In a bold move amid Bitcoin’s recent price dip below $91,000, Strategy Inc. has executed its largest Bitcoin purchase in over nine months, snapping up 22,305 BTC for $2.13 billion. This aggressive acquisition, funded primarily through innovative share sales, not only bolsters the company’s massive crypto treasury to 709,715 BTC but also signals unwavering confidence in Bitcoin’s long-term trajectory despite short-term market turbulence.
Breaking Down the Monumental Purchase
Between January 12 and 19, 2026, Strategy raised approximately $2.125 billion in net proceeds through its at-the-market (ATM) offering program. The bulk of the funds came from selling 10,399,650 shares of MSTR common stock, generating $1.83 billion. Complementing this were sales of preferred shares: 2,945,371 STRC shares for $294.3 million in net proceeds and a smaller tranche of 38,796 STRK shares for $3.4 million. These proceeds were swiftly deployed to acquire Bitcoin at an average price of $95,284 per coin, inclusive of fees.
This purchase marks Strategy’s biggest weekly BTC buy since November 2024 and its fifth-largest overall. With the new holdings, the company’s total Bitcoin portfolio now stands at a staggering 709,715 coins, acquired cumulatively for $53.92 billion at an average cost of $75,979 per BTC. This represents over 3% of Bitcoin’s circulating supply, underscoring Strategy’s dominant position as the world’s largest publicly traded corporate Bitcoin holder.
Even as Bitcoin prices slid—trading around $92,300 at recent lows—Strategy’s average acquisition cost keeps its entire treasury firmly in profitable territory. This timing exemplifies executive chairman Michael Saylor’s philosophy of relentless accumulation, converting traditional financial assets into what he views as superior digital store of value.
The Power of Preferred Shares: STRC Takes Center Stage
Strategy’s use of preferred shares, particularly STRC (Stretch), highlights a masterclass in financial engineering. STRC is a perpetual preferred stock offering a variable annualized dividend rate—currently 11.00% as of January 2026—payable monthly in cash. Designed as a short-duration, high-yield instrument, it targets a $99–$101 trading range through board-adjusted dividends, providing stability and competing directly with money market funds.
Trading near $97–$100, STRC delivers an attractive 10.8% tax-advantaged yield with heavy Bitcoin overcollateralization and return-of-capital distributions. Unlike traditional bonds, it lacks a hard price peg or FDIC insurance but appeals to investors seeking Bitcoin exposure with income. Its perpetual nature aligns investor returns with Strategy’s growth, sans cumulative dividends in some cases, yet its risk-reward profile shines for BTC bulls tolerant of volatility.
This week’s $294.3 million from STRC sales preserved Strategy’s cash reserves and liquidity, avoiding debt drawdowns. The firm maintains ample ATM capacity: $3.63 billion for STRC, $1.62 billion for STRF, $20.33 billion for STRK, and $4.01 billion for STRD. By layering these instruments, Strategy creates a “Bitcoin-backed yield curve,” attracting diverse capital to fuel further accumulation without diluting core operations.
Institutional Validation: BlackRock and Beyond
Strategy’s strategy isn’t flying under the radar—institutional giants are piling in. BlackRock’s iShares Preferred and Income Securities ETF (PFF) has allocated a whopping $380 million to Strategy preferred shares, with STRC as its fourth-largest holding at $210 million (1.47% of the portfolio). Additional positions include $97.5 million in STRF, $73 million in STRD, and $90 million in MSTR common stock, totaling significant indirect Bitcoin exposure.
This move signals broadening institutional adoption of Strategy as a proxy for BTC. Vanguard holds a $505 million stake, and U.S. pension funds have entered the fray. Even as analysts like TD Cowen trimmed price targets to $440 amid dilution concerns, these inflows counter retail hesitancy, affirming Saylor’s “intelligent leverage” model that has historically outperformed Bitcoin spot prices.
Strategy’s Bitcoin Playbook: Leverage, Yield, and Outperformance
At its core, Strategy has transformed from a software firm into a de facto Bitcoin investment vehicle. Its playbook leverages cheap equity and debt to amplify BTC holdings, tracking a “Bitcoin yield” metric that measures acquisition efficiency. Despite Q4 2025 headwinds—a 25% BTC dip from peaks—the firm boosted U.S. dollar reserves to $2.25 billion to cover preferred dividends and debt interest.
Key advantages include:
- Opportunistic Capital Raises: ATM programs enable rapid deployment into dips, like this $95K average buy amid sub-$91K prices.
- Diversified Securities: Preferreds like STRC offer high yields (10–11%) with BTC upside, drawing yield-hungry investors from cash equivalents.
- Premium Justification: MSTR trades at a premium to NAV, but narrower than peaks, rewarding leverage that beats BTC returns.
- Transparency Tools: A public dashboard tracks holdings, purchases, and metrics in real-time.
Challenges persist: equity dilution pressures shares, maturing convertibles loom, and BTC volatility tests fixed obligations sans operational income. Yet, Saylor defends this as optimal capital allocation in a maturing market with $44 billion in 2025 ETF inflows and Bitcoin dominance above 60%.
Market Implications: Tightening Supply and Rally Potential
Strategy’s spree ignites 2026 optimism. Locking up 3% of BTC supply creates sustained demand pressure, tightening liquidity and eyeing new all-time highs in H1. Macro tailwinds—regulatory clarity, S&P 500 inclusion prospects—amplify this, building on 2025’s rally from $75K lows to $126K peaks.
While choppiness from onchain shifts and macro risks lingers, corporate adopters like Strategy catalyze price discovery. Their model turns volatility into opportunity, positioning shareholders for amplified upside.
In conclusion, Strategy’s $2.1 billion BTC bet amid falling prices isn’t recklessness—it’s conviction backed by financial ingenuity. By wielding STRC and peers to amass a treasury worth tens of billions, the firm exemplifies how corporates can navigate volatility, attract institutions, and bet big on Bitcoin’s future. For investors eyeing the next leg up, this move screams opportunity: follow the smart money stacking sats while the market blinks.
