The relentless bid continues.
Michael Saylor’s Strategy (formerly MicroStrategy) swept another 22,305 bitcoin off the market this week, cementing its dominance as the world’s largest corporate holder. The company disclosed a $2.1 billion acquisition in a regulatory filing Tuesday, pushing its total treasury reserves to a staggering 709,715 BTC.
To put that figure in perspective: Strategy now controls 3.3% of the total 21 million bitcoin that will ever exist.
The Mechanics: Dilution for Hard Assets
The purchase was executed between January 12 and January 19 at an average price of $95,284 per coin. Funding came directly from the company’s “at-the-market” (ATM) equity program, where Strategy sold 10.4 million Class A shares to raise the capital.
Strategy has executed Bitcoin purchases in more than 40 separate weeks throughout 2025 and early 2026, demonstrating systematic capital deployment regardless of short-term price movements.
While the new tranche was bought at a premium to Tuesday’s spot price of roughly $91,000, Saylor’s long-term bet remains deep in the money. The company’s aggregate cost basis for its 700k stack sits at $53.9 billion, or approximately $75,979 per bitcoin.
Institutional Gap Widens
The rebrand to “Strategy” in early 2025 signaled a shift from software company to pure-play Bitcoin treasury, and the balance sheet reflects that reality. The gap between Saylor’s firm and the nearest corporate competitors is becoming insurmountable; miners like Marathon Digital (MARA) and Riot Platforms hold a fraction of Strategy’s reserves.
Markets reacted with typical volatility. MSTR shares fluctuated in pre-market trading as investors weighed the share dilution against the accretive value of the bitcoin haul. With 709,715 BTC locked in corporate custody, liquidity on the sell-side continues to thin out.
