Strategy Eyes Major Bitcoin Acquisition as Holdings Approach 700,000
19.01.2026 - 09:54:04
Market observers are anticipating another significant Bitcoin purchase by Strategy Inc. following a characteristically cryptic social media post from its Executive Chairman, Michael Saylor. On Saturday, Saylor shared a screenshot from StrategyTracker captioned simply "Bigger Orange," a move widely interpreted as signaling an imminent acquisition that could surpass the firm's recent $1.25 billion investment. This pattern of communication has become a recognized precursor to formal SEC filings among the company's investors.
If executed, a transaction larger than the January 11-12 purchase would push Strategy's total Bitcoin holdings beyond the 700,000 BTC threshold. This would cement its position as one of the largest corporate holders, trailing only the estimated 1.2 million BTC attributed to Satoshi Nakamoto and the holdings of BlackRock's IBIT spot ETF.
Strategy has markedly accelerated its Bitcoin accumulation strategy since the start of the year, adding nearly 15,000 BTC in two tranches:
* January 4: 1,283 BTC acquired for $115.97 million (average price: $90,391 per BTC)
* January 11-12: 13,627 BTC acquired for $1.25 billion (average price: $91,519 per BTC)
The company's total holdings now stand at 687,410 BTC, acquired at an average cost of $75,353 per coin for a total investment of $51.8 billion. Based on a Bitcoin price of approximately $92,600 on Monday morning, this represents an unrealized paper gain of roughly $11.9 billion.
Wall Street's Cautious Stance
Despite the aggressive buying, Wall Street analysts have shown restraint. TD Cowen reduced its price target for Strategy shares from $500 to $440 on January 15, while maintaining a Buy rating. The firm cited a declining "Bitcoin Yield," a metric Strategy uses to express BTC exposure per share. Mizuho followed on January 16 with a $403 price target.
A primary concern is shareholder dilution. In 2025 alone, Strategy raised $25 billion through equity sales and the issuance of new preferred shares (including series STRF, STRC, STRK, and STRD). This financing strategy has compressed the market premium on the stock's net asset value (mNAV) to about 1.0x. Saylor has historically relied on this premium valuation model to refinance further Bitcoin purchases.
Should investors sell immediately? Or is it worth buying Strategy?
Stock Performance Lags Behind Bitcoin
Strategy shares closed at $170.91 on Thursday, January 16, representing a decline of more than 50% from their 52-week highs above $450, reached in late 2024. This drop is significantly steeper than Bitcoin's own correction from its October 2025 peaks above $126,000 to its current range in the low $90,000s.
The company's Q4 2025 update highlighted the profound impact of Bitcoin's volatility on its financials, reporting:
* $17.44 billion in unrealized losses on digital assets for the quarter
* A related $5.01 billion deferred tax benefit
* $58.85 billion carrying value of digital assets as of December 31
* $2.25 billion in USD reserves for dividend and interest payments
Navigating Institutional Competition
The shrinking premium for Strategy's equity coincides with growing institutional capital flows into spot Bitcoin ETFs. Products like BlackRock's IBIT offer direct BTC exposure without the structural and valuation premiums associated with Strategy's stock, establishing themselves as a primary conduit for institutional investment.
Some market experts, however, continue to see advantages in Strategy's approach. Bitcoin analyst Shagun Makin notes that the company has developed a unique model for large-scale Bitcoin accumulation, packaging it into products that traditional banks cannot replicate.
Formal Filing Expected Imminently
Based on Saylor's established pattern of communication, a formal 8-K filing disclosing the new Bitcoin transaction is expected in the coming days. The company frequently announces such purchases at the beginning of the week, making an announcement today or later this week highly probable.
The next quarterly report is anticipated in early February 2026. Analyst consensus remains bullish, with 86% of covering analysts maintaining Buy or Strong-Buy ratings. The median price target of $473 suggests significant potential upside from current levels, though near-term performance remains tightly coupled to Bitcoin's price trajectory. Bitcoin has recently faced pressure from escalating US-Europe tariff disputes and associated risk-aversion effects.
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