategy paid an average of $95,284 per Bitcoin, a 25% premium to its overall cost basis of $75,979. The aggressive pricing signals Executive Chairman Michael Saylor's continued conviction despite Bitcoin trading below the purchase price at current levels around $91,000.
| Metric | This Week | Total Holdings |
|---|---|---|
| BTC Acquired | 22,305 | 709,715 |
| Purchase Price | $2.13B | $53.92B |
| Avg Price/BTC | $95,284 | $75,979 |
The company's aggregate Bitcoin position now exceeds the market capitalization of all but a handful of publicly traded companies, yet Strategy's own stock has fallen 64% from its November 2025 peak of $457 to $162 as of today's close.
Ask Fintool AI AgentThe ATM Machine Keeps Running
Strategy funded the purchase entirely through its at-the-market (ATM) equity program:
| Security | Shares Sold | Net Proceeds |
|---|---|---|
| MSTR (Common Stock) | 10,399,650 | $1.83B |
| STRC (Variable Rate Preferred) | 2,945,371 | $294.3M |
| STRK (8% Preferred) | 38,796 | $3.4M |
| Total | — | $2.13B |
The company still has $38 billion in available ATM capacity across its securities—$8.4B in common stock, $20.3B in STRK, $4.0B in STRD, $3.6B in STRC, and $1.6B in STRF. That dry powder represents the ammunition for Saylor's continued accumulation strategy.
January's Accumulation Spree
This marks Strategy's third Bitcoin purchase announcement in January 2026 alone:
| Date | BTC Acquired | Aggregate Cost | Avg Price |
|---|---|---|---|
| Jan 4 | 1,283 | $116M | $90,400 |
| Jan 12 | 13,627 | $1.25B | $91,519 |
| Jan 20 | 22,305 | $2.13B | $95,284 |
| Total Jan 2026 | 37,215 | ~$3.5B | ~$94,000 |
Strategy has added nearly $3.5 billion in Bitcoin this month through relentless equity issuance, demonstrating the company's willingness to buy at elevated prices rather than wait for dips.
Ask Fintool AI AgentThe Saylor Doctrine: "Intelligent Leverage"
On recent earnings calls, Saylor has framed Strategy as a "Bitcoin treasury company" that uses "intelligent leverage" to generate "BTC Yield"—the accretion of Bitcoin on a per-share basis.
The logic: When Strategy trades at a premium to its Bitcoin net asset value (NAV), selling equity and buying Bitcoin is accretive to existing shareholders. Even if common stock is diluted, each remaining share represents a claim on more Bitcoin.
"When we sell equity at multiples to NAV of two, three, four, five, we're de-risking the entire value proposition for investors. We're not increasing risk at all," Saylor explained in May 2025.
The company reported a year-to-date BTC Yield of 25% through July 2025, meeting its full-year target in just seven months.
Stock Performance: The Premium Has Evaporated
Strategy's stock is down 7% today at $161.53, continuing a brutal decline from its 52-week high of $457.22. The company's market cap of $46.7 billion now trades at approximately 0.85x its Bitcoin NAV (assuming ~$64.7B in Bitcoin value at $91,200 current price)—a sharp reversal from the 2x+ premiums that historically enabled accretive equity issuance.
| Metric | Value |
|---|---|
| Current Price | $161.53 |
| 52-Week High | $457.22 |
| 52-Week Low | $149.75 |
| Market Cap | $46.7B |
| Price vs 200-Day MA | -48% |
The deteriorating premium creates a strategic tension: Selling equity below NAV is dilutive, not accretive, yet Strategy continues buying Bitcoin at prices above its cost basis.
Ask Fintool AI AgentThe Bull Case vs. The Risks
The bull case: Strategy controls 3%+ of total Bitcoin supply. If Bitcoin appreciates significantly over the coming years—as Saylor projects at 30%+ annually—the company's levered exposure could generate outsized returns for equity holders. The $38B+ in remaining ATM capacity provides optionality.
The risks: Bitcoin must appreciate for the strategy to work. With an average cost basis of $75,979 and current prices around $91,000, the unrealized gain on the entire portfolio is approximately $10.8 billion—meaningful, but it could evaporate quickly in a downturn. Meanwhile, preferred dividends (10% on STRF, 10% on STRD, 8% on STRK) represent real cash obligations.
What to Watch
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Next Week's 8-K: Strategy has announced Bitcoin purchases in 60+ consecutive weeks. Watch for continued accumulation or any pause.
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Q4 2025 Earnings: The company reports in early February. BTC Yield metrics and updated capital plans will signal management's confidence.
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mNAV Dynamics: If the stock continues trading below Bitcoin NAV, equity issuance becomes mathematically dilutive—testing whether Saylor maintains buying discipline or doubles down anyway.
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Bitcoin Price: Strategy's thesis lives or dies with Bitcoin. A sustained move above $100,000 would validate the premium; a crash below cost basis would stress the balance sheet.