- Strategy bought 13,627 BTC for about $1.2B at an average price near $91,500.
- The purchase was funded entirely through equity sales, not debt.
- The company now holds 687,410 BTC with significant capacity for future buys.
Strategy, the publicly traded company best known for turning its balance sheet into a Bitcoin vehicle, added another massive block of BTC to its treasury last week. According to a new SEC filing dated today, the firm acquired 13,627 Bitcoin between January 5 and January 11, spending roughly $1.2 billion in the process. The average purchase price came in around $91,500 per coin, placing this buy squarely within recent market ranges rather than at any obvious dip.
How the Purchase Was Funded
The funding mechanics matter here. Strategy financed the acquisition through its at-the-market offering program, selling a mix of STRC preferred stock and MSTR Class A common shares. Those sales generated approximately $1.2 billion in net proceeds, with about $119 million coming from STRC stock and roughly $1.1 billion from MSTR stock over the same period. This wasn’t leverage or debt-fueled speculation. It was equity issuance converted directly into Bitcoin.
The Scale of the Treasury Is Hard to Ignore
With the latest buy, Strategy’s total Bitcoin holdings now stand at 687,410 BTC. The aggregate acquisition cost sits around $51.8 billion, translating to an average purchase price near $75,350 per coin. That average tells an important story. Despite buying aggressively at higher levels recently, the company’s long-term cost basis remains well below current prices, reinforcing that this strategy is built on accumulation over cycles, not timing perfection.
There’s Still Plenty of Dry Powder
The filing also highlights how much flexibility Strategy still has. The company retains roughly $10.3 billion in capacity for additional MSTR stock issuance and another $20.3 billion available through its STRK preferred stock program. That means this purchase doesn’t exhaust the playbook. If management chooses to continue converting equity into Bitcoin, the runway is still very long.
Conclusion
This wasn’t a flashy trade or a reaction to short-term price action. It was another methodical step in a strategy that treats Bitcoin as the core reserve asset. Whether markets like it or not, Strategy continues to signal the same thing it has for years: volatility is noise, and accumulation is the point.
