Strategy, the company led by Michael Saylor, purchased 2,932 BTC for about $264.1 million, the company disclosed in an SEC filing. The purchase was executed between January 20 and January 25, and was funded primarily through equity sales.
Strategy executed the purchase at an average price of $90,061 per Bitcoin, spending roughly $264.1 million across trades carried out from January 20 to january 25, according to the filing disclosed Monday morning. The company raised most of the cash by selling Class A common stock under its at-the-market program, generating $257 million in net proceeds from the sale of 1.569.770 shares.
An additional $7 million came from 70.201 shares of STRC perpetual preferred stock.
After this acquisition, Strategy’s reported holdings reached 712.647 BTC as of January 25. Strategy’s cumulative outlay across all Bitcoin purchases stands at $54.19 billion, producing a historical average purchase price of $76,037 per BTC.
With Bitcoin trading near $87,500 at the time of reporting, the company’s crypto portfolio was valued at about $62 billion.
What does buying and accumulating Strategy involve?
Strategy’s approach — converting equity proceeds into Bitcoin — continues a pattern of deliberate accumulation. Saylor has framed the tactic with the phrase “more orange dots,” signaling a long-term, buy-and-hold thesis for BTC as a treasury asset.
The company’s use of share issuance and at-the-market programs to fund purchases highlights a structural choice that alters its capital allocation and liquidity profile.
For investors and compliance teams, the mechanics matter: equity dilution, market-selling pressure, custody arrangements and NAV volatility are direct consequences of converting public equity into digital assets.
Regulators and market participants will likely watch how repeated equity-funded purchases affect both Strategy’s stock dynamics and broader market liquidity.
Investors will be watching Strategy’s next public disclosures to gauge whether this pattern of funding and accumulation continues and how it affects the company’s balance sheet, liquidity and valuation going forward.
