Michael Saylor's Strategy Acquires 1,286 BTC, Boosts USD Reserves to $2.25 Billion

Michael Saylor’s Strategy, formerly known as MicroStrategy, added 1,286 Bitcoin to its portfolio last week, spending approximately $116 million. The acquisition, reported in an SEC filing, brings the firm’s total Bitcoin holdings to 673,783 BTC. This move continues the company’s aggressive strategy of allocating corporate capital to Bitcoin.

The purchase was funded through the sale of nearly 2 million MSTR Class A shares under the firm’s at-the-market (ATM) program. These sales generated $312.2 million in net proceeds, which were used to finance the Bitcoin acquisition. The firm also increased its U.S. dollar reserves to $2.25 billion, up from $1.44 billion in December.

The average price paid for the recent Bitcoin purchase was $90,391 per coin. This was slightly higher than the average cost basis of $75,026 for the firm’s entire Bitcoin portfolio. The firm has spent a total of $50.55 billion to accumulate its current Bitcoin holdings.

Why Did This Happen?

Strategy’s decision to continue purchasing Bitcoin reflects its long-term commitment to using the cryptocurrency as a primary treasury asset. The company's leadership, including co-founder Michael Saylor, has consistently advocated for Bitcoin as a strategic reserve asset since 2020.

The acquisition also coincides with Bitcoin’s recent price movements. The cryptocurrency's value has risen to near $93,000 at the start of 2026, driven by geopolitical tensions and market optimism. This provides the firm with a favorable environment for its ongoing Bitcoin accumulation strategy.

How Did Markets React?

The latest Bitcoin purchase by Strategy was well received in the market. MSTR stock rose over 4% in pre-market trading on Monday following the announcement. The firm's strategy has influenced other public companies, including Tokyo-listed Metaplanet, which has become the fourth-largest corporate Bitcoin holder.

The firm's continued investment in Bitcoin also drew attention to its broader financial strategy. Despite reporting a $17.4 billion unrealized loss on its digital assets in the fourth quarter of 2025, Strategy remains committed to its Bitcoin-first approach. This is supported by a $5 billion deferred tax benefit, which may reduce future tax liabilities.

What Are Analysts Watching Next?

One major concern for Strategy is the potential delisting from the MSCI global indices. According to estimates by JPMorgan and TD Cowen, such a move could trigger up to $2.8 billion in outflows.

In response to MSCI's proposed change, Strategy has defended its business model, calling the threshold misguided. The firm has also emphasized that it is a publicly traded operating company, not an investment fund. Michael Saylor has argued that the firm's unique treasury strategy is a competitive advantage rather than a liability.

Another key focus for the firm is maintaining liquidity while expanding its Bitcoin holdings. Strategy has increased its USD reserves to $2.25 billion, which will be used to support dividend payments and interest obligations. This liquidity management strategy is crucial as the firm continues to navigate market volatility and capital demands.

The firm's ability to raise capital through equity sales remains a key component of its financial strategy. Strategy has more than $11.3 billion in remaining capacity for MSTR common stock issuance, which provides flexibility in funding future Bitcoin purchases.

The ongoing geopolitical tensions in the U.S.-Venezuela corridor have also influenced Bitcoin's price trajectory. Bitcoin has surged to over $93,000 at the start of 2026, reflecting improved short-term momentum after a volatile December. This upward movement has reinforced Strategy's decision to continue its Bitcoin accumulation.