Strategy Acquires 22,305 Bitcoin for $2.1 Billion as Holdings Exceed 700,000 BTC

Bitcoin treasury company Strategy (formerly MicroStrategy) has acquired 22,305 bitcoin for approximately $2.13 billion at an average price of $95,284 per coin. The purchase, made in late January 2026, brought the company's total bitcoin holdings to over 700,000 BTC.

The acquisition was funded through the issuance of 6.8 million common shares and 1.2 million shares of preferred stock, raising $1.25 billion in total. This reflects Strategy's aggressive stance on bitcoin treasury operations, even as the price of bitcoin faced short-term volatility.

Analysts at TD Cowen have cut their one-year price target for Strategy to $440 from $500, citing a weaker outlook for bitcoin yield due to dilution from continued equity and preferred stock issuance.

Why Did This Happen?

Strategy's recent purchase occurred during a period of relatively low bitcoin prices, which the company used to its advantage to continue its treasury accumulation strategy.

The company's treasury operations are primarily funded through equity and preferred stock offerings, which have grown more common in recent months.

Despite the dilutive impact of these offerings, Strategy has maintained its aggressive purchasing pace, purchasing nearly 13,627 bitcoin in the week ending January 11.

How Did Markets React?

The purchase comes amid continued corporate accumulation of bitcoin, with other companies like Steak ’n Shake recently adding $10 million worth of bitcoin to their treasury.

This trend has increased the total corporate-held bitcoin supply to over 4 million BTC, according to market data.

TD Cowen analysts forecast that Strategy will acquire around 155,000 bitcoin in fiscal year 2026, up from a prior estimate of 90,000.

The analysts also expect a reversal in fiscal 2027, with bitcoin yield accelerating to 8.1% from 6.1% in 2026 and BTC $ Gain rising to over $13.5 billion.

What Are Analysts Watching Next?

The TD Cowen report highlights the trade-off between increased bitcoin accumulation and shareholder dilution.

The analysts expect Strategy to continue its aggressive accumulation strategy but warn that the increased issuance of equity and preferred stock may affect per-share returns.

Despite these concerns, Strategy's treasury operations continue to expand, with the company now holding over 700,000 bitcoin in total.

Corporate bitcoin adoption is also on the rise, as evidenced by Steak ’n Shake's recent $10 million purchase, which marks the chain's most direct treasury investment to date.