Big Orange - Another Saylor Teaser Puts Markets on Watch for Strategy's Next BTC Buy

Michael Saylor’s Strategy Inc. (MSTR) recently disclosed a new Bitcoin (BTC) accumulation, bringing its holdings to 673,783 BTC. The company acquired the latest batch using at-the-market equity sales, which added approximately $116 million to its reserves. The purchase reinforces Saylor’s hyper-bullish stance on Bitcoin, a strategy that has drawn both admiration and scrutiny from investors according to recent reports.

The purchase coincided with broader market uncertainty as MSCI decided not to exclude digital asset treasury companies from its equity indexes for now. Strategy’s stock surged over 7% initially following the announcement, though gains later waned as Bitcoin prices dipped below $91,000. As analysis shows, the decision eased concerns about forced selling tied to index rebalancing and provided a short-term relief to BTC treasury firms.

Blackrock’s Ishares Bitcoin Trust (IBIT) also reported a significant position, holding 773,990 BTC as of January 2, 2026. This underscores the growing influence of regulated ETFs in absorbing Bitcoin supply. The combined holdings of Strategy and Blackrock represent roughly 1.45 million BTC, a notable fraction of the circulating supply. This institutional concentration could affect liquidity and long-term price dynamics.

Why Did This Happen?

The decision by MSCI to retain digital asset treasury firms in its indexes was a key factor in stabilizing market sentiment. The index provider had faced strong industry pushback against a proposal to reclassify these firms as investment-oriented entities, which would have triggered forced selling and market instability. MSCI’s interim approach allows for continued inclusion but limits weightings to new share issuance.

Strategy’s accumulation strategy relies on issuing equity to buy BTC, which has been funded by at-the-market sales of its shares. This approach allows the company to maintain liquidity while increasing its BTC position. The strategy has been controversial, as it has led to significant equity dilution and concerns about long-term shareholder value.

How Did Markets React?

Bitcoin’s price has consolidated around $90,000 as of January 11, 2026, with limited volume signaling a pause in the recent uptrend. The RSI indicator is neutral at 52.58, suggesting the market is testing the strength of its upward trend. Technical analysis points to key support and resistance levels that could determine the direction of BTC in the coming weeks.

Strategy’s stock initially surged in response to the MSCI decision but later retreated as BTC prices weakened. The broader market remains cautious, with traders monitoring the potential for a breakout or pullback. The balance of momentum indicators suggests the uptrend is intact, though volume confirmation remains essential.

What Are Analysts Watching Next?

Analysts are closely watching the impact of institutional demand on BTC liquidity and volatility. Blackrock’s IBIT remains the largest spot BTC ETF, and its performance could signal further institutional adoption. The ETF’s scale has already contributed to tightening Bitcoin supply, as large public companies and ETFs continue to absorb a meaningful share of the asset.

Market participants are also tracking MSCI’s future moves regarding DATCOs. While the index provider has temporarily deferred any changes, it has indicated that further research is needed to differentiate between operating companies and investment-oriented entities. This could lead to potential exclusion in the future, particularly if MSCI’s broader consultation on non-operating firms yields new guidance.

Technical analysts highlight the importance of key levels, including the $90,432 support and the $90,907 resistance. A breakout above the latter could signal renewed momentum, while a breakdown could test the $87,755 support. These levels are reinforced by multi-timeframe alignment, making them critical for short-term traders.

The market remains in a consolidation phase, with both institutional and retail investors waiting for a clear breakout signal. While the long-term uptrend is intact, the immediate direction will depend on how key resistance and support levels are tested. The overall risk assessment is medium, with a 60%+ probability of trend continuation but the risk of fakeouts due to low-volume breakouts.