Strategy Accumulates 40,000 BTC in January: Genius or Madness?
📋 En bref (TL;DR)
- Strategy (formerly MicroStrategy) bought 40,147 BTC in January 2026
- Total value: $3.7 billion
- Latest purchase: 2,932 BTC at $90,061 average
- MSTR stock falling despite purchases (-30% from ATH)
- Michael Saylor maintains accumulation strategy
- Funded by stock issuance → shareholder dilution
While Bitcoin tumbles below $82,000, one company keeps buying like nothing’s happening. Strategy (formerly MicroStrategy) just announced its fourth purchase of the month: an additional 2,932 BTC for $264 million.
In total, Michael Saylor’s company has accumulated over 40,000 bitcoins in January, for a colossal $3.7 billion. A conviction strategy or a risky bet that’s starting to worry investors?
January Purchases in Detail
Strategy hasn’t been idle this month. Here’s the breakdown of their acquisitions:
| Date | BTC Bought | Avg Price | Total Amount |
|---|---|---|---|
| Early January | ~35,000 | ~$92,000 | ~$3.2B |
| January 19 | ~2,000 | ~$91,000 | ~$182M |
| January 26 | 2,932 | $90,061 | $264M |
| TOTAL | ~40,147 | ~$92,000 | ~$3.7B |
The latest purchase, announced January 26, was made at an average price of $90,061 per bitcoin — well above the current price (~$82,000). Strategy is buying at a short-term loss.
The Saylor Strategy
Michael Saylor, Strategy’s Executive Chairman, has become Bitcoin’s most ardent institutional advocate. His investment thesis is simple:
- Bitcoin is the best store of value — superior to gold, real estate, or bonds
- The dollar is devaluing — holding cash means losing purchasing power
- Institutional adoption will send prices much higher long-term
Since 2020, Strategy has transformed its balance sheet by accumulating Bitcoin. The company now holds over 471,000 BTC, representing approximately 2.2% of the total circulating supply.
“We buy bitcoin and we have no intention of selling.”
Michael Saylor
The Problem: How to Fund These Purchases?
Strategy doesn’t generate $3.7 billion in cash per month. To fund its massive purchases, the company primarily uses stock issuance (at-the-market offerings).
Here’s how it works:
- Strategy issues new MSTR shares
- Sells them on the market
- Uses the cash to buy Bitcoin
This strategy has a cost: dilution of existing shareholders. Each new share issued reduces current investors’ slice of the pie.
As long as Bitcoin’s price rises faster than the dilution, shareholders win. But when Bitcoin falls — as it is now — the double whammy hits: declining BTC value + ongoing dilution.
MSTR Stock Struggles
The market is starting to doubt. Strategy stock (MSTR) has fallen nearly 50% from its late 2024 high, dropping from over $400 to around $160 currently.
Several factors explain this decline:
- Bitcoin correlation: when BTC falls, MSTR falls even more (leverage effect)
- Dilution concerns: continuous stock issuances weigh on the price
- NAV premium/discount: MSTR sometimes trades below the value of its bitcoins
- Margin call risk: if Bitcoin drops too far, Strategy’s loans could be called
Meanwhile, Bitcoin ETFs Are Bleeding
Market irony: while Strategy buys, retail investors sell. Bitcoin spot ETFs have recorded net outflows of $985 million over the past three days.
This decoupling illustrates conviction differences:
- Saylor (long-term): corrections are buying opportunities
- Retail (short-term): panic, sell, wait for lower levels
According to Fundstrat analysts, a “value zone” could emerge around $75,000 — another 10% drop from current levels.
Genius or Madness?
Saylor’s strategy divides opinion. His supporters see brilliant long-term vision, comparable to buying gold in the 1970s. His critics point to the risks:
Arguments in favor:
- Direct Bitcoin exposure via a listed stock
- Accumulation in a limited-supply asset (21 million max)
- If Bitcoin hits $200,000, Strategy will be sitting on a fortune
Arguments against:
- Permanent shareholder dilution
- No plan B if Bitcoin collapses
- High average purchase price (~$65,000 across the portfolio)
- Risk of forced liquidation if BTC drops too far
Key Takeaways
Strategy continues accumulating Bitcoin despite the market correction. With 40,147 BTC purchased in January for $3.7 billion, Michael Saylor remains the largest institutional cryptocurrency buyer.
But this strategy has a price: shareholder dilution, a plunging stock, and increased risk if Bitcoin keeps falling. The bet is clear: Saylor is all-in on Bitcoin hitting $200,000 and beyond. If the market proves him right, he’ll be hailed as a visionary. If not…
Bottom line: Short-term, Strategy’s purchases aren’t supporting the market — massive ETF outflows are winning. But long-term, this accumulation reduces available Bitcoin supply, which could amplify the next rally.
📚 Glossary
- Strategy (MSTR): NASDAQ-listed company, formerly MicroStrategy, holding over 471,000 BTC
- At-the-market (ATM): Stock issuance sold directly on the market at current prices
- Dilution: Reduction in existing shareholders’ ownership stake following stock issuance
- NAV: Net Asset Value — the net value of assets held by a company
- Bitcoin spot ETF: Exchange-traded funds that directly hold Bitcoin
❓ FAQ
How much Bitcoin does Strategy hold?
Approximately 471,000 BTC, representing over 2% of total circulating supply. It’s the largest Bitcoin reserve held by a publicly traded company.
Why does Strategy keep buying despite the drop?
Michael Saylor views corrections as buying opportunities. His conviction is that Bitcoin will reach much higher prices long-term, making current prices attractive.
Is buying MSTR stock risky?
Yes. MSTR is more volatile than Bitcoin itself (leverage effect). Additionally, stock issuances dilute shareholders. It’s an investment reserved for those with strong Bitcoin conviction.
What happens if Bitcoin crashes?
Strategy has loans secured by its bitcoins. If prices drop too far, the company could be forced to sell some BTC or raise emergency capital.
