Michael Saylor’s firm, which was formerly known as MicroStrategy and is based in Tysons Corner, Virginia, has made headlines by starting the new year with a substantial acquisition of Bitcoin. According to a Monday filing with the U.S. Securities and Exchange Commission (SEC), the company purchased 1,286 BTC for around $116 million. This acquisition occurred between December 29, 2025, and January 4, 2026, increasing the company’s total Bitcoin holdings to 673,783 BTC, valued at approximately $62.7 billion at current market prices.
The recent purchase was funded entirely through proceeds from the sale of MSTR Class A shares via the company’s at-the-market (ATM) program, which resulted in nearly 2 million shares sold for net proceeds of $312.2 million. Additionally, the firm has reportedly increased its U.S. dollar reserves to $2.25 billion, up from $1.44 billion in December. This reserve is intended to support dividend payments on preferred shares and cover interest obligations on outstanding debt.
The average price of the recent Bitcoin acquisition was reported at $90,391 per coin, with a small fraction of the purchase—three BTC—bought in the last days of 2025 at $88,210 each. Cumulatively, the firm’s Bitcoin investments have been made at an average cost basis of $75,026 per coin, totaling expenditures of $50.55 billion.
Despite strong gains this year, the company faced significant challenges, reporting a $17.44 billion unrealized loss on its digital assets for the fourth quarter of 2025. This loss is largely attributed to Bitcoin’s price decline from a peak of $126,000 in October. As of Monday, Bitcoin traded near $93,000, reflecting a year-to-date increase of approximately 6%. The recent price surge has been partly fueled by geopolitical tensions, particularly in the U.S.-Venezuela corridor, alongside general market optimism.
This latest move reaffirms the company’s steadfast commitment to its Bitcoin-first treasury strategy. On Sunday, Saylor teased the acquisition on social media, showing the firm’s Bitcoin portfolio and asking, “Orange or Green?” This weekly acquisition trend has become a signature tactic for the firm in steadily increasing its Bitcoin holdings.
However, the firm grapples with additional challenges beyond market volatility. There is a looming risk of being removed from the Morgan Stanley Capital International (MSCI) global indices. A proposal made last October suggested that companies holding over 50% of their assets in digital currencies should be classified similarly to investment funds, potentially leading to their exclusion. Such a delisting could result in approximately $2.8 billion in stock outflows from the company, with analysts estimating that this could affect billions in additional market value across multiple indices, including the Nasdaq 100 and Russell benchmarks.
Additionally, the firm submitted a formal response to MSCI in December, criticizing the proposed threshold as “misguided” and cautioning that it could yield “profoundly harmful consequences” for investors and the broader digital asset industry. In a rebuttal to media concerns, Saylor clarified that the firm is “not a fund, not a trust, and not a holding company,” but rather a publicly traded operating company with a significant software business and a unique treasury strategy utilizing Bitcoin as productive capital.
Despite facing these pressures, the firm’s aggressive Bitcoin accumulation strategy appears to have influenced other publicly traded companies. For instance, Japan’s Metaplanet has emerged as the fourth-largest corporate holder of Bitcoin, amassing 35,102 coins valued at about $3.27 billion.
The company’s recent moves, including its increasing USD reserve and stock sale-driven Bitcoin purchases, represent a strategically managed approach, balancing liquidity needs while enhancing its digital asset holdings. The aim is to solidify its financial position amidst market volatility, thereby maintaining operational continuity and investor confidence. At present, Bitcoin is experiencing a slight decline, trading below $92,000.
