Michael Saylor Reiterates Bitcoin Tracker Update, Hinting at More BTC Purchase

Michael Saylor’s Strategy, the world’s largest corporate Bitcoin holder, added 1,287 BTC to its treasury in early January 2026, raising its holdings to 673,783 BTC. The acquisition, totaling $116 million, was funded through the sale of MSTR shares under the company’s at-the-market offering. Strategy has made Bitcoin accumulation a central part of its treasury strategy, continuing its pattern of regular BTC purchases.

The company simultaneously increased its USD cash reserves to $2.25 billion, up from $1.44 billion in December 2025. The reserve supports dividend payments on preferred shares and interest obligations on outstanding debt. This strategic liquidity buffer has been a key element of Strategy’s approach to managing Bitcoin’s price volatility.

MSTR stock surged more than 4% in pre-market trading following the announcement. The stock’s performance has historically been closely tied to Bitcoin’s price movements and Strategy’s purchasing activity. As BTC climbed above $93,000, the broader market sentiment improved, with investors reacting positively to the firm’s latest move.

Why Did This Happen?

Strategy’s latest purchase was made at an average price of $90,391 per Bitcoin, slightly above its long-term average cost basis of $75,026. This strategy of buying at higher prices has been part of a larger effort to accumulate Bitcoin at scale, even as the company reported a $17.4 billion unrealized loss in Q4 2025. The firm has consistently used stock sales to fund Bitcoin purchases, leveraging equity financing to maintain liquidity while building its BTC portfolio.

Michael Saylor, in a post on X, emphasized the company’s commitment to its Bitcoin-focused treasury model. He described Strategy as a publicly traded operating company with a $500 million software business and a unique capital allocation strategy. The firm has defended its model against criticism from index providers and financial analysts, arguing it is not an investment fund but an operating business.

Market Implications and Analyst Reactions

The company’s Bitcoin-first approach has influenced other public corporations to adopt digital asset strategies. Tokyo-listed Metaplanet, for example, has become the fourth-largest corporate Bitcoin holder. This trend reflects growing institutional interest in Bitcoin as a strategic asset class.

However, Strategy faces potential challenges. MSCI has proposed delisting companies with over 50% of assets in digital currencies, which could result in $2.8 billion in stock outflows for Strategy. The firm has contested the proposal, warning of harmful consequences for investors and the broader digital asset industry.

Analysts remain divided on the long-term viability of Strategy’s treasury model. Some highlight the firm’s strong Bitcoin premium and potential for future accumulation. Others warn of risks related to Bitcoin price volatility, regulatory uncertainty, and financial leverage from equity financing.

What Analysts Are Watching Next

Strategy’s latest move suggests it plans to continue its aggressive Bitcoin purchases in 2026. The company has indicated a willingness to use new financing instruments, such as perpetual preferred stock, to fund further acquisitions. This approach could amplify both the upside and downside risks associated with its treasury strategy.

Investors will also be watching for developments in MSCI’s indexing review and potential impacts on the firm’s stock liquidity. If the firm is excluded from major indices, it could trigger additional selling pressure and valuation adjustments.

Bitcoin’s price movement will remain a critical factor. At current levels, Strategy’s holdings are valued at $62.7 billion, up from $50.55 billion in purchase costs. The company’s unrealized gains and losses will continue to be a significant factor in its financial reporting.

The broader market is also observing the firm’s influence on Bitcoin’s institutional adoption. Strategy’s actions have reinforced Bitcoin’s appeal as a corporate treasury asset, potentially encouraging further diversification in institutional portfolios.